Ballard Power Systems (BLDP) announced that shareholders have approved the previously announced transaction to sell the company’s automotive fuel cell assets to Daimler AG and Ford Motor Company. Of the shareholders that voted, 97.8% were in favor, giving overwhelming support to the transaction.
John Sheridan, Ballard’s President and CEO, stated, “This transaction lowers Ballard’s risk profile by addressing the realities of the high cost and long timeline for automotive fuel cell commercialization. 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.”
The transaction is expected to close on January 31, 2008. Details of the transaction can be found by accessing Ballard’s Management Information Circular dated December 13, 2007. This document is available at www.sedar.com, www.sec.gov/edgar.shtml and on Ballard’s website, www.ballard.com.
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