VANCOUVER, March 14, 2014 /CNW/ - Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced that Anglo American Platinum
Limited has converted its $4 million non-interest bearing promissory
note into common shares, as per the terms of an agreement announced on
March 3, 2013. This strategic investment, made through Anglo American
Platinum's PGM Development Fund, supports continued development and
commercial advancement of Ballard's fuel cell production.
Andrew Hinkly, Anglo American Platinum Executive Head of Marketing said,
"With demand for platinum-based fuel cells forecast to grow
significantly, we see value in a strategic relationship with Ballard
through this equity investment. We continue to partner with Ballard on
product development and commercialization initiatives for new fuel cell
applications, the key focus being the development of a fuel cell home
generator, intended to address the need for cost-effective power
generation in rural South African communities."
As part of this development initiative, a prototype methanol-fuelled
mini-grid system will be deployed in Q2 2014 in a 12-month field trial
designed to validate the technical and operating requirements of a home
generator product for off-grid applications in South Africa.
Development work on a new lower cost methanol fuel reformer and longer
life fuel cell stack for a commercial version of the home generator
will continue in parallel with the field trial. This work will also be
leveraged in Ballard's commercial telecom backup power systems.
John Sheridan, President and CEO of Ballard Power Systems said, "We are
pleased Anglo American Platinum, an influential global corporation, has
taken this step to reaffirm its partnership with Ballard."
The South African government last year announced its support for this
project and for the home generator field trials, reinforcing its
commitment to the country's fuel cell industry. South Africa holds 75%
of the world's supply of platinum, a key component of Ballard's proton
exchange membrane fuel cell products. Platinum-based fuel cells provide
a significant economic and environmental development opportunity for
South Africa by facilitating the provision of clean, reliable and
cost-effective power while also enabling job creation.
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 activities, market adoption for our products, the impact on
those markets and business development opportunities. 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
Guy McAree +1.604.412.7919, firstname.lastname@example.org or email@example.com
SOURCE Ballard Power Systems Inc.