Ballard Acquires: From Ford XCELLSIS Fuel Cell Engines; DC Ecostar Electric Drive Systems

    VANCOUVER, B.C.--Nov. 27, 2001--Ballard Power Systems , announced today its shareholders have approved the acquisition of the interests of DaimlerChrysler and Ford in XCELLSIS and Ecostar Electric Drive Systems, to become the world leading supplier of complete vehicular fuel cell engines and to offer an expanded range of products from components to power generators.
    Over 99 percent of shares voted were in favour of the acquisition and related matters.
    "The overwhelming vote in favour of the acquisition reflects the recognition by Ballard shareholders of the value in this transaction," said Firoz Rasul, Chairman and Chief Executive Officer. "This transaction strengthens Ballard as a global company engaged in a wide range of markets with an expanded product range, an unrivalled intellectual property portfolio and the committed partners to build a world-class commercial business."
    The transaction is expected to close by the first week in December, 2001.

    Ballard Power Systems is recognised as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane ("PEM") 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 commercialise 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 Material Products, a subsidiary of Ballard Power Systems, is a Tier 1 automotive supplier of friction materials for power train components to General Motors and Borg Warner, as well as a supplier of gas diffusion layer materials for the fuel cell industry.

    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, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc.