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Ballard Announces Pricing of Public Offering of US$340,725,000

24 February 2000

Ballard Power Systems Inc. Announces Pricing of Public Offering of US$340,725,000 - Cdn $499,196,198 - of Common Stock

    VANCOUVER, British Columbia--Feb. 23, 2000-- Ballard Power Systems Inc. announced today that it has set the price for the previously announced public offering of 3,245,000 shares of its common stock at US$105 (Cdn $153.84) per share. Closing of the offering is scheduled for March 2, 2000.
    The net proceeds from the offering will be approximately US$324,540,562 (Cdn $475,484,377). Ballard intends to use the net proceeds of the offering for commercialization programs with strategic partners, research and product development for transportation, stationary and portable power applications (including Ballard's new portable power and low power stationary programs), the development of manufacturing processes (including establishing Plant 1, Ballard's initial commercial manufacturing facility) and general corporate purposes. A portion of the net proceeds may also be used to pursue acquisition opportunities (including intellectual property) that have strategic value.
    Morgan Stanley Dean Witter is acting as the managing underwriter for the offering. Co-managers include BMO Nesbitt Burns Inc.; Credit Suisse First Boston; Goldman, Sachs & Co.; Merrill Lynch & Co.; and Goepel McDermid Inc. Ballard has also granted the underwriters an option exercisable up until March 23, 2000 to purchase up to an additional 486,750 shares of its common stock at a price of US$105 (Cdn $153.84) per share, solely to cover over-allotments, if any.
    Ballard is recognized as the world leader in proton exchange membrane fuel cell technology. Ballard's principal business is the development and commercialization of proton exchange membrane fuel cells and fuel cell systems for use in automotive, stationary power and portable applications.
    Note: The offering of the common stock may be made only by means of a prospectus. Copies of the prospectus are available from the offices of Morgan Stanley Dean Witter, 1585 Broadway, New York, New York 10036 and from the offices of Morgan Stanley Canada Limited, 181 Bay Street, Toronto, Ontario M5J 2T3. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
    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.