| DC and Ford buy Ballard
Two of the World's largest car companies buy into fuel cells
DaimlerChrysler AG and Ford Motor Company are today officially taking over the fuel cell system business of the Canadian company Ballard Power Systems Inc. The transaction’s main feature is the acquisition of Ballard Power Systems AG in Nabern, Germany. DaimlerChrysler and Ford are establishing a joint venture in which both manufacturers will own equal shares. Known as NuCellSys GmbH, the joint venture with headquarters in Nabern will work closely with Ballard to forge ahead with the development of fuel cell systems.
The acquisition of the fuel cell system business represents an important step in the reorganization of the alliance between Ballard, DaimlerChrysler and Ford with the aim of bringing fuel cell drive systems to the series production stage. In the acquisition agreement signed on June 23, 2005, Ballard, DaimlerChrysler and Ford settled the details of the transaction, which puts the cooperation between the alliance partners on a new footing. The shareholders of Ballard Power Systems approved the acquisition agreement on August 29, 2005.
In addition to reorganizing the systems business, DaimlerChrysler and Ford will be focusing on ways to best integrate fuel cell drives into vehicles, while Ballard will continue to develop and manufacture fuel cells and electric drives for fuel cell vehicles. The reallocation of tasks will allow the alliance partners to focus on their respective areas of expertise.
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