The Car and Truck Fleet and Leasing Management Magazine

Ballard Shareholders Approve the Sale of German Subsidiary to DaimlerChrysler and Ford

September 6, 2005

VANCOUVER, CANADA — The shareholders of Ballard Power Systems have approved the sale of the company’s German subsidiary, Ballard Power Systems AG, to DaimlerChrysler AG and Ford Motor Co. The transaction received overwhelming support, with 97.65 percent of shares voted, excluding those of DaimlerChrysler and Ford, in favor of the sale. The transaction is expected to close Aug. 31. Upon closing, the parties will enter into the Fourth Alliance Agreement and development agreements for the next generation vehicular fuel cell and electric drivetrain, under which DaimlerChrysler and Ford will provide Ballard up to $59 million in development funding over the next four years.
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