Ballard Power Systems Inc. (TSX:BLD; NASDAQ:BLDP) announced today the previously announced sale of its German subsidiary, Ballard Power Systems AG (BPSAG), to DaimlerChrysler AG (DaimlerChrysler) and Ford Motor Company (Ford) has closed as planned.
“At Ballard, we have one vision, one goal – to develop fuel cell power as a practical alternative to internal combustion automotive engines. Today, we are better positioned than ever to achieve that goal,” said Dennis Campbell, Ballard’s President and Chief Executive Officer. “We are stronger financially, with the recovery of approximately $20 million in expenses and an annual reduction in cash consumption of $25 million. We are stronger strategically, with a sharpened focus on our core competency – fuel cell design, development and manufacture. And we will continue to benefit from the strength of our Fuel Cell Alliance with DaimlerChrysler and Ford.”
Ballard Power Systems designs, develops, and manufactures zero-emission proton exchange membrane fuel cells. Ballard develops fuel cell power as a practical alternative to internal combustion engines.
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