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Ballard signs automotive fuel cell supply agreement with Daimler

Vancouver-based fuel cell developer Ballard Power Systems has announced a supply agreement with Daimler AG in Germany, to deliver Ballard FCvelocity™ fuel cell products for the fuel cell car and bus programs at Daimler.

The agreement provides for minimum revenue of approximately US$24 million over 18 months from April 2010, with roughly equal distribution in 2010 and 2011.

‘Automotive is one of the most demanding power applications in terms of efficiency, reliability, and safety,’ comments John Sheridan, President/CEO of Ballard Power Systems.

Sheridan continues: ‘As such, this major fuel cell order for the automotive market provides further testimony of Ballard’s leading fuel cell product capabilities for commercial clean power applications in backup power, distributed generation and material handling.’

The announcement comes hot on the heels of the news that Ballard Power Systems has closed an agreement to monetize its 19.9% equity interest in Automotive Fuel Cell Cooperation Corporation (AFCC).

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