BEIJING, May 28, 2013 /CNW/ - Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced the signing of a non-binding
Memorandum of Understanding (MOU) with its partner Azure Hydrogen
Corporation of Beijing, China (Azure), extending the scope of their
collaboration to include fuel cell buses.
The MOU with Azure envisions Ballard providing a manufacturing license
agreement, engineering services, fuel cell stacks and components. As
the MOU is non-binding, it is not a certainty that a definitive
contract will be completed, however, the parties will move into the
contract phase in the next several months. In the interim, under terms
of the MOU, Azure has made a committed $1 million up-front payment to
Azure plans to develop fuel cell bus capabilities in China with
Ballard's technical support and funding from Chinese sources, including
both private investors as well as various levels of Government. If
Azure is successful with its plans, the collaboration under this MOU
would lead to the deployment of zero emission fuel cell buses in China.
John Sheridan, Ballard President and CEO, signed the MOU with Azure
while in Beijing as a guest of the Chinese Government at the "China
Beijing International Fair for Trade in Services" (www.ciftis.org/en/).
Participating in the signing ceremony at the International Trade Fair,
along with Mr. Grand Mao, Chairman of Azure and Mr. Sheridan, were Mr.
Zhang Younggui, General Secretary of the Investment Association of
China and Mr. Guy Saint-Jacques, Canada's Ambassador to China.
While at the International Trade Fair in Beijing, Mr. Sheridan also
participated in a Dialogue Session between Governors, Ministers and
CEO's, as well as attending private meetings.
Mr. Sheridan said, "This has been a unique opportunity to meet with
senior Chinese Government officials and to witness their renewed
commitment for clean energy solutions to China's pressing environmental
Mr. Grand Mao, Chairman of Azure added, "The market in China for clean
technology solutions, such as fuel cells, is very large. We are keen to
expand our relationship with Ballard, a world-leading fuel cell
company, into motive power applications."
As proven by demonstration fleets in numerous countries, fuel cell buses
can effectively provide zero emission public transit. With the severe
air quality problems in major Chinese cities, and China's vast economic
capabilities, the country is a natural market opportunity for the
deployment of clean energy fuel cell technology. Ballard fuel cell
products are currently powering zero emission fuel cell buses in public
transit service in more than 10 countries, including Canada, the U.S.,
Brazil, India, China and a number of European countries.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) 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 concerning product
development and commercialization activities and projected outcomes.
These forward-looking statements 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. Any such forward-looking statements are based on Ballard's
assumptions relating to its financial forecasts and expectations
regarding its product development efforts, manufacturing capacity, and
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including general
economic and regulatory changes, detrimental reliance on third parties,
successfully achieving our business plans and achieving and sustaining
profitability. For a detailed discussion of these and other risk
factors that could affect Ballard's future performance, please refer to
Ballard's most recent Annual Information Form. 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
Image with caption: "Mr. Grand Mao, Azure Chairman (left) and Mr. John Sheridan, Ballard President & CEO (CNW Group/Ballard Power Systems Inc.)". Image available at: http://photos.newswire.ca/images/download/20130528_C2972_PHOTO_EN_27212.jpg
SOURCE: Ballard Power Systems Inc.
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