Ballard Announces Supply Agreement with Daimler AG
December 22 2009 - 4:00PM
PR Newswire (US)
VANCOUVER, Dec. 22 /PRNewswire-FirstCall/ -- Ballard Power Systems
(TSX: BLD; NASDAQ: BLDP) today announced a supply agreement with
Daimler AG for FCvelocity(TM) fuel cell products for Daimler AG's
fuel cell car and bus programs. The agreement provides for minimum
revenue of approximately $24 million over eighteen months from
April 2010, with roughly equal distribution in 2010 and 2011. John
Sheridan, Ballard's President & CEO said, "We are very pleased
to be working with Daimler AG, a clear global leader in fuel cell
car and bus programs." He continued, "Automotive is one of the most
demanding power applications in terms of efficiency, reliability
and safety. As such, this major fuel cell order for the automotive
market provides further testimony of Ballard's leading fuel cell
product capabilities for commercial clean power applications in
backup power, distributed generation and material handling." About
Ballard Power Systems Ballard Power Systems (TSX: BLD; NASDAQ:
BLDP) is a clean energy growth company with product leadership in
fuel cell power solutions, focused on the material handling and
stationary power markets. To learn more about Ballard, please visit
http://www.ballard.com/. This release contains forward-looking
statements, including estimated revenue, which are provided to
enable external stakeholders to understand Ballard's 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 condition
of the global economy, 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 and the Ballard logo registered trademarks of Ballard Power
Systems Inc. DATASOURCE: Ballard Power Systems Inc. CONTACT: or to
arrange an interview with a Ballard spokesperson, please contact
Lori Rozali at telephone number (604) 453-3683 or on e-mail:
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