Anglo American Platinum Gains Small Equity Stake in Ballard Power Systems After Converting $4 Mln IOU

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Ballard Power Systems (BLDP,BLD.TO) is steady in after-hours trading and the fuel-cell vehicle conversion company tonight saying Anglo American Platinum Ltd (AAL.L) has converted a $4 million, non-interest bearing promissory note into common shares, acquiring a 0.6% stake in the company based on its current share price and BLDP’s 110 million in outstanding shares.

Platinum is key component in the hydrogen fuel cells and Anglo American is a BLDP supplier.

Separately, BLDP said it expects to deploy a prototype methanol-fueled electricity generator in South Africa during the upcoming quarter beginning April 1 as part of a 12-month field trial intended to validate the concept of off-grid generation.

BLDP shares were steady in late Friday trading at $5.69 each, finishing the regular session with a 4.9% decline. BLD.TO shares slid 5.2% in Toronto trading today, closing at C$6.23 a share.

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