Fuel cell maker gets new funding

Dec. 31, 2002
Fuel cell maker Ballad Power gets new funding
Ballard Power Systems has wrapped up a new round of funding, selling 7.7 million shares of common stock worth $95.8 million. That money, along with $97 million in new funding from DaimlerChrysler and Ford Motor Co., should keep the fuel cell manufacturer in business through 2007, the company said.

Canada-based Ballard has been manufacturing fuel cells for a variety of vehicle applications since 1993, including buses, light trucks, and cars. Fuel cells use hydrogen gas and oxygen to create electricity for vehicle propulsion, with water vapor the only by-product. Ballard has been working with DaimlerChrysler, Ford, Honda, Nissan, and Volkswagen on a number of fuel cell-powered vehicle prototypes.

However, Ballard has struggled to make a profit in the last decade and believes profits from its fuel cell system are still five years away. The company recently laid off 400 employees -- 30% of its workforce -- and reduced development expenses in order to cut its operating costs and conserve cash for the next few years.

Sponsored Recommendations

Way Beyond Weight: 5 Ways Truck Weights Affect Fleet Operations

Truck weights affect everything from highway safety and operational costs to back-office efficiency. Here’s how.

Heavy-Duty Maintenance Checklist

A maintenance checklist can help ensure you hit everything necessary during an inspection. Check out our free downloadable checklist to help streamline your repairs.

Five Ways a Little Data Can Save Your Company Millions

While most trucking and logistics companies rely on cellular to keep their work fleet connected, satellite has the ability to connect anywhere and through small data transmission...

Fleet Case Study: 15% YOY Growth for ITDS

Learn how this small trucking company scaled significantly and maintained outstanding customer service without adding additional people. Sylectus TMS can automate operations and...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!