The Canadian Press - ONLINE EDITION

Ballard signs research deal worth up to $100 million with Volkswagen

  • Print

VANCOUVER - Shares in Ballard Power Systems (TSX:BLD) rocketed up 55 per cent Wednesday after it announced a deal with Volkswagen Group worth up to $100 million.

The company says it has signed an engineering services deal with the German automaker for the development of fuel cells to be used in demonstration cars.

"The announcement of this research agreement with Volkswagen Group, a recognized global leader, is a major step for Ballard both strategically and financially," said Ballard president and chief executive John Sheridan.

"Ballard's focus with Volkswagen in this new automotive fuel cell research program will parallel our continuing work in commercial fuel cell markets for backup power and material handling — enhancing product durability and performance while radically reducing product costs."

The four-year contract, which includes an option for a two-year extension, is worth $60 million to $100 million.

The work will include the design and manufacture of a fuel cell for use in Volkswagen HyMotion demonstration cars.

Ballard engineers will lead key areas of fuel cell design along with testing and integration work.

"This research agreement with Ballard demonstrates our commitment to the development of clean energy fuel cell transportation alternatives," said Juergen Leohold, head of group research at Volkswagen AG.

"I anticipate accelerating our automotive fuel cell program as a result of this collaborative effort, which will bring together additional fuel cell skills and expertise in both organizations."

Ballard made a name for itself as a maker of fuel-cell powered buses and rode high hopes for its automotive fuel cell business.

However, adoption of the technology was slow and Ballard sold its automotive fuel cell business to Daimler AG and Ford Motor Co. in 2008.

The company instead shifted its focus on its core commercial markets including forklifts, back up power and co-generation though it continued to provide services to the automakers.

Shares in Ballard closed up 48 cents or 55 per cent at $1.35 on the Toronto Stock Exchange.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Doug Speirs trains for role in Nutcracker

View more like this

Photo Store Gallery

  • JOE.BRYKSA@FREEPRESS.MB.CA Local-(Standup photo)- Humming Around- A female ruby -throated hummingbird fly's through the bee bomb  flowers Friday at the Assiniboine Park English Garden- Nectar from flowers are their main source of food. Hummingbirds wings can beat as fast as 75x times second. Better get a glimpse of them soon the birds fly far south for the winter - from Mexico to South America- JOE BRYKSA/WINNIPEG FREE PRESS- Sept 10, 2009
  • A one day old piglet glances up from his morning feeding at Cedar Lane Farm near Altona.    Standup photo Ruth Bonneville Winnipeg Free Press

View More Gallery Photos

Poll

Do you think it's a good idea for Theresa Oswald to enter NDP leadership race?

View Results

View Related Story

Ads by Google