Ballard adjusts alliance with Ford and Daimler-Chrysler
Research Money, July, 2004 by Anonymous
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...
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