Ballard Receives Federal Government Funding to Advance Fuel Cell Power Module Technology
January 21 2010 - 8:26PM
PR Newswire (US)
- Design improvements will be implemented on test transit buses to
be operated in Metro Vancouver VANCOUVER, Jan. 21
/PRNewswire-FirstCall/ -- Ballard Power Systems (TSX: BLD; NASDAQ:
BLDP) announced that it has been awarded up to $4.8 million by
Sustainable Development Technology Canada (SDTC) for a project to
further develop fuel cell power module technology for the transit
bus market. Design improvements will be implemented on test buses
to be operated in Metro Vancouver, beginning in the fourth quarter
of 2010. "The Government of Canada is committed to supporting
alternate sources of energy, including hydrogen," said the
Honourable Stockwell Day, President of the Treasury Board and
Minister for the Asia-Pacific Gateway. "By supporting innovative
hydrogen and fuel cell research projects, such as Ballard's power
module, we are putting more zero-emissions vehicles on the road
while creating high quality jobs and improving the health of
Canadians." "Heavy duty diesel vehicles account for almost half of
Canada's road transportation greenhouse gas emissions," said Vicky
Sharpe, President and CEO of SDTC. "The technology developed by
Ballard will increase the cost-effectiveness and performance of
fuel cell hybrid buses, making them more accessible to public
transit authorities and helping Canada to reduce its greenhouse gas
emissions." Michael Goldstein, Ballard's Chief Commercial Officer
added "This level of support from the Canadian federal government
and SDTC will have a measurable impact on the evolution of clean
energy fuel cell products for commercial mass transit applications
here in Canada and in locations around the globe." In the
development project funded by SDTC, Ballard and it's system
integration partner, ISE Corporation, will design, assemble and
test key sub-components for Ballard's FCvelocity(TM)-HD6 power
module and the hybrid electric drive system. Refinement of this
critical new technology will facilitate the commercial introduction
of fuel cell hybrid buses by reducing cost, improving durability
and robustness of select sub-systems, and improving overall bus
performance. Ballard's power module is a 'plug-and-play' fuel
cell-based product that enables system integrators to build clean
energy buses more easily and at lower cost. The fuel cell hybrid
platform eliminates all emissions from bus tailpipes, while meeting
the demands of range and duty cycle for virtually any bus route.
About Ballard Power Systems Ballard Power Systems (TSX: BLD;
NASDAQ: BLDP) provides clean energy fuel cell products enabling
optimized power systems for a range of applications. To learn more
about Ballard, please visit http://www.ballard.com/ About SDTC
Sustainable Development Technology Canada (SDTC) is an arm's-length
foundation created by the Government of Canada which has received
$1.05 billion as part of the Government's commitment to create a
healthy environment and a high quality of life for all Canadians.
SDTC operates two funds aimed at the development and demonstration
of innovative technological solutions. The $550 million SD Tech
Fund(TM) supports projects that address climate change, air
quality, clean water, and clean soil. The $500 million NextGen
Biofuels Fund(TM) supports the establishment of first-of-kind large
demonstration-scale facilities for the production of
next-generation renewable fuels. SDTC operates as a not-for-profit
corporation and has been working with the public and private sector
including industry, academia, non-governmental organizations
(NGOs), the financial community and all levels of government to
achieve this mandate. http://www.sdtc.ca/ This release contains
forward-looking statements regarding the adoption of Ballard's
products, which are provided to enable external stakeholders to
understand Ballard's 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 expectations
regarding product development efforts and market demand. These
statements involve risks and uncertainties that may cause Ballard's
actual results to be materially different, including, without
limitation, the condition of the global economy, 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. CONTACT: Ballard Investor Relations: Lori
Rozali, (604) 412-3195, ; Ballard Public Relations: Guy McAree,
(604) 412-7919, ; SDTC: Patrice Breton - Director, Communications,
(613) 234-6313 ext. 295, DATASOURCE: Ballard Power Systems Inc.
CONTACT: Ballard Investor Relations: Lori Rozali, (604) 412-3195, ;
Ballard Public Relations: Guy McAree, (604) 412-7919, ; SDTC:
Patrice Breton - Director, Communications, (613) 234-6313 ext. 295,
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