Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) announced its Vehicular Alliance partners, DaimlerChrysler AG and Ford Motor Company, have completed the previously announced purchase of CDN $55 million of Ballard common shares pursuant to a Call Agreement entered into by the parties on December 31, 2003.
DaimlerChrysler purchased 2,431,388 common shares of Ballard at CDN $12.34 per share, for an aggregate purchase price of CDN $30 million. Ford purchased 2,026,157 common shares of Ballard at CDN $12.34 per share, for an aggregate purchase price of CDN $25 million.
Following the issuance of Ballard common shares pursuant to the Call Agreement, DaimlerChrysler owns 22,085,992 Ballard common shares or 17.9% and Ford owns 24,181,198 Ballard common shares or 19.6% of the issued and outstanding Ballard common shares (based on 123,236,389 Ballard common shares outstanding).
“This investment strengthens our financial position, and also shows the commitment of our Alliance partners, DaimlerChrysler and Ford, to Ballard, our fuel cell alliance and automotive fuel cells,” said Dennis Campbell, Ballard’s President and Chief Executive Officer.
Ballard is recognized as a world leader in developing, manufacturing and marketing zero-emission proton exchange membrane fuel cells. Ballard’s mission is to develop fuel cell power as a practical alternative to internal combustion engines through technology leadership.
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