Fuel cell development alliance solidifies Ballard’s future
A long-term commitment to advance fuel cell technology and commercialize fuel cell vehicles has been announced by f...
A long-term commitment to advance fuel cell technology and commercialize fuel cell vehicles has been announced by fuel cell developer and manufacture Ballard Power Systems (Vancouver, BC), DaimlerChrysler AG and Ford Motor Company. The three companies have entered a non-binding Memorandum of Understanding which defines roles and responsibilities within their alliance and establishes program funding requirements.
"This capital investment by DaimlerChrysler and Ford will provide Ballard with additional financial strength and flexibility," said Dennis Campbell, Ballard’s president and CEO. "With funding and program plans established to advance vehicular fuel cell technology, Ballard is well positioned to build on its leadership position in the industry."
Under the terms of the MOU, DaimlerChrysler and Ford would provide up to US$58 million in funding for the next two generations of vehiclular fuel cells and the next generation electric drive system.
Also as part of the MOU, DaimlerChrysler and Ford would acquire Ballard’s vehicular fuel cell systems business, Ballard AG.
Ballard Power Systems develops, manufactures and markets proton exchange membrane fuel cells for vehicular, portable and stationary applications.