Ballard Power (BLPD) Announces Supply Agreement with Daimler AG (DAI)
Ballard Power Systems (NASDAQ: BLDP)announced a supply agreement with Daimler AG (NYSE: DAI) for FCvelocity fuel cell products for Daimler AG's fuel cell car and bus programs. The agreement provides for minimum revenue of approximately $24 million over eighteen months from April 2010, with roughly equal distribution in 2010 and 2011.
John Sheridan, Ballard's President & CEO said, "We are very pleased to be working with Daimler AG, a clear global leader in fuel cell car and bus programs."
He continued, "Automotive is one of the most demanding power applications in terms of efficiency, reliability and safety. 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."
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