Daimler, Ford looking to buy Ballard Power assets

Vancouver, British Columbia's Ballard Power Systems (Nasdaq: BLDP) said it is looking to sell its automotive fuel cell assets after suffering delays in the commercialization of its fuel cells.

Citing timeline delays and the high cost of development, the company said it has been reviewing strategic alternatives and that it is currently in negotiations with Daimler (NYSE: DAI) and Ford Motor (NYSE: F).

Daimler holds 18.7 percent of Ballard, with 11.2 percent owned by Ford.

Ballard manufactures emission-free proton exchange membrane fuel cells and systems, which generate electricity by combining hydrogen fuel with oxygen.

Ballard has yet to make a profit as the adoption of fuel cell technology has lagged in the automotive industry.

Most automakers have demonstration fuel cell vehicles, but the cars are not likely to go commercial anytime soon due to the high cost, as well as a lack of supply infrastructure.

Ballard has continued to make deals in its push toward profitability, announcing in September that it would work with Latham, N.Y.-based Plug Power (Nasdaq: PLUG) on a $3.5 million fuel cell systems development project for the U.S. Department of Defense (see Plug Power, Ballard in US DoD fuel cell project).

Last month, Ballard signed an agreement to supply fuel cell stacks to Hampshire, U.K.'s Voller Energy Group for integration into Voller's 1 kilowatt auxiliary power units, aimed at the leisure, marine and construction markets.

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