VANCOUVER, May 24 /CNW/ - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP)
announced intentions to discontinue operations of EBARA Ballard Corporation.
EBARA Ballard Corporation is a joint venture with EBARA Corporation and is
focused on the development, manufacture, sale, and servicing of stationary
power systems for the residential cogeneration market in Japan.
"As we've said in the past, we see residential cogeneration on a longer
timeline to commercialization," said John Sheridan, President and CEO, "This,
combined with an increasing investment requirement for continued system
development work, has impacted the business case for this program. We believe
that this decision is in the best interest of both joint venture parties,
along with our shareholders."
Given the low growth projected for this market in 2009, Ballard does not
anticipate a material impact from this decision on its current year financial
Although Ballard is dissolving the joint venture company for systems
development for the Japanese residential cogeneration market, the company
believes that opportunities continue to exist in Japan, as well as other
international markets, for sales of residential cogeneration fuel cell stack
products. Ballard will continue to sell the company's FCgen(TM)-1030v3 fuel
cell product for applications such as residential cogeneration, including
supply of this product to Baxi Innotech GmbH for the German Callux Project.
Ballard and EBARA Corporation will work together over the next 90 days to
finalize details of the dissolution of the joint venture. EBARA Corporation
will continue to service the EBARA Ballard Corporation fuel cell systems that
are already in the field.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world
leader in the design, development, manufacture and sale of clean energy fuel
cell products. Ballard's mission is to accelerate fuel cell product adoption.
To learn more about what Ballard is doing with Power to Change the World(R),
Ballard, the Ballard logo and Power to Change the World are registered
trademarks of Ballard Power Systems Inc.
For further information:
For further information: or to arrange an interview with a Ballard
spokesperson, please contact Amy Harada Bradley at telephone number (604)
412-7913 or on e-mail email@example.com