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Technology Stocks : Ballard Power -world leader zero-emission PEM fuel cells
BLDP 3.375-5.1%3:59 PM EST
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To: Hawkeye who wrote (1828)3/12/1998 4:10:00 PM
From: Bill McE   of 5827
 
Dear Hawkeye,

The title of the FORTUNE article is "The Automakers' Big-Time Bet on Fuel Cells." Some of the high points of the article are:
(1) The German-North American fuel-cell developments will probably consist of three enterprises. One will be Ballard Power Systems that will make the fuel-cell stacks (Daimler-Benz owning a 20% interest, Ford owning a 15% interest and Ballard a 65% interest); the second will be DBB Fuel Cell Engines that will integrate the stacks with fuel systems (Daimler-Benz owning 51%, Ford 23% and Ballard 26%); the third will be E-Drive that will supply complete power trains, including electric motors and the electronic black boxes that control them (Ford owning 60%, Ballard and Daimler-Benz each 20%). The three companies are planning to spend about a billion dollars on these developments.
(2) Ballard already has 210 patents on fuel cell developments.
(3) During the last fiscal year, Ballard had revenues of $17 million, but had a net loss of $4.3 million. Thus, Ballard's high share price is based on anticipation of future results.

The issue of FORTUNE containing this article is dated March 30.

Best regards, Bill McE
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