Ballard Power Systems to Acquire Fuel Cell Generator Assets From Coleman Powermate.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 19, 2003 Ballard to Develop Strategy to Advance the Introduction of Fuel Cell Generator Ballard Power Systems Ballard Power Systems (TSX: BLD, NASDAQ: BLDP), located in Burnaby, British Columbia -- a suburb of Vancouver -- is a company that designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BLDP BLDP Ballard Power Systems (stock symbol) )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BLD BLD Build BLD Blood BLD Blade BLD Blonde BLD Breakfast Lunch Dinner BLD Bukas-Loob Sa Diyos (Filipino: Open In Spirit To God) BLD BASIC Bload Graphics (File Name Extension) BLD Below Limit of Detection ) and Coleman Powermate, Inc., have entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. whereby Ballard will purchase Coleman Powermate's AirGen(TM) fuel cell generator assets. Ballard will acquire all related inventory, tools and molds, software and intellectual property, including the AirGen(TM) brand, and will develop its own sales, marketing and distribution strategy for the fuel cell generator. The Memorandum of Understanding is subject to completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . The AirGen(TM), powered by Ballard's Nexa(TM) power module, was launched in December 2002 for industrial use as a portable power source or emergency backup power An additional power source that can be used in the event of power failure. See UPS and backup.  A Half Minute of Backup This roomful of lead acid batteries stands ready to drain itself entirely in less than a minute. system. With the recent consolidation of the First Alert(R) and Coleman Powermate units of American Household, Inc., the new management team has decided to focus its efforts on its traditional business lines. "The AirGen(TM) fuel cell generator is an innovative and groundbreaking product," said Gwen Wisler, President and Chief Executive Officer of First Alert/Powermate, Inc. "Nevertheless, after a review of our product portfolio, it's clear that this product requires a different approach than our current go-to-market strategy. We are pleased that Ballard is taking the initiative to help take this product to the next level. We will work closely with Ballard to ensure a smooth transition." The AirGen(TM) fuel cell generator was first commercialized for industrial customers using hydrogen fuel supplied through high-pressure cylinders. Ballard is currently reviewing alternative approaches for the manufacture, distribution, sale and marketing of fuel cell generators, powered by Ballard's Nexa(TM) power module, for home and commercial use. A key to expanding the consumer market will be the successful development of a hydrogen fuel supply using metal hydride hydride Any of a class of compounds in which hydrogen is combined with another element. There are three basic types of hydrides: saline, metallic, and covalent. Saline hydrides, such as sodium hydride (NaH) and calcium hydride (CaH2 canisters. Dennis Campbell, Ballard's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. said, "We are pleased with the opportunity to take a more proactive role in the development and introduction of this exciting new product. Ballard will take the leadership in accelerating the availability and adoption of a commercial hydrogen storage
Hydrogen storage is the main technological problem of a viable hydrogen economy. Some attention has been given to the role of hydrogen to provide grid energy storage for unpredictable energy sources, like solution by working directly with fuel canister suppliers, gas suppliers, the Department of Transportation and other regulatory bodies. We are developing our marketing plans, including branding and distribution strategies that will focus on working with various channels and channel partners to bring a consumer fuel cell product to market." Ballard continues to actively market its Nexa(TM) power module, which has an existing base of 48 customers, spanning 12 countries. This release contains forward-looking statements that are based on the beliefs 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 and Exchange Act of 1934, as amended. When used in this release, the words "estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may", "should", "will", the negative of these words or such other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of Ballard with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements. Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane A proton exchange membrane (PEM) is a semipermeable membrane generally made from ionomers and designed to conduct protons while being impermeable to gases such as oxygen or hydrogen. (PEM (Privacy Enhanced Mail) A standard for secure e-mail on the Internet. It supports encryption, digital signatures and digital certificates as well as both private and public key methods. Not widely used, work on PEM later evolved into S/MIME. See MIME. ) 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. Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems, Inc. Nexa is a trademark of Ballard Power Systems, Inc. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion