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Ballard Sells Electric Drive Operations

Ballard Power Systems (TSX:BLD.TO; NASDAQ:BLDP) has signed an agreement to sell its electric drive operations to Siemens VDO Automotive Corporation. Electric drive operations are not core to Ballard’s fuel cell stack strategy; the technology has limited revenue potential but requires high cash consumption. The sale will generate proceeds of about US$4 million and will enable Ballard to reduce cash burn by US$10 million a year. The transaction is expected to close in January 2007. “This transaction, the result of an extensive strategic review process, is consistent with our focus on our core fuel cell stack business and our commitment to continue to improve Ballard’s financial performance,” said John Sheridan, Ballard’s President and CEO. “Siemens VDO is an excellent fit with the Dearborn electric drive operations. Together with our Alliance partners, DaimlerChrysler AG and Ford Motor Company, we look forward to working with Siemens VDO on next-generation fuel cell vehicle development programs.” With this transaction completed, along with the sale of its automotive system integration division in Germany in 2005, Ballard’s corporate structure and scope is now fully aligned with its core fuel cell stack strategy. “We are now solidly positioned to execute on our plans to grow value in the […]

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Roadmap to Reduce Emissions on Both Sides of Coast Released

On the West coast, The Silicon Valley Leadership Group, founded in 1978 by David Packard of Hewlett-Packard and consisting of 210 respected Silicon Valley businesses, launched a comprehensive “Clean and Green” Alternative Energy Action Plan. The objective of the 12-point plan is to curb greenhouse gases, reduce dependence on foreign oil and impact climate change throughout the region and beyond. It offers immediate and long-term actions that employers, the community and individuals can take in key areas such as transportation, energy, the environment, housing, land use and manufacturing. “While the need to curb greenhouse gases is a global issue, we cannot wait for a global solution to effect positive change,” says Carl Guardino, President and CEO of the Leadership Group. “The impact of our businesses can — and should — go far beyond the bottom line,” says Godfrey Sullivan, CEO of Hyperion Solutions (Nasdaq Global Select:HYSL). In 2004, Sullivan pioneered an employee incentive program for purchasing fuel-efficient cars at Hyperion called “Drive Clean to Drive Change.” Currently more than 150 Hyperion employees are driving hybrid vehicles that get more than 45 miles per gallon. The components of the “Clean and Green” plan, to be rolled out regionally beginning in January […]

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