Canada’s Ballard Power plans to acquire 10-% stake in Adani Power for $500 mn: report
27 Jun 2011
Canada's Ballard Power Systems, the world leader in clean energy hydrogen fuel cell products is planning to acquire a 10 per cent stake in Adani Power, part of the $5 billion diversified Adani Enterprises Group, in a deal valued at around $500 million (Rs2,250 crore), The Times of India (TOI) today reported, citing an industry source.
Adanis, who hold 73.5 per cent of the company, have raised funds by pledging over 53 per cent of the promoter shares in the firm, which is valued at Rs9,213 crore, said the paper.
Ballard Power designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. The British Columbia, Canada-based company has made a bus that uses only hydrogen fuel cells, which combine hydrogen and oxygen to produce electricity and water.
Since pollution is produced by this process, the water is good enough to drink, according to the company's website.
Ballard Power has strategic partnerships with Dantherm Power, which develops clean energy backup power through its hydrogen fuel cell technology; and Automotive Fuel Cell Cooperation Corp that develops fuel cell products for the automotive fuel cell market.
It has sold more than 120-megawatts (120 MW) of its fuel cell stacks, modules & systems to customers in a various countries on five continents. Its customers include Toyota, Wind Mobile, Hutchison Telecom, FirstEnergy Corp, WalMart, BMW, Coca-Cola, FedEx among others.
