Ballard Signs Exclusive Joint Development Agreement with MicroCoating Technologies
VANCOUVER, B.C.--(BUSINESS WIRE)--May 2, 2001--Ballard Power Systems Inc. (NASDAQ:BLDP - news; TSE:BLD. - news) and MicroCoating Technologies, Inc. (MCT) announced today that they have signed an exclusive agreement to develop MCT's proprietary Combustion Chemical Vapour Deposition process (CCVD) for use in the manufacture of BALLARD® fuel cells.
Ballard will also acquire shares of convertible preferred stock, representing approximately three per cent of the equity of MCT on a fully diluted basis, at a price of $10.5 million (US$7.0 million).
Under the joint development agreement, Ballard has acquired the exclusive rights, for a defined period, to licence MCT's proprietary CCVD technology for use in catalyst application for BALLARD® fuel cells. Ballard will also fund a portion of MCT's related development costs.
``MCT's proprietary CCVD technology has the potential to decrease our catalyst loading and assist in reducing costs and improving performance, while providing manufacturing flexibility,'' said Kip Smith, Ballard's President and Chief Operating Officer. ``This collaboration with MCT supports our long-term strategy to reduce costs and simplify manufacturing processes for BALLARD® fuel cell products.''
Mr. Smith will join the MCT board as part of Ballard's strategic investment in MCT.
Andrew Hunt, MCT's founder and CEO, said, ``Our relationship with Ballard began over three years ago, and we are excited about the potential incorporation of CCVD technology in PEM fuel cells. We are optimistic that our complementary technologies and management teams will result in successful fuel cell introductions.''
MCT's proprietary CCVD technology is an innovative open-atmosphere, flame-based technique for depositing high-quality thin films of advanced materials. This revolutionary process operates without the expensive vacuums required by other thin film deposition processes.
MicroCoating Technologies, headquartered in Atlanta, GA, focuses on next-generation products for Broadband, Advanced Energy and Electronics through enhanced performance, new functionality and scalability of its CCVD technology. The CCVD technology, invented by founder Andrew Hunt, is an open atmosphere, environmentally friendly thin film process for forming and depositing a variety of materials. Based on the strength of the patented CCVD technology and over 100 additional patents issued and pending, MCT has formed strategic relationships with multiple corporate partners. For more information on MicroCoating Technologies, visit www.microcoating.com.
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® 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, GPU, ALSTOM and EBARA, to commercialize BALLARD® fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works, among others. |
