As a result of its strategic review in 2017, Ballard Power Systems has implemented certain changes at its subsidiary Protonex, including to narrow and sharpen the focus of its business by divesting certain non-core assets.
This divestiture is expected to yield annualised cost savings of $1.4m per year. This action is in addition to steps taken in August 2017 to reduce and align the Protonex cost base, a press release explained. Together, these actions are expected to yield annualised cost savings of $2.6m, better positioning Protonex to deliver future profitability.
The Protonex business had three businesses: Power Manager, Unmanned Aerial Vehicles (UAV’s), and Solid Oxide Fuel Cells (SOFC). In 2017 Ballard conducted a strategic review of each of these business activities to determine the most effective strategic course for each business.
Power Manager
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