Ballard and Matsushita Electric Works Sign Fuel Cell Supply Agreement for Portable Power Generators

Business Wire, Oct 24, 2000

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 24, 2000

Ballard Power (NASDAQ:BLDP)(TSE:BLD.)

Ballard Power Systems Inc. announced today that it has entered into an agreement with Matsushita Electric Works of Japan to supply Ballard(R) fuel cells.

Matsushita Electric Works will initially use the Ballard fuel cells for on-going field testing and demonstration of their 250-watt portable compact power generators for the Japanese market.

"Our relationship with Matsushita began in 1996 as an evaluation program and has evolved into a supply agreement today through our commitment to develop Ballard fuel cells that enable our customers to develop new products," said Firoz Rasul, Chairman and Chief Executive Officer. "This is further evidence of our commitment to build customer relationships in multiple markets for the commercialization of Ballard fuel cells."

The Matsushita Electric Works group of companies operates in a wide range of fields, including lighting fixtures, information equipment and wiring, home appliances, building products, electronic and plastic materials, and automation controls.

Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane (PEM) fuel cells for use in transportation, electricity generation and portable power products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the Ballard(R) 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 Ballard fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy and Coleman Powermate, among others.

Ballard's Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.