This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Ballard Receives $4M Strategic Investment From South Africa's Anglo American Platinum Limited

VANCOUVER, March 3, 2013 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced signing of a definitive agreement with Anglo American Platinum Limited ( www.angloplatinum.com), under which Anglo American Platinum will invest $4 million in Ballard through its PGM Development Fund, to support continued commercial advancement of the Company's fuel cell products in target market applications.

Anglo American Platinum's interest in the growth of fuel cell market adoption extends beyond the implications for platinum utilization, to the potential transformational impact fuel cells could have on the economy in South Africa.

An example of this latter impact is the joint work currently underway between Ballard and Anglo American Platinum on development of a prototype Home Generator. This product is intended to address the need of many households in remote rural communities for economical electric power. The Home Generator will be built with Ballard fuel cells and run on readily available methanol fuel, utilizing an integrated fuel reformer. Work on the fuel reformer will also benefit Ballard's ElectraGen TM methanol-fuelled systems, which provide power solutions to the telecommunications industry.

Godfrey Oliphant, South Africa's Deputy Minister of Mineral Resources said, "We are very pleased to see Anglo American Platinum's investment in Ballard and their commitment to beneficiation of platinum in South Africa. Fuel cell-based product deployments will be a positive catalyst for growth in global platinum demand. South Africa is the leading producer of platinum and innovations such as the Home Generator project move our country in a positive direction towards participating actively in the application of Platinum Group Metals in new technologies which will create important jobs for our economy."

"This strategic investment from Anglo American Platinum is a tremendous demonstration of Anglo's commitment to fuel cells", said John Sheridan, President and CEO of Ballard Power Systems. "Furthermore, the Home Generator power system that we are jointly developing has the potential for profound impacts in South Africa and elsewhere."

Andrew Hinkly, Executive Head - Commercial for Anglo American Platinum added, "The agreement we have announced is a testament to our confidence in Ballard's commercial and technical abilities as a fuel cell leader as well as our partnership toward completion of the very important Home Generator work. This program will enable our beneficiation strategy in Africa to create jobs in a key growth sector for the economy."

Once Ballard has completed development of a prototype Home Generator system meeting commercial product requirements, the companies will undertake further field trials, potentially leading to the manufacture, distribution and support of a commercial product for the African market.

Stock quotes in this article: BLD, BLDP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs