DaimlerChrysler and Ford Acquire Fuel-Cell Unit from Ballard
July 14, 2004
Ballard Power Systems announced on July 8th that DaimlerChrysler AG and Ford Motor Company will acquire Ballard's vehicular fuel cell unit, Ballard AG (formerly XCELLSIS), and will be jointly responsible for the research, development, and manufacturing of the vehicular fuel cell systems, which include all the components other than the fuel cell itself. Ballard, meanwhile, will work on developing the next-generation electric drive system and the next two generations of vehicular fuel cells, for which it will receive up to $58 million in funding from DaimlerChrysler and Ford. The changes are intended to optimize the role of the three partners in developing vehicular fuel cells, while providing Ballard with improved financial and operational flexibility. See the Ballard press release (PDF 52 KB). Download Acrobat Reader.