Ballard gets $44.5M from spinoff stake

Vancouver-based Ballard Power Systems said Tuesday it has sold its stake in an automotive fuel cell company it spun off last year.

Ballard will get $44.5 million from selling off its 19.9 per cent interest in Automotive Fuel Cell Cooperation.

The company did not identify the buyer, beyond saying it was a financial institution.

Under the terms of the deal, Ballard will get $37 million immediately and a further $7.5 million on or before Jan. 31, 2013. Ballard held the stake in the business after it spun off its automotive fuel cell business to Daimler AG and Ford in 2008.

Ballard also announced Tuesday that it has signed a supply agreement with Daimler that provides for at least $24 million in revenue over 18 months starting April 2010 for the company's car and bus fuel cell programs.

In recent years, Ballard has shifted its focus away from fuel cells for cars and buses to areas such as forklifts and backup power units.