VANCOUVER, March 24, 2013 /CNW/ - Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced that Azure Hydrogen Energy
Science and Technology Corporation (Azure), Ballard's partner in China,
has acquired a 10% ownership position in Dantherm Power, Ballard's
telecom backup power subsidiary, for $2 million. Mr. Grand Mao,
Chairman of Azure, will become a member of the Dantherm Power Board of
Directors and will support the business in achieving commercial success
in China.
Following the transaction, Ballard's ownership position in Dantherm
Power is 52% and Dantherm A/S holds the remaining 38% ownership
position. Dantherm Power is headquartered in Hobro, Denmark and acts as
a development center for Ballard ElectraGen™ direct hydrogen systems used for backup power in the telecommunications
sector.
Tony Guglielmin, Ballard CFO said, "Ballard and Azure are working
together on trials of our ElectraGen™ backup power systems with China Mobile, so we are pleased by this
direct investment in our backup power subsidiary. This active
participation of our China partner in Dantherm Power is expected to
strengthen our positioning for the Chinese telecom backup power market
opportunity."
Azure also recently placed an order with Ballard for a 175 kilowatt
ClearGen™ distributed generation system that it plans to deploy in China.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) 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.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning product
development 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 market demand.
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
legislation.
SOURCE: Ballard Power Systems Inc.
