Ballard Power Systems Announces $850,000 in Fuel Cell Orders
Ballard Power Systems Inc. Secures $1.2 Million Order From Volkswagen And Volvo VANCOUVER, British Columbia, Sept. 25 -- Ballard Power Systems announced today that it had secured contracts totalling $1.2 million (US$850,000) from Volkswagen AG and AB Volvo for the supply of Ballard Fuel Cells, test equipment and related support services. The fuel cells will be used by Volkswagen and Volvo in their joint research and development program to develop fuel cell powered passenger and commercial vehicles. "These contracts represent the increasing interest in Ballard Fuel Cells for transportation applications," said Firoz Rasul, President and Chief Executive Officer at Ballard. "We welcome Volkswagen and Volvo, both internationally renown companies, as new customers and look forward to what we expect will be a long and beneficial relationship between our companies." "Fuel Cells offer a highly interesting way to power automobiles in the future," said Dr. Friedrich Quissek, Research Director of Volkswagen. "We are very pleased to begin working with Ballard.'' Lars-Goran Rosengren, Research Director of Volvo stated, "Fuel cells offer the promise of powering clean efficient vehicles which have the range and passenger capacity of today's internal combustion engine power models." Ballard Power Systems is the world leader in the development of proton exchange membrane fuel cell power systems. At the heart of its products is the Ballard Fuel Cell, a proprietary zero-emission engine that converts natural gas, methanol, or hydrogen fuel into electricity without combustion. Ballard Fuel Cells are currently being used by leading international companies including Daimler-Benz, General Motors, Hitachi, Honda and Howaldtswerke- Deutsche Werft to develop zero-emission vehicles and clean stationary electric power plants. 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 "BLDPF".