Daimler, Ford buy into Ballard

ONE of the biggest names in the fuel cell business, Ballard, has agreed to sell its automotive fuel cell operations to Daimler and Ford. The transaction with the two car-makers, which are major shareholders in Ballard Power Systems, will result in a $US95 million to $US105 million gain for the Canadian-based company. The deal will also see the creation of a new private company – to be managed and funded by Daimler and Ford and based at Ballard’s facilities – called Automotive Fuel Cell Cooperation (AFCC). Ballard will invest $US60 million into AFCC, and Daimler and Ford $US60 million, with Daimler taking the biggest (50.1 per cent) shareholding. Ford will hold 30 per cent and Ballard 19.9 per cent. Daimler AG executive director of hybrid development Andreas Truckenbrodt has been named as the head of AFCC.