Ballard adjusts alliance with Ford and Daimler-Chrysler

Guest Contributor
July 16, 2004

Ballard Power Systems Inc, Vancouver, has re-negotiated its collaborative agreement with Ford Motor Co Ltd and Daimler-Chrysler AG. A new memorandum of understanding (MOU) will trigger $58 million in new cash from the automakers while Ballard will relinquish ownership in the jointly held German-based Ballard AG vehicular fuel cell business . The move marks a retrenchment of sorts for Ballard. Under the terms of the MOU, Ballard will use the new funding to continue R&D on its core fuel cells technology, in particular the next two generations of fuel cells and the next generation of electric drive system. Ford and Daimler-Chrysler will acquire Ballard’s 50.1% interest in Daimler AG and alter its ownership stake in Ballard. Daimler AG is aimed at incorporating the fuel cell engine with other vehicular systems such as fuel, cooling and air delivery. Under the original agreement, Ballard was to take sole possession of the German subsidiary at the end of this year. Daimler-Chrysler’s ownership stake in Ballard increases from 16.6% to 18.8% while Ford’s interest decreases from 18.7% to 13.6%.

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