Ballard, Westcoast Energy and Shell Team to Create Chrysalix Energy

July 24, 2001 by Jeff Shepard

Ballard Power Systems (Canada), Shell Hydrogen (Netherlands) and Westcoast Energy Inc. (Canada) announced the creation of Chrysalix Energy Limited Partnership (Canada), a new private-capital joint venture focused on promoting early-stage companies with high growth potential in fuel cells and related systems, hydrogen infrastructure, maintenance, and support techniques. Chrysalix aims to become a global leader in building new fuel cell technology companies and will act as a catalyst to enhance development at all stages of the energy value chain.

Operating independently, Chrysalix will offer a value proposition to its start-up clients throughout the business planning, start-up and operations phase of developments. Chrysalix will provide early-stage funding to new companies as well as expert services, technology, knowledge, organized networking with industry players, as well as experience in the management of intellectual property.

"The fuel cell industry is revolutionizing how we think of power and Ballard is at the forefront of this change. We understand the breadth of potential opportunities that can capitalize on this revolution and will leverage this knowledge through our involvement in Chrysalix," said Noordin Nanji, vice president of strategic development at Ballard. "Chrysalix will explore the full range of opportunities in fuel cells and fuel infrastructures that exist today and develop a portfolio of world-class companies."