Ballard Completes Purchase of FirstEnergy's Interest

May 05, 2003 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC, Canada) completed the acquisition of the interest of FirstEnergy Corp. in Ballard's stationary power subsidiary, Ballard Generation Systems Inc. (BGS), through the issuance of 1,366,063 of Ballard's common shares in a transaction valued at $29.7 million. As previously announced, BGS has also appointed FirstEnergy as a non-exclusive distributor of Ballard stationary fuel cell power generators in the Northeast and North Central US.

BGS was formed in 1996 to commercialize proton-exchange membrane fuel cell stationary power generators that use Ballard fuel cells, and is a 100% wholly owned subsidiary of Ballard Power Systems.