October 2005

DaimlerChrysler and Ford announced the sale of the fuel cell systems business part of Ballard's German operation in Nabern, to DaimlerChrysler and Ford Motor Co. to form a new joint venture, NuCellSys GmbH. Ballard also announced a further belt-tightening to extend its cash reserves by a 12% reduction in year-over-year operating expenses via reductions in discretionary spending and layoffs of about 100 employees. DaimlerChrysler reported the acquisition of shares of its subsidiary, MTU Friedrichshafen that had been privately held. MTU Friedrichshafen, principally known as a diesel manufacturer, is a licensee of the Direct FuelCell® molten carbonate technology.

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