Ballard Announces Distribution Agreement for Telecom Backup Power in India
November 16 2009 - 2:05AM
PR Newswire (US)
VANCOUVER, Nov. 16 /PRNewswire-FirstCall/ -- Ballard Power Systems
(TSX: BLD; NASDAQ: BLDP) today announced that its partners IdaTech,
LLC ("IdaTech") and ACME Group ("ACME") have terminated the
existing supply agreement between the three parties and replaced it
with a new, more flexible distribution agreement between IdaTech
and ACME for fuel cell solutions for wireless telecom backup power
in India. Under the terms of this new agreement, Acme can
distribute a range of IdaTech fuel cell products, focused on the
natural gas system currently under development at IdaTech. The
IdaTech natural gas fuel cell product development, incorporating
Ballard's FCgen(TM) 1300 stack, continues with good progress, as
reported by IdaTech today. Pricing and volume in the agreement are
flexible and based on local market conditions. Shipment of the
ElectraGen(TM) hydrogen systems, incorporating Ballard's FCgen(TM)
1020 fuel cell stacks, under the original Supply Agreement is
unaffected by this change. Atul Sabharwal, Chief Operating Officer,
ACME Group said, "ACME is pleased to have a new distribution
agreement with IdaTech that will enable the deployment of fuel cell
solutions in wireless telecom backup power in India. We feel as
strongly as ever that a substantial market opportunity exists for
fuel cells in India." Hal Koyama, IdaTech's Chief Executive Officer
said, "We are looking forward to supplying ACME with our
ElectraGen(TM) natural gas and hydrogen systems, both of which
incorporate Ballard's fuel cell stacks. There are tremendous
opportunities for both of these products in telecommunications
backup power in India and beyond." John Sheridan, Ballard's
President and Chief Executive Officer said, "We continue to see
clear evidence of the large market opportunity in India and are
pleased to be moving forward with this ACME-IdaTech-Ballard
partnership." Background ---------- As previously disclosed, the
original agreement was subject to meeting product acceptance
testing (PAT) timelines. On July 2, 2009, Ballard announced that,
together with its partner IdaTech, it had passed a PAT milestone
and confirmed the order of 310 ElectraGen(TM) H2 hydrogen-based
systems, incorporating 620 Ballard FCgen(TM)-1020 ACS fuel cell
stacks, for ACME customers in the Indian market. These direct
hydrogen units are not impacted by the new distribution agreement
for natural gas systems. On September 23, 2009, IdaTech announced
it would likely miss the PAT for the natural gas system, scheduled
for October 16, 2009. About Ballard Power Systems Ballard Power
Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in
the design, development, manufacture and sale of clean energy fuel
cell products. Ballard's mission is to accelerate fuel cell product
adoption. To learn more about what Ballard is doing with Power to
Change the World(R), visit http://www.ballard.com/. This release
contains forward-looking statements that are provided to enable
external stakeholders to understand our expectations as at the date
of this release and may not be appropriate for other purposes.
These forward-looking statements are based on the beliefs and
assumptions of Ballard's management and reflect Ballard's current
expectations as contemplated under section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Such assumptions relate to Ballard's
financial forecasts and expectations regarding its product
development efforts, manufacturing capacity, and market demand, and
include matters such as generating new sales, producing, delivering
and selling the expected number of units, and controlling its
costs. These statements involve risks and uncertainties that may
cause Ballard's actual results to be materially different,
including, without limitation, the rate of mass adoption of its
products, product development delays, changing environmental
regulations, its ability to attract and retain business partners
and customers, its access to funding, increased competition, its
ability to protect its intellectual property, changes in its
customers' requirements, foreign exchange impacts on its net
monetary assets and its ability to provide the capital required for
product development, operations and marketing. For a detailed
discussion of these risk factors and other risk factors that could
affect Ballard's future performance, please refer to Ballard's most
recent Annual Information Form. Readers should not place undue
reliance on Ballard's forward-looking statements and Ballard
assumes no obligation to update or release any revisions to these
forward looking statements, other than as required under applicable
legislation. DATASOURCE: Ballard Power Systems Inc. CONTACT: or to
arrange an interview with a Ballard spokesperson, please contact
Lori Rozali at telephone number (604) 453-3683 or on e-mail
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