VANCOUVER, Feb. 15, 2013 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) announced today that it has been awarded
approximately C$2.0 million in funding from Sustainable Development
Technology Canada (SDTC) for a one-year extension to a project that is
furthering commercialization of the Company's fuel cell power module
for use in the transit bus market.
In January 2010, SDTC awarded Ballard up to C$4.8 million for a
development project under which Ballard has now completed the design,
testing and implementation of new sub-systems for its FCvelocity™-HD6 power module. The project has improved durability and reliability
of the power module as well as reducing its cost.
Many of these design improvements were successfully implemented into the
BC Transit fuel cell hybrid bus fleet in Whistler, British Columbia,
leading to improved overall performance. As a testament to its
operation, Whistler's 20-bus fleet has surpassed the 1.7 million mile
(2.8 million kilometre) threshold for revenue service to that
community, since entering service in early-2010.
"Our Government is doing its part to encourage innovation and the next
wave of clean technologies to help protect our environment and create
high-quality jobs," said the Honourable Joe Oliver, Canada's Minister
of Natural Resources. "Investment in projects such as these
demonstrates our leadership in driving a vibrant clean technology
industry in Canada."
Dr. Vicky Sharpe, President and CEO of SDTC said, "These improvements in
cost-effectiveness and performance of fuel cell hybrid buses will make
them more accessible to public transit authorities in Canada. Since
heavy duty diesel vehicles account for almost half of greenhouse gas
emissions emanating from Canada's roads, cleaner buses can be a
significant help in improving air quality."
During the project extension, to run through October 2013, Ballard will
focus on standardization of certain product components and optimization
of the power module's balance-of-plant and control systems in order to
further reduce cost as well as improve manufacturability of the FCvelocity™-HD6.
Tony Guglielmin, Ballard CFO said, "We appreciate the continued support
of the Canadian Federal Government and SDTC which is certainly helping
accelerate product cost reductions. In turn, this enables more
competitive positioning relative to incumbent diesel buses, which will
further the adoption of clean energy fuel cell products for mass
transit in Canada, the U.S., Europe and other locations around the
About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy
fuel cell products enabling optimized power systems for a range of
applications. Products deliver incomparable performance, durability and
versatility. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements regarding planned
development efforts and resulting benefits, including product cost
reductions, which are provided to enable external stakeholders to
understand Ballard's expectations as at the date of this release and
may not be appropriate for other purposes. These forward-looking
statements are based on the beliefs and assumptions of Ballard's
management and reflect Ballard's current expectations as contemplated
under section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
assumptions relate to Ballard's financial forecasts and expectations
regarding its product development efforts, manufacturing capacity, and
market demand, and include matters such as generating new sales,
producing, delivering and selling the expected number of units, and
controlling its costs.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including, without
limitation, the condition of the global economy, the rate of mass
adoption of its products, product development delays, changing
environmental regulations, its ability to attract and retain business
partners and customers, its access to funding, increased competition,
its ability to protect its intellectual property, changes in its
customers' requirements, foreign exchange impacts on its net monetary
assets and its ability to provide the capital required for product
development, operations and marketing. For a detailed discussion of
these risk factors and other risk factors that could affect Ballard's
future performance, please refer to Ballard's most recent Annual
Readers should not place undue reliance on Ballard's forward-looking
statements and Ballard assumes no obligation to update or release any
revisions to these forward looking statements, other than as required
under applicable legislation.
SOURCE: Ballard Power Systems Inc.
For further information:
Guy McAree, +1.604.412.7919, firstname.lastname@example.org or email@example.com