Ballard Power Systems participated in the"6th Stakeholders General Assembly" of the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), held this week in Brussels.
BRUSSELS, BELGIUM – Ballard Power Systems (www.ballard.com) participated in the "6th Stakeholders General Assembly" of the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), held this week in Brussels. The event brought together a broad range of European and international stakeholders, including leading speakers from the fuel cell and hydrogen community, to mark the 10th anniversary of a European fuel cells and hydrogen strategy and to set out a vision for the next decade.
John Sheridan, Ballard's President and CEO, joined a panel of speakers to discuss progress in the deployment of fuel cell and hydrogen energy technologies in Europe and around the world. Panelists discussed important international initiatives, businesses cases and product development highlights in support of realizing the full commercial potential of the fuel cell sector.
Ballard is active in the European market and maintains a product development and production centre in Denmark through Dantherm Power, our backup power company (www.dantherm-power.com). To date the Company has deployed approximately 350 ElectraGen™ backup power systems with telecom network operators in Europe. Moreover, Ballard anticipates powering 40 of the 50 zero-emission fuel cell buses to be operating on European roads by 2014.
The FCH JU is a public-private partnership supporting research, technological development and demonstration activities in fuel cell and hydrogen energy technologies, providing subsidies for eligible projects through a cost share mechanism. The organization's aim is to accelerate the market introduction of these technologies, realizing their potential as a commercial instrument that contributes to a carbon-lean energy system. The European Commission and industry have each committed to contribute EUR 470 million of funding into fuel cell and hydrogen research through the 2008-17 period and the next program – "Horizon 2020" – will extend this initiative to 2020 with an incremental budget of EUR 700 million.
First organized in 2008, the Stakeholders' General Assembly is an annual event designed to inform stakeholders and interested parties about FCH JU activities and to acquire feedback regarding program plans.
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.
This Market Update contains forward-looking statements concerning product deployments. 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.