Ballard and Ford Sign $34.5-Million Agreement for Fuel Cells and Related Support
VANCOUVER, BRITISH COLUMBIA--Ballard Power Systems announced today
that it has signed a three-year agreement worth $34.5-million
(US$22.0-million) with alliance partner Ford Motor Company of
Dearborn, Michigan. Under the terms of the agreement, Ballard will
supply Ford with Mark 900 Series fuel cell power modules and
related engineering and support services.
"This is the largest order for BALLARD(R) fuel cells to date and
represents Ford's commitment to deliver fuel cell vehicles," said
Firoz Rasul, Ballard Chairman and Chief Executive Officer. "Ford
is not only our strategic partner but also a customer that is
assisting Ballard in preparing for the commercial launch of fuel
cell vehicles."
"We intend to launch our first commercial fuel cell vehicle in
2004 and this agreement with Ballard will enable us to achieve
that goal," said John Wallace, executive director of TH!NK brand
for Ford Motor Company. "Ballard is part of our team and we are
confident in its ability to provide us with fuel cells that will
meet our customers' expectations."
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(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 commercialize BALLARD(R) fuel cells.
Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen,
Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works,
among others. |
