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PLUG POWER AND BALLARD EXTEND SUPPLY AGREEMENT THROUGH 2010
Agreement strengthens partnership between industry-leading fuel cell companies
LATHAM, NY and VANCOUVER, BC – July 2, 2008 – Plug Power Inc. (NASDAQ:
PLUG), a leader in providing clean, reliable energy solutions, and Ballard Power Systems
(TSX: BLD) (NASDAQ: BLDP), a world leader in clean energy fuel cell products,
announced today that the two companies have extended their existing supply agreement
through December 31, 2010. The previous agreement was set to expire May 1, 2009.
Under terms of the new agreement, Ballard will remain the exclusive supplier of fuel cell
stacks for Plug Power’s GenDrive™ product line of fuel cell power units.
Ballard’s Mark9 SSLTM fuel cell products supply power to GenDrive hydrogen fuel cell
units, which replace lead-acid batteries in lift trucks used in large warehouse, distribution
and manufacturing facilities. Plug Power integrates the fuel cell product with the balance
of plant to produce a reliable motive power system that offers customers compelling
benefits over the incumbent technology, including: continuous power for increased
productivity; reduced operational costs; the elimination of a battery charging room
opening up valuable commercial floor space; and the elimination of the storage and
handling of toxic materials.
“Clearly the best in the industry for this application, Ballard’s Mark9 SSLTM is at the heart
of our GenDrive system. It features fast dynamic response as well as excellent reliability,
power density and compatibility,” said Andy Marsh, president and CEO of Plug Power.
“Beyond the technology fit, this agreement signifies the strong relationship we have with
Ballard. We are two companies that understand the big picture and are jointly driving
market adoption of hydrogen fuel cells.”
By developing strong relationships with numerous end users, including some of the
largest North American retailers and manufacturers, Plug Power has become the clear
leader in delivering fuel cell solutions to the materials handling market. To date, Plug
Power has commissioned numerous fleets of GenDrive fuel cell units in end-user
facilities. In addition, Ballard is focused on driving adoption of fuel cell products in key
application areas, including the materials handling market, through cost reductions and
other initiatives. Ballard reduced the cost of its Mark9 SSLTM product 23% in 2007 and is
on-track for a further 40% reduction through 2010. This will be achieved primarily by
means of continuous manufacturing processes, reduced platinum loadings and volume
component pricing from upstream suppliers.
“We’re excited to extend our original agreement, which leverages Plug Power’s
application expertise, system integration, market knowledge and customer relationships,”
said John Sheridan, president and CEO of Ballard. “Plug Power is leading the charge by
putting product in the field and successfully demonstrating the benefits of fuel cell
technology with key customers throughout North America.”
About Plug Power Inc.
Plug Power Inc. (NASDAQ: PLUG), an established leader in the development and deployment of
clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and
backup power products. The Company is actively engaged with private and public customers in
targeted markets throughout the world. For more information about how to join Plug Power’s
energy revolution as an investor, customer, supplier or strategic partner, please visit
www.plugpower.com .
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), visit www.ballard.com .
For more information contact:
Media Contact:
Katrina Fritz Intwala
Plug Power Inc.
Phone: (518) 782-7700, ext. 1360
Investor Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700, ext. 1448
Ballard Power Systems Inc.
Media and Investor Contact:
Guy McAree
(604) 412-7919
Email: guy.mcaree@ballard.com
Website: www.ballard.com
Safe Harbor Statement: This communication contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including but not limited to statements regarding our growth plans. We
believe that it is important to communicate our future expectations to our investors. However, there may be
events in the future that we are not able to accurately predict or control and that may cause our actual
results to differ materially from the expectations we describe in our forward-looking statements, including,
without limitation, the risk that the restructuring results in greater restructuring charges or less cost savings;
the risk that the FCC does not adopt rules regarding backup power requirements; the risk that unit orders
will not ship, be installed and/or convert to revenue, in whole or in part; Plug Power’s ability to develop
commercially viable energy products; the cost and timing of developing Plug Power’s energy products;
market acceptance of Plug Power’s energy products; Plug Power’s ability to manufacture energy products
on a large-scale commercial basis; competitive factors, such as price competition and competition from
other traditional and alternative energy companies; the cost and availability of components and parts for
Plug Power’s energy products; Plug Power’s ability to establish relationships with third parties with respect
to product development, manufacturing, distribution and servicing and the supply of key product
components; Plug Power’s ability to protect its Intellectual Property; Plug Power’s ability to lower the cost of
its energy products and demonstrate their reliability; the cost of complying with current and future
governmental regulations; the impact of deregulation and restructuring of the electric utility industry on
demand for Plug Power’s energy products; and other risks and uncertainties discussed under “Item IA—
Risk Factors” in Plug Power’s annual report on Form 10-K for the fiscal year ended December 31, 2007,
filed with the Securities and Exchange Commission (“SEC”) on March 17, 2008, and the reports Plug Power
files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the
information contained in this communication.
InvestorIdeas.com Disclaimer: Issuers of press releases are solely responsible for the accuracy of the content.
Source: Nordic Windpower
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