Ballard and Ford Sign $34.5M Agreement for Fuel Cells

    VANCOUVER, B.C.--Sept. 20, 2001--Ballard Power Systems announced today that it has signed a three-year agreement worth $34.5-million (US$22.0-million) with alliance partner Ford Motor Company of Dearborn, Michigan.
    Under the terms of the agreement, Ballard will supply Ford with Mark 900 Series fuel cell power modules and related engineering and support services.
    "This is the largest order for BALLARD(R) fuel cells to date and represents Ford's commitment to deliver fuel cell vehicles," said Firoz Rasul, Ballard Chairman and Chief Executive Officer. "Ford is not only our strategic partner but also a customer that is assisting Ballard in preparing for the commercial launch of fuel cell vehicles."
    "We intend to launch our first commercial fuel cell vehicle in 2004 and this agreement with Ballard will enable us to achieve that goal," said John Wallace, executive director of TH!NK brand for Ford Motor Company. "Ballard is part of our team and we are confident in its ability to provide us with fuel cells that will meet our customers' expectations."

    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, 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.