Manhattan Scientifics Licenses Patents to Ballard

May 12, 2003 by Jeff Shepard

Manhattan Scientifics Inc. (Los Alamos, NM) announced that the company has issued a non-exclusive, patent license of its NovArs mid-range fuel cell technology to Ballard Power Systems Inc. (Vancouver, BC, Canada). Manhattan Scientifics received an initial payment of $300,000 concurrent with the execution of the license agreement, which provides unlimited use rights to Ballard for the proprietary technology and systems developed by Manhattan Scientifics. The company is scheduled to receive an additional payment of $200,000 upon commercial launch by Ballard of a product using the technology.

Manhattan Scientifics CEO Marvin Maslow said, "This is a landmark agreement for Manhattan Scientifics. It is a further validation of the NovArs fuel cell technology. Although the financial rewards of the transaction are not enormous, this agreement will significantly raise awareness of the potential value of our technology to other companies who may also wish to follow suit and use our patents and know-how."

The technology was developed over the past three years by Arthur Koschany of NovArs GmbH (Germany), the development partner of Manhattan Scientifics. The NovArs fuel cell is a hydrogen/air, proton-exchange membrane system that has been demonstrated in a variety of applications requiring power outputs ranging from 2W to 3,000W.