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Technology Stocks : Ballard Power -world leader zero-emission PEM fuel cells -- Ignore unavailable to you. Want to Upgrade?

To: BMWIN who wrote (2602)	5/20/1998 10:25:00 AM
From: Ron Everest	Respond to of 5827

Bob: Same news but in greater detail.... EBARA JV in Japan Ballard Power Systems Inc BLD Shares issued 23,083,665 May 19 close $164.30 Wed 20 May 98 News Release Mr. Firoz Rasul reports Ballard Power Systems' subsidiary, Ballard Generation Systems, has signed a detailed memorandum of understanding with EBARA Corporation, headquartered in Tokyo, Japan, to create a joint venture company with exclusive rights to market, and later to manufacture, Ballard's PEM fuel cell stationary power plants for the Japanese market. In the proposed transaction, which is subject to the completion of formal documentation and regulatory approvals, EBARA will invest $15-million (U.S.) in cash ($21.5-million (Canadian)) for a 5.2 per cent interest in Ballard Generation Systems and two 250 kW Ballard Fuel Cell power plants for field testing in Japan. In addition, Ballard Generation Systems and EBARA will jointly invest $16-million (U.S.) ($22.9-million (Canadian)) to form a new company in Japan to sell, distribute, and later manufacture PEM fuel cell power plants. The initial investment in this Japanese company consists of $8.16-million (U.S.) ($11.67-million (Canadian)) from EBARA for a 51 per cent interest, and $7.84-million (U.S.) ($11.21-million (Canadian)) from Ballard Generation Systems for a 49 per cent interest. "Adding EBARA as a partner in Ballard Generation Systems brings a third strategic partner to assist in bringing Ballard Fuel Cell stationary power plant products to world markets," said Firoz Rasul, president and CEO of Ballard Power Systems. "Our partnership with EBARA, a recognized global leader in zero emission energy technology, provides us with important understanding of the Japanese market, as well as the integration of our products with refrigeration and waste treatment technology. EBARA will play a significant role in developing markets for Ballard Fuel Cell stationary power plant products," added Scott Weiner, president of Ballard Generation Systems. "EBARA focused on PEM fuel cells as an indispensable technology for building clean energy systems," stated Hiroyuki Fujimura, chairman of EBARA Corporation. "After forming the joint venture with Ballard Generation Systems, EBARA will be involved in the development of cogeneration systems using EBARA's absorption chillers and water treatment and waste treatment technology. The company aims to build zero-emission energy systems based on Ballard Fuel Cell power plants that use methane gas from water treatment and waste treatment facilities as the fuel." Ballard Generation Systems was formed as a venture between Ballard Power Systems and GPU International of New Jersey in December 1996. In December 1997, Ballard Generation Systems signed a detailed memorandum of understanding with GEC ALSTHOM NV of France to bring manufacturing and marketing expertise into the company. EBARA is globally recognized as a major developer, manufacturer and distributor of fluid machinery and systems, precision machinery and environmental engineering systems and as a leader in zero emission energy technology. WARNING: The company relies on litigation protection for "forward-looking" statements.

To: BMWIN who wrote (2602)	5/20/1998 10:32:00 AM
From: David E. Smith	Read Replies (2) \| Respond to of 5827

More detail, same news, newswire source: Dow Jones Newswires -- May 20, 1998 Ballard Power Says Japan's Ebara To Invest $15M In Unit VANCOUVER (Dow Jones)--Ballard Power Systems Inc. (BLDPF) said its Ballard Generation Systems subsidiary has signed a detailed memorandum of understanding with EBARA Corp. (J.EBA) of Japan to create a joint-venture company with exclusive rights to market and manufacture Ballard's PEM fuel-cell stationary power plants for the Japanese market. In a press release, Ballard said the agreement with EBARA is subject to the completion of formal documentation and regulatory approvals. It said EBARA will invest US$15 million for a 5.2% interest in Ballard Generation Systems and two 250 kW Ballard Fuel Cell power plants for field testing in Japan. As well, it said Ballard Generation and EBARA will jointly invest US$16 million to form a new company in Japan to sell, distribute, and later make PEM fuel-cell power plants. It said the initial investment in this venture consists of US$8.16 million from EBARA for a 51% interest, and US$7.84 million from Ballard Generation for a 49% interest. Ballard Power said this partnership with EBARA 'will play a significant role in developing markets for Ballard Fuel Cell stationary power plant products." Ballard Generation Systems was formed as a venture between Ballard Power and GPU International Inc. (GPU) of New Jersey in December 1996. In December 1997, Ballard Generation Systems signed a detailed memorandum of understanding with GEC ALSTHOM NV (N.GEC) of France to bring manufacturing and marketing expertise into the Company. Ballard Power is developing proton exchange membrane fuel cell power systems.