Burnaby's Ballard Power Systems (TSX:BLD) has acquired a controlling interest in Denmark-based Dantherm Power with a group of co-investors.
Ballard will spend $6 million for the company that develops clean energy backup power systems that use Ballard's hydrogen fuel cell technology for telecom equipment suppliers like Motarola and Ericsson. Ballard will provide payment in two tranches between 2010 and 2012.
The acquisition is hoped to accelerate development of fuel cell backup power applications in Europe.
Ballard's co-investors include Dantherm A/S, the manufacturing partner of Dantherm Power and Danfoss A/S, one of the largest industrial companies in Denmark that focuses on the development and manufacture of mechanical and electrical components.
Executives from the three investing companies will form a new board of directors for Dantherm Power.
Ballard's share price range during the past week: between $2.30 and $2.43; 52-week high: $3.45; 52-week low: $1.10.