It is suggested that Ballard Power Systems Inc, which has been investing millions of dollars into future hydrogen fuel cell technology for years, is giving up on its long held dream of revolutionising the way we fuel our cars, after it revealed it is in talks with 2 major auto makers for that segment of its business.
The Vancouver-based company indicated in a short statement that it is negotiating with Daimler AG and Ford Motor Co for the sale of the fuel cell technology business, citing the ‘lengthy projected timeline to commercialisation and high cost of development’.
Ballard was one of the first companies to champion the use of hydrogen fuel cells as a practical source of energy and while the company would not comment further, the potential sale of its automotive fuel cell business would seem to suggest it has given up hope of getting the technology to market in the near future.
Research Capital analyst Jon Hykawy, who has followed the company for almost a decade, commented, “If you had any hope that this was going to come to pass, you would hold on to it.”
Major automotive companies have invested more than $1bn in Ballard projects and the company has received millions of dollars in federal research grants, while Ford already owns around 11% of Ballard and Daimler around 19% and both have participated in joint ventures with the company.