Shareholders in Ballard Power Systems have just approved a deal to sell the company's automotive fuel cell assets to Daimler AG and Ford Motor Co.

The vote was 97.8 per cent in favour of the sale, which will reduce Ballard's annual costs by $15 million, according to the Vancouver Sun.

Announcing the vote at a special shareholders' meeting in Vancouver, John Sheridan, Ballard's president and Chief Executive Officer, said: "This transaction lowers Ballard's risk profile by addressing the realities of the high cost and long timeline for automotive fuel cell commercialisation."

"It enables us to concentrate on growth in fuel cell applications, which provide clean energy solutions in commercial markets such as materials handling, backup power and residential cogeneration," he added.

With the deal set to close on January 31st, Ballard says the move will enable it to focus on creating fuel cells for more viable projects.

Source:

Ballard shareholders OK sale of auto cell unit, 28/01/08
http://www.reuters.com/article/CARMFG/idUSN2534933220080125

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