EBARA Corp. Increases Stake in Ballard Generation Systems

Ballard Power Systems (Vancouver, Canada) announced that EBARA Corp. (Japan) has increased its ownership position in Ballard Generation Systems (BGS) to 11.4 percent, or 10 percent on a fully diluted basis, from six percent for a total subscription price of $19.1 million.BGS was formed to commercialize proton exchange membrane (PEM) fuel cell power generators that use the Ballard fuel cell. In addition to Ballard Power Systems, which owns 67.8 percent of BGS, its shareholders include GPU International Inc (New Jersey), ALSTOM SA (France) and EBARA.EBARA was granted the option to increase its ownership position of BGS to 10 percent when EBARA made its original investment in 1998 as part of a US$31.0 million transaction."EBARA has long shown a commitment to the development of fuel cell technology in stationary power systems," said Jim Kirsch, BGS president. "This increase in EBARA's ownership position of Ballard Generation Systems reaffirms their commitment to Ballard and fuel cells and builds on the strategic partnership we established in 1998.""EBARA's commitment to zero-emission technologies is supported by our association with Ballard," said Hiroyuki Fujimura, chairman of EBARA.