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March 14, 2014
16:34 EDTBLDPBallard Power: Anglo American converts $4M promissory note into common shares
Ballard Power Systems has announced that Anglo American Platinum Limited has converted its $4M non-interest bearing promissory note into common shares, as per the terms of an agreement announced on March 3, 2013. This strategic investment, made through Anglo American Platinum's PGM Development Fund, supports continued development and commercial advancement of Ballard's fuel cell production. As part of this development initiative, a prototype methanol-fuelled mini-grid system will be deployed in Q2 2014 in a 12-month field trial designed to validate the technical and operating requirements of a home generator product for off-grid applications in South Africa. Development work on a new lower cost methanol fuel reformer and longer life fuel cell stack for a commercial version of the home generator will continue in parallel with the field trial. This work will also be leveraged in Ballard's commercial telecom backup power systems.
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