BEND, OR--(Marketwire - Aug 2, 2012) - IdaTech Ltd (IdaTech), a global leader in the development of Proton Exchange Membrane (PEM) fuel cell products, is pleased to announce that its transaction with Ballard Power Systems (Ballard), announced on July 25, 2012, has closed. In that transaction, IdaTech granted a non-exclusive technology license and sold key assets of its Telecom Backup Power business to Ballard, including IdaTech's name and trademarks. Consequently, the company will announce a change to its name. Signifying a long term commitment to the success of the transaction, payment will be made through the issuance of Ballard common shares, which will be transferred to Investec (www.investec.com), IdaTech's principal funder.
IdaTech has over 14 years of experience in advanced fuel cell technology and product development across a wide range of applications, including backup and primary power generation, Combined Heat and Power (CHP) fuel cell systems, portable fuel cells and automotive applications. The company has demonstrated its fuel reforming capabilities with a range of fuels, including diesel, kerosene, natural gas, LPG, methanol and ethanol. This capability has overcome one of the most significant obstacles in the fuel cell industry, the so called "hydrogen barrier" to fuel cell adoption, and is a strategic underpinning of Ballard's decision to acquire key IdaTech assets.
Hal Koyama, IdaTech President and CEO, said, "Ballard is a long time industry player with great capabilities and synergies to continue growing the penetration of methanol-fuelled systems with existing customers and in important markets for these fuel cell solutions. The deal realizes near term value for the leading fuel cell products, technology and market development achieved by IdaTech and positions the company under a new name to provide further technology through licensing arrangements and engineering development services for a variety of hydrogen and fuel cell applications."
IdaTech is an advanced fuel cell technology company headquartered in Bend, Oregon, USA. IdaTech designs and develops industry leading hydrogen and fuel cell technology which has been proven in commercial product deployments worldwide.