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The Ballard Power Ballet
By Stephen D. Simpson, CFA
June 24, 2005

At long last, fuel cell developer Ballard Power (Nasdaq: BLDP) has finalized its agreement with Ford (NYSE: F) and DaimlerChrysler (NYSE: DCX) to transfer the Ballard Power Systems AG business to its two larger partners.

This deal is a good news/bad news situation for Ballard. The bad news is that by executing this agreement, the company is surrendering its claim to about 40% of the value of an automotive fuel cell system, according to the company's earlier statements. That's a big chunk of the future to hand over -- especially when it's still unclear which parts of the automotive fuel cell system will really be the profit centers...
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