VANCOUVER, BC, Canada /PRNewswire-FirstCall/ -- Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has acquired a controlling interest in Denmark-based Dantherm Power, partnering with co-investors Danfoss A/S and Dantherm A/S.
Dantherm Power develops clean energy backup power systems, utilizing Ballard's hydrogen fuel cell technology, for telecom equipment suppliers including Motorola and Ericsson. The joint investment and partnering support from Ballard, Danfoss and Dantherm is expected to result in accelerated development of fuel cell backup power applications across Europe.
"Dantherm Power has a strong track record in fuel cell backup power systems in telecommunications, including the largest European fuel cell installation for TETRA emergency networks as well as for telecom service providers", said John Sheridan, Ballard's President and CEO. "Through this Dantherm Power investment, Ballard will now be actively involved with delivery of complete backup power systems, in addition to providing fuel cell stacks and power modules to leading companies including IdaTech, Plug Power, Baxi Innotech and ISE Corporation, in other markets."
Torben Duer, President and CEO of Dantherm A/S, which is a manufacturing partner of Dantherm Power, added "Dantherm Power is already supplying clean energy power products to some of our key customers, like Motorola. This investment will increase momentum behind fuel cell product development work at Dantherm Power and will help accelerate growth of fuel cell power in the backup telecom market."
"This strategic co-investment with Ballard, the leader in fuel cells, and Dantherm A/S creates a leading supplier of fuel cell power solutions", commented Niels Christiansen, President and CEO of Danfoss A/S. "We believe that this relationship will work well for our clean energy strategy, which today includes wind, solar and biofuels. We believe that fuel cell power can play an important role in our key markets, including renewable energy products and environmentally friendly heating."
Investment Details
Ballard is investing $6 million for a controlling interest in Dantherm Power, in two tranches between 2010 and 2012. Ballard will also provide knowledge and intellectual property related to core fuel cell technology. Dantherm Power will continue its current commercial initiatives, including sales of hydrogen-based products incorporating Ballard's fuel cell stack. In addition to its cash investment, Dantherm A/S will continue to provide operational support and collaborative sales and marketing activities through its worldwide sales organization. Danfoss A/S will invest cash, proprietary technology, expertise, as well as operational and commercial assistance through its network of 93 sites in 25 countries. Executives from the three companies will form a new board of directors for Dantherm Power.
Background
Ballard Power Systems provides clean energy fuel cell products enabling optimized power systems for a range of applications. Ballard provides fuel cell stacks to leading fuel cell companies including IdaTech, LLC, Plug Power Inc., Baxi Innotech GmbH, Heliocentris Fuel Cells AG and FutureE Fuel Cell Solutions GmbH. Ballard also provides power modules to system integrators seeking a 'plug-and-play' approach including, for example, ISE Corporation which integrates Ballard power modules with hybrid electric drives on transit buses. Now with this investment in Dantherm Power, Ballard will also be actively involved with the delivery of complete backup power systems for OEM's and other suppliers to the telecom sector in Europe.
About Dantherm Power
Dantherm Power is a 40-person company focused on development and production of commercially viable fuel cell-based backup power systems for use in IT and telecom network base stations. A significant recent market achievement has been the development, and deployment with Motorola, of 123 fuel cell based backup power systems for radio stations connected to Denmark's new public safety network, SINE.
About Danfoss A/S
Danfoss A/S is one of the largest industrial companies in Denmark with a global group focused on development and manufacture of mechanical and electronic components for a number of industries, including solar energy, heating, industrial automation, water control and high pressure systems. Danfoss A/S generated revenue of 3.6B Euros in 2008, with over 26,000 employees in Europe, North America, Latin America, Asia and other regions. Danfoss A/S is actively involved in clean energy solutions based on solar, wind and biofuel technologies.
About Dantherm A/S
Dantherm A/S (NASDAQ OMX Copenhagen: DANTH) is, in addition a shareholder in Dantherm Power, parent company of the two business divisions: Dantherm Air Handling and Dantherm Filtration. Dantherm A/S has factories and sales companies in a number of European countries, the USA and Asia and offers products, solutions and services based on the mission - clean air for people. Dantherm Air Handling has a broad range of products for electronics cooling for the telecom industry, industrial and residential ventilation, dehumidification and heating/cooling. Dantherm Filtration is a leading worldwide supplier of industrial air filtration products, solutions and services to a wide range of industries.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications.