Ballard Power Systems (Toronto:BLD.TO; NasdaqGM: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 shares voted, 97.8% were in favor, giving overwhelming support to the transaction. Daimler and Ford were restricted from this vote.
"This transaction lowers Ballard's risk profile by addressing the realities of the high cost and long timeline for automotive fuel cell commercialization," said John Sheridan, Ballard's President and CEO. "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.
About Ballard Power Systems
Ballard Power Systems Inc. is recognized as a leader in the development, manufacture and sale of hydrogen fuel cells. Ballard's mission is to make fuel cells a commercial reality.
