Ballard gets contract to supply fuel cells to Daimler

Ballard Power Systems has announced that it has received a $24 million contract from Daimler to supply its FCvelocity fuel cell systems. At the beginning of 2008, Ballard sold off its automotive fuel cell assets to Daimler and Ford but retained its commercial business for heavy duty and stationary applications. The FCvelocity systems are designed for applications like trucks and buses.

Daimler recently unveiled its latest-generation Citaro FuelCell hybrid bus, which uses the fuel cell in a series hybrid configuration. The first thirty of these buses are due to go in service in 2010. Ballard will start deliveries in April 2010.

[Source: Ballard]

PRESS RELEASE:

Ballard Announces Supply Agreement with Daimler AG

VANCOUVER, Dec 22, 2009 /PRNewswire-FirstCall via COMTEX/ -- Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced a supply agreement with Daimler AG for FCvelocity(TM) fuel cell products for Daimler AG's fuel cell car and bus programs. The agreement provides for minimum revenue of approximately $24 million over eighteen months from April 2010, with roughly equal distribution in 2010 and 2011.

John Sheridan, Ballard's President & CEO said, "We are very pleased to be working with Daimler AG, a clear global leader in fuel cell car and bus programs."

He continued, "Automotive is one of the most demanding power applications in terms of efficiency, reliability and safety. As such, this major fuel cell order for the automotive market provides further testimony of Ballard's leading fuel cell product capabilities for commercial clean power applications in backup power, distributed generation and material handling."