Ballard Power to pay $6 million for control of Danish backup power developer

The Canadian Press ~ The News
Send to a friend

Send this article to a friend.

VANCOUVER - Ballard Power Systems (TSX: BLD) is acquiring a controlling interest in Denmark-based Dantherm Power, which provides backup power systems for telecom equipment suppliers.
Ballard will invest $6 million in Dantherm in two installments between 2010 and 2012 and also provide its expertise in fuel cell technology, the Vancouver-based company announced Monday.
Danfoss A/S and Dantherm A/S will be partners in the joint venture with Ballard. The three companies expect the partnership will accelerate development of fuel cell backup power applications across Europe.
In addition to its cash investment, Dantherm A/S will continue to provide operational support and collaborative sales and marketing activities through its worldwide sales organization.
Danfoss A/S, one of Denmark's largest industrial companies, will invest cash, proprietary technology, expertise, as well as operational and commercial assistance through its network of 93 sites in 25 countries.
Ballard's shares closed Friday at $2.43 on the Toronto Stock Exchange.

Organizations: Ballard Power Systems, Danfoss A/S, TSX Dantherm Power Toronto Stock Exchange

Geographic location: VANCOUVER, Europe, Denmark

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments