VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 18, 2002--
Ballard Power Systems (NASDAQ:BLDP) (TSX:BLD) announced today that it
has completed the acquisition of the interest of ALSTOM Canada Inc. in
Ballard's stationary power subsidiary, Ballard Generation Systems Inc.
("BGS"), through the issuance of 2.5 million Ballard common shares.
ALSTOM Canada Inc. is subject to a minimum four-year hold period for
1.9 million of these shares, and to a standard four-month statutory
hold period for the remaining shares.
Ballard's relationship with the ALSTOM Group will continue through
a member of the ALSTOM Group being granted a non-exclusive worldwide
(except for Japan) distribution right for Ballard's stationary fuel
cell systems in place of ALSTOM's prior exclusive rights to
manufacture and distribute Ballard's stationary fuel cell systems in
Europe only. Additionally, the jointly owned company ALSTOM BALLARD
GmbH (ALSTOM BALLARD), based in Europe, will continue to oversee the
existing European 250 kW stationary field trial program. ALSTOM
BALLARD is owned 51% by ALSTOM GmbH and 49% by Ballard.
BGS was formed in 1996 to commercialize PEM fuel cell stationary
power generators that use Ballard(R) fuel cells. After completion of
this transaction and the pending purchase by Ballard of the interest
of FirstEnergy Corp. (formerly GPUI) in BGS, Ballard will own 100% of
BGS.
Ballard Power Systems is recognized as the world leader in
developing, manufacturing and marketing zero-emission proton exchange
membrane fuel cells. Ballard is commercializing fuel cell engines for
transportation applications and fuel cell systems for portable and
stationary products. Ballard is also commercializing electric drives
for fuel cell and other electric vehicles, power conversion products,
natural gas and hydrogen generator sets and is a Tier 1 automotive
supplier of friction materials for power train components. Ballard's
proprietary technology is enabling automobile, bus, electrical
equipment, portable power and stationary product manufacturers to
develop environmentally clean products for sale. Ballard is partnering
with strong, world-leading companies, including DaimlerChrysler, Ford,
EBARA, ALSTOM and FirstEnergy, to commercialize Ballard(R) fuel cells.
Ballard has supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha,
Cinergy and Coleman Powermate, among others. |
