Ballard Secures $3.6 Million Contract From General Motors for Fuel Cells.VANCOUVER, Canada--(BUSINESS WIRE)--March 17, 1998--BALLARD POWER(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BLD.) (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) 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. announced today that it had secured a $3.6 million contract (US$2.5 million) from General Motors Corporation, to supply Ballard Fuel Cells and related equipment and support services. General Motors will use the Ballard Fuel Cells in their research and development program for development of fuel cell powered electric vehicles. "Ballard values its ongoing relationship with General Motors," said Firoz Rasul, President and Chief Executive Officer of Ballard. "GM's continuation of their development of fuel cell powered vehicles reflects their dedication to providing environmentally friendly automobiles." Ballard Power Systems is the world leader in the development of 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. fuel cell power systems. At the heart of its products is the Ballard Fuel Cell, a proprietary zero-emission engine that converts natural gas, methanol, gasoline, or hydrogen fuel into electricity without combustion. Ballard Fuel Cells are currently being used by leading international companies including Daimler-Benz, Ford, General Motors, Chrysler, 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. , GPU International, GEC ALSTHOM, and Cinergy to develop zero-emission vehicles, clean stationary electric power plants and portable power systems. 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". CONTACT: Ballard Power Systems Inc. Paul Lancaster, 604/ 454-0900 604/412-4700 (FAX) http://www.ballard.com or Ballard Power Systems Inc. Debby Roman, 604/ 412-4740 604/412-3131 (FAX) debrom@ballard.com |
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