Bruce Power buys stake in fuel-cell companyReuters
Nuclear firm Bruce buys stake in fuel-cell company
Wednesday July 2, 2:57 pm ET
(Figures in U.S. dollars unless noted)
TORONTO, July 2 (Reuters) - Ontario nuclear generator Bruce Power said on Wednesday it had bought British Energy's (London:BGY.L - News) 3.4 percent stake in General Hydrogen Corp. for $4 million.
General Hydrogen, based in Vancouver, British Columbia, makes infrastructure and develops technologies for fuel cell vehicles.
Duncan Hawthorne, chief executive of Bruce Power, said the investment places his firm in the "development of the new hydrogen economy and recognizes the synergies between nuclear power generation and the promise of a cleaner environment."
Bruce Power is owned by a consortium headed by Cameco Corp (Toronto:CCO.TO - News), the world's No. 1 uranium producer, and TransCanada PipeLines (Toronto:TRP.TO - News).
British Energy had to sell its 82 percent stake in Bruce Power in December because the company was near insolvency and needed to dispose of assets as part of its bailout by the British government.
Hawthorne will sit on the board of directors of General Hydrogen.