Ballard Announces Purchase of EBARA Interest

December 12, 2001 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC) announced that it has completed the acquisition of the interest of EBARA Corp. (Japan) in Ballard's stationary power subsidiary, Ballard Generation Systems Inc., through the issuance of 1,233,566 of Ballard's common shares in a transaction valued at US$35.8 million. EBARA is subject to a minimum four-year hold period for the shares.

"This completes an important step in the streamlining of our stationary alliance," said Mike Murry, vice-president of Ballard's power generation division. "We are focused on optimizing the structure of our power generation division to enable us to leverage product development investments across markets and enhance the development of commercial fuel cell generators."