Ballard: Ford, Daimler-Benz, and Ballard Complete Agreement to Develop
Fuel-Cell Technology for Fututre Vehicles
Business Wire - April 07, 1998 10:18
%BALLARD-POWER-SYSTEM BLD. BLDPF %NEW-YORK %BUILDING %CONSTRUCTION V%BW P%BW
BASEL, SWITZERLAND--(BUSINESS WIRE)--April 7, 1998--Ballard Power System(TSE:BLD.) (NASDAQ:BLDPF)
The global alliance whose goal is to be the world's leading commercial producer of fuel-cell powered drive-trains and
components for cars, trucks and buses was formalized today by Ballard Power Systems Inc., Daimler-Benz AG, and Ford
Motor Company.
Representatives met in Basel, Switzerland, to complete and sign the final alliance agreements. The three companies have
worked enthusiastically toward this objective since signing a memorandum of understanding on December 15, 1997, in
Stuttgart, Germany.
Under the agreement, which consists of three parts, Ballard will be responsible for fuel cells, with Daimler-Benz and Ford
holding 20 percent and 15 percent of Ballard Power Systems, respectively.
Daimler-Benz will have majority ownership of DBB Fuel Cell Engines GmbH, which is responsible for fuel-cell systems, with
Ballard holding about 27 percent and Ford 22 percent.
Ford will be the majority owner of a new company responsible for electric drive-train systems, with Ballard and Daimler-Benz
owning 21 percent and 17 percent, respectively.
Ford's total investment in the alliance is about C$600 million (US $420 million), consisting of cash, technology and assets.
Together Ballard, Daimler-Benz, and Ford have invested over a billion Canadian dollars in this alliance.
As part of the agreement, Ballard issued from treasury 3,746,900 Common shares to Ford for total cash consideration of
C$302,749,520. Mazda Motor Corporation will participate in the Ford/Daimler-Benz/Ballard alliance, through its close
association with Ford Motor Company.
Ballard Power Systems is the world leader in the development of proton exchange membrane fuel cell power systems. At the
heart of its products is the Ballard Fuel Cell, a proprietary zero-emission engine that converts natural gas, methanol, gasoline,
or hydrogen fuel into electricity without combustion. Ballard Fuel Cells are currently being used by leading international
companies including Daimler-Benz, Ford, General Motors, Chrysler, Nissan, Honda, Volkswagen, Volvo, Matsushita Electric
Works, GPU International, GEC ALSTHOM, and Cinergy to develop zero-emission vehicles, clean stationary electric power
plants and portable power systems.
Ballard's Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq
National Market System under the symbol "BLDPF".
CONTACT: Ballard Power Systems Inc.
Paul Lancaster, 604/412-3195
604/412-4700 (FAX)
or
Debby Roman, 604/412-4740
604/412-3131 (FAX)
Email: debrom@ballard.com
or
Daimler-Benz North America
Bernd Harling, 212/909-9716
212/308-4252 (FAX)
or
Ford Motor Company
Terry Bresnihan, 313/337-2456 |
