Ballard Receives $3.5 Million Order from Nissan for Fuel Cells.VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 20, 1999-- 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 :BLDPF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :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 .) announced today that it has secured a $3.5 million contract (US$2.3 million) from Nissan Motor Co. Ltd., Japan, to supply Ballard Fuel Cells, related equipment and support services. Nissan will use the Ballard Fuel Cells in their research and development program for evaluation and development of fuel cell powered electric vehicles. "Nissan has been a customer of Ballard since 1991, and we are pleased to strengthen our relationship with this additional order for Ballard Fuel Cells," said Firoz Rasul, president and chief executive officer of Ballard. "Nissan is a leader in alternative propulsion technology and we are delighted to be supplying them with Ballard Fuel Cells for their strong fuel cell vehicle development program." "Nissan sees this ongoing relationship with Ballard as further proof of our continuous efforts to achieve a harmonious coexistence of people, automobiles and nature -- a philosophy the company calls Symbosis," said Dr. Milio Ura, general manager, Research Planning and Promoting Department, Nissan Research Center. "Using Ballard Fuel Cells in our program will advance us along the path to the next generation of clean, efficient propulsion systems." Ballard Power Systems is 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) fuel cells for use in transportation, electricity generation and portable products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop and sell environmentally clean products. The critical component of these end-user products is the Ballard Fuel Cell that combines hydrogen (which can be obtained from methanol, natural gas or petroleum) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies including DaimlerChrysler, Ford, GPU International, ALSTOM and EBARA to commercialize the Ballard Fuel Cell. Additional customers using the Ballard Fuel Cell include General Motors, Nissan, Honda, Volkswagen, Volvo, Matsushita Electric Works Matshushita Electric Works (MEW), Ltd. can trace its beginnings to a company that was founded in 1918 by Konosuke Matsushita. Matshushita began making the flashlight components for bicyles, then progressed to making lighting fixtures. and Cinergy. Ballard's Common shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDPF." |
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