Ballard, Honda Sign $25.9-Million Supply Agreement For Fuel Cells
VANCOUVER, B.C.--(BUSINESS WIRE)--April 2, 2001--
Ballard Power Systems (NASDAQ:BLDP) (TSE:BLD.) announced today that it has signed a $25.9-million (US$16.5-million) supply agreement with Honda R&D Co., Ltd. of Saitama, Japan, a subsidiary of the Honda Motor Company, for Mark 900 Series Fuel Cell Power Modules and support services.
The BALLARD(R) Mark 900 Series Fuel Cell Power Module incorporates Ballard's latest generation transportation fuel cell stack.
"We are proud to receive this significant order for BALLARD(R) fuel cells from Honda as it forges ahead with its fuel cell vehicle development program," said Ballard Chairman and Chief Executive Officer Firoz Rasul. "We are working hard to ensure our long-standing relationship with Honda continues to flourish."
Under the terms of the supply agreement, Ballard will provide Honda with fuel cells and related services through 2002. The first delivery of fuel cells under the agreement was made in February, 2001.
Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane fuel cells for use in transportation, electricity generation and portable power products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the BALLARD(R) fuel cell that combines hydrogen (which can be obtained from methanol, natural gas, petroleum or renewable sources) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, GPU, ALSTOM and EBARA, to commercialize BALLARD(R) fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works, among others.
Ballard's Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.
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