Ballard Signs Supply Agreement With Plug Power for Materials Handling
Market
By: Marketwire .
May. 7, 2007 12:10 PM
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VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 05/07/07 -- Ballard
Power Systems (TSX: BLD)(NASDAQ: BLDP) today signed an initial two-
year agreement with Plug Power Inc. (NASDAQ: PLUG) to supply fuel cell
stacks for materials handling applications. This supply agreement
follows Plug Power's announcement, earlier today, of its acquisition
of General Hydrogen Corporation, and replaces Ballard's previous
supply agreement with General Hydrogen. Plug Power also purchased
Cellex Power Products, Inc. earlier this year. Both General Hydrogen
and Cellex Power are Ballard customers in the materials handling
market. Under this new agreement, Ballard will supply Plug Power with
fuel cell stacks for all of Plug Power's commercial sales in the
materials handling market (including the requirements of Cellex Power
and General Hydrogen) through April 2009.
"The strength that Ballard's fuel cell technology has demonstrated in
both Cellex Power and General Hydrogen products were contributing
factors in our decision to enter the materials handling market," said
Dr. Roger Saillant, President and Chief Executive Officer, Plug Power.
"The existing system designs of both acquired companies, built around
the Ballard stack, provide an excellent springboard toward a full
portfolio of lift truck power modules for maximum opportunity in the
materials handling space."
"Plug Power's entry into the materials handling market validates the
value potential of this near term market for fuel cell technology,"
said Noordin Nanji, Ballard's Chief Customer Officer. "Plug Power has
significant experience developing low cost fuel cell systems, and has
strong manufacturing capability and capacity. We look forward to a
productive relationship as we produce reliable, low-cost fuel cell
systems that will enable end users to dramatically reduce costs and
increase the productivity of their operations."
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