Ballard Power pulling plug on Japanese joint venture

Ballard Power Systems said Monday it plans to discontinue the operations of EBARA Ballard Corp., a Japanese joint venture.

Vancouver-based Ballard said the venture developed and sold stationary power systems for the residential cogeneration market in Japan.

"As we've said in the past, we see residential cogeneration on a longer timeline to commercialization," said John Sheridan, Ballard's president and CEO,

"This, combined with an increasing investment requirement for continued system development work, has impacted the business case for this program. We believe that this decision is in the best interest of both joint venture parties, along with our shareholders," Sheridan said in a release.

Ballard does not anticipate the end of the joint venture will have a material impact on its current year financial outlook.