Fuel Cell Company Restructures

December 10, 2002 [SolarAccess.com] Ballard Power Systems announced a five-year plan that provides for a significant reduction in cash consumption, an organizational restructuring, a reduction of 400 employees, development funding for its next generation fuel cell engine and the further commitment of its automotive alliance partners. As part of Ballard’s plan to develop the next generation fuel cell engine, it has obtained DaimlerChrysler and Ford’s preliminary agreement to provide combined funding of US $97 million, over the next five years. This is in addition to their support of Ballard’s current development programs.
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