June 13, 2018 / 8:04 PM / 5 days ago

Ford says fuel cell venture with Daimler will close

DETROIT (Reuters) - Ford Motor Co and Daimler AG are winding down a joint venture formed to develop automotive fuel cell technology, Ford said on Wednesday, as both companies plan to take their respective fuel cell technology development in-house.

FILE PHOTO - The Ford logo is pictured at the Ford Motor Co plant in Genk,Belgium December 17, 2014. REUTERS/Francois Lenoir/File Photo

The Automotive Fuel Cell Cooperation Corp venture, based in Burnaby, British Columbia, will close this summer, Ford said in response to an inquiry by Reuters.

Despite years of research and investment by major automakers and startups, vehicles powered by fuel cells remain a tiny niche in the global vehicle market.

Honda Motor Co and General Motors Co are collaborating on fuel cell development, and Toyota Motor Corp is ramping up efforts to mass-produce fuel cell stacks. Earlier this week, Ballard Power Systems Inc extended a contract with Volkswagen AG’s Audi unit to work on fuel cell development.

FILE PHOTO: A sign showing the name of German truck maker Daimler is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo

Ford “will take fuel cell stack development in-house, as well as leverage the supply base, and close Automotive Fuel Cell Cooperation Corp. by summer 2018,” the Dearborn, Michigan, automaker said. “Both companies will continue to explore ways to cooperate on developing fuel cell stack modules.”

Daimler Chief Executive Dieter Zetsche earlier this year indicated that the German automaker was shifting its focus toward battery-electric vehicles.

The venture employed about 200 people, according to its website.

Reporting by Joe White in Detroit; Editing by Matthew Lewis

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