Ballard Power Systems has reported a net loss of US$87m for the full year 2005, an improvement over the previous year’s loss of $175.4m. However revenues fell from $67.6m in 2004 to $37.3m in 2005 following the sell-off of some businesses in a move to strengthen the company’s financial position.
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Ballard’s revenues come mainly from supplying fuel cells for power generation markets, but it is also developing automotive fuel cell technology. Ballard is struggling to bring automotive fuel cells to market but it announced that it has advanced its next generation automotive fuel cell technology, resulting in milestone payments from DaimlerChrysler and Ford in the fourth quarter of 2005.
DaimlerChrysler AG holds a 19% stake in Ballard while Ford Motor Co has an 11.4% stake.
During 2005 Ballard achieved its 2005 Technology Road Map targets, demonstrating automotive fuel cell stack technology with characteristics of $73 per kW cost (at high volume manufacturing), freeze start capability at -25° C, volumetric power density of 1,470 WattsBnetB/litre, and durability of more than 2,100 hours.
For 2006 Ballard has set Road Map targets that extend these figures further. It is also aiming to deliver a prototype of a next generation automotive fuel cell prototype and a next generation electric drive prototype for fuel cell vehicles.
Chairman John Sheridan has become CEO, a job he had done since October 2005 on a temporary basis when the previous CEO Dennis Campbell stepped down.
