Ballard Announces Fuel Cell Supply Agreement with Baxi Innotech for German Callux Project
March 11 2009 - 5:00AM
PR Newswire (US)
VANCOUVER, March 11 /PRNewswire-FirstCall/ -- Ballard Power Systems
Inc. (TSX: BLD; NASDAQ: BLDP) announced today that it has entered
into a three-year supply agreement with Baxi Innotech GmbH, the
leading European developer and manufacturer of fuel cell micro
combined heat and power (mCHP) units. Under the agreement, Baxi
Innotech agrees to exclusively purchase Ballard fuel cells through
to the end of Phase 2 of the German Callux Project, scheduled to
conclude in 2012. The Callux Project was launched in September 2008
as part of Germany's national innovation program for hydrogen and
fuel cell technology. The project represents Germany's largest
demonstration project of combined heat and power fuel cell systems
for domestic use. These systems provide decentralized power to the
home at a high level of energy efficiency. Ballard brings its
extensive experience in the Japanese residential cogeneration
market to the European market with its FCgen(TM)-1030 fuel cell
product, which Baxi Innotech, a division of leading European
heating equipment company the Baxi Group, will integrate into its 1
kW GAMMA 1.0 natural gas pilot production series. The performance
and durability Ballard's products have demonstrated in Japan will
prove invaluable, particularly when partnered with Baxi's broad
experience and channel strength supplying heating equipment in
Europe. "We are very pleased to be working with Baxi, a strong
system integrator and respected leader in the European heating
industry," said John Sheridan, President and CEO. "This partnership
represents a win-win opportunity for both parties to successfully
participate in the Callux project." "The close cooperation, along
with Ballard's position as the world wide most experienced fuel
cell maker, will set a benchmark for all other fuel cell
technologies and system manufacturers," said Guido Gummert,
Managing Director of Baxi Innotech. In consideration of Baxi
Innotech's agreement to exclusively purchase and use Ballard fuel
cell products for the Callux Project, Ballard has in return agreed
to exclusively supply fuel cell stack products to Baxi Innotech for
the same project. The supply agreement also provides for joint
product development efforts, and lays the groundwork for future
collaboration beyond the scope and timing of the current project.
About Ballard Power Systems Ballard Power Systems (TSX: BLD;
NASDAQ: BLDP) is recognized as a world leader in the design,
development, manufacture and sale of clean energy fuel cell
products. Ballard's mission is to accelerate fuel cell product
adoption. To learn more about what Ballard is doing with Power to
Change the World(R), visit http://www.ballard.com/. About the Baxi
Innotech GmbH BAXI INNOTECH has been a subsidiary of the British
BAXI Group - one of the leading heating equipment manufacturers in
Europe - since 2002. BAXI INNOTECH is the brain pool of the Group
for innovative product developments based on combined heat and
power technology. Since it was founded ten years ago, the company
has been developing a fuel cell heating unit for single-family
homes - in close dialogue and in partnership with suppliers,
utility companies and the specialist trade - to meet the needs of
the European market. Additionally, since September 2008, this
Hamburg-based company has been participating in the Callux Project,
the practice test of the German Federal government and industry in
preparation for the market launch of fuel cell heating units.
http://www.baxi-innotech.de/ This release contains forward-looking
statements, including estimated future revenue and operating cash
consumption contained in our outlook, which are provided to enable
external stakeholders to understand our expectations as at the date
of this release and may not be appropriate for other purposes.
These forward-looking statements are based on the beliefs and
assumptions of Ballard's management and reflect Ballard's current
expectations as contemplated under section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Such assumptions relate to Ballard's
financial forecasts and expectations regarding its product
development efforts, manufacturing capacity, and market demand, and
include matters such as generating new sales, producing, delivering
and selling the expected number of units, and controlling its
costs. These statements involve risks and uncertainties that may
cause Ballard's actual results to be materially different,
including, without limitation, the rate of mass adoption of its
products, product development delays, changing environmental
regulations, its ability to attract and retain business partners
and customers, its access to funding, increased competition, its
ability to protect its intellectual property, changes in its
customers' requirements, foreign exchange impacts on its net
monetary assets and its ability to provide the capital required for
product development, operations and marketing. For a detailed
discussion of these risk factors and other risk factors that could
affect Ballard's future performance, please refer to Ballard's most
recent Annual Information Form. Readers should not place undue
reliance on Ballard's forward-looking statements and Ballard
assumes no obligation to update or release any revisions to these
forward looking statements, other than as required under applicable
legislation. Ballard, the Ballard logo and Power to Change the
World are registered trademarks of Ballard Power Systems Inc.
DATASOURCE: Ballard Power Systems Inc. CONTACT: or to arrange an
interview with a Baxi Innotech spokesperson, please contact Claudia
Palozzo of IMA Institut GmbH at telephone number
+49-0-40-30-96-96-0 or on e-mail ; to arrange an interview with a
Ballard spokesperson, please contact Amy Harada Bradley at
telephone number (604) 412-7913 or on e-mail
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