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Ballard Power Systems and Johnson Matthey Sign Agreement

28 October 1998

Ballard Power Systems and Johnson Matthey Sign Collaboration and Supply Agreement

    VANCOUVER, British Columbia--Oct. 27, 1998-- Ballard (TSE:BLD.) Ballard Power Systems announced today that it has signed a multi year agreement with Johnson Matthey for the joint development and supply of catalysts and catalyst containing products for Ballard Fuel Cells. The agreement follows a highly successful collaboration begun in 1992 for the development of the platinum catalysts and catalysed electrodes used in Ballard Fuel Cells.
    "Ballard and Johnson Matthey have established a strong collaboration over the past six years," commented Firoz Rasul, Ballard's President and Chief Executive Officer. "This new agreement provides the framework to further develop our relationship and meet the challenges of the next decade. We expect Johnson Matthey to be Ballard's major supplier of catalysts and catalysed products."
    "Ballard's outstanding progress in the development of PEM fuel cell technology has attracted great admiration worldwide. It is now acknowledged as the most promising new power source for the next century. Johnson Matthey is proud to have contributed to this progress and we look forward to working closely with Ballard as the technology is commercialized," said Neil Carson, President of Johnson Matthey's Catalytic Systems Division.
    Johnson Matthey is a world leader in advanced materials technology, applying the latest technical skills to add real value to precious metals and other specialized materials. Among its principal activities are the manufacture of catalysts and pollution control systems and pharmaceutical compounds, and the refining, fabrication and marketing of precious metals and specialty chemicals.
    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, gasoline, or hydrogen fuel into electricity without combustion. Ballard Fuel Cells are currently being used by leading international companies including Daimler-Benz, Ford, General Motors, Chrysler, Nissan, Hitachi, Honda, Mazda, Volkswagen, Volvo, Matsushita Electric Works, GPU International, ALSTOM, EBARA, and Cinergy to develop zero-emission engines for vehicles and clean stationary 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".