BURNABY, B.C. – Ballard Power Systems continues to lose money at a staggering rate, but the alternative energy developer says its commercial products will get it back on track.
Ballard lost US$96.2 million for the year ending Dec. 31, nearly double than the previous year.
But chief executive officer, Firoz Rasul, told media on Monday that Ballard actually met its 2001 expectations. He went on to say the company would finally be in a position to turn a profit for investors when its commercial products in the stationary, portable and automotive power hit the market.
The fuel cell producer was hit hardest in the fourth quarter, posting a loss of US$36 million.
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