Ford Joins Venture To Develop Fuel Cells

Ford Motor Co. plans to spend $420 million with two companies to develop fuel-cell power components for cars by 2004.

Ford officials Monday signed a tentative agreement in Stuttgart, Germany, with German automaker Daimler-Benz and Canadian fuel-cell developer Ballard Power Systems Inc. Each will invest $33.6 million in the project.

A fuel cell is a space-age technology that produces electricity from a chemical reaction between hydrogen and oxygen. Ford and other automakers have been working for years to develop fuel-cell vehicles, which would be fuel efficient and have little pollution.

“With our collaborative efforts, we think we can accelerate the commercial viability and implementation of fuel-cell vehicles,” Ford Chairman Alex Trotman said.