This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ballard Signs MOU With Tata Motors To Power Clean Fuel Cell Bus Demonstrations In India

  • 12 fuel cell stacks to power buses in multiple cities

VANCOUVER, Jan. 27, 2012 /PRNewswire/ - Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) has announced signing of a non-binding Memorandum of Understanding (MOU) with Tata Motors ( India) for 12 FC velocity TM-1100 fuel cell stacks. These stacks are expected to power zero-emission buses planned for demonstration in various Indian cities. Delivery to Tata Motors is planned for 2012 and 2013, in-line with that Company's plans.

Tata Motors, one of the world's largest bus OEM's, displayed the first fuel cell bus built in India at "Auto Expo 2012" held in New Delhi January 6-11, 2012. The bus is powered with a Ballard FC velocity TM-1100 fuel cell stack, previously delivered to Tata Motors in 2011.

Mr. P.M. Telang, Managing Director (India Operations) at Tata Motors said, "We strive to be leaders in the use of technology, while maintaining very high standards of product quality. Working with technology companies such as Ballard only strengthens our ability to design and market the wheels of a greener world here in India."

Tata Motors is part of the Tata Group, a pioneer in India's automotive industry, and has previous bus system integration experience working with Ballard fuel cell products. Tata Motors' plan to supply fuel cell buses for testing and demonstration in revenue service is supported by the Government of India's Department of Scientific and Industrial Research under the Technology Development & Demonstration Programme.

John Sheridan, Ballard's President and CEO said, "We are very pleased to have signed this MOU with India's premier bus manufacturer for Tata's upcoming zero-emission bus testing program. This is additional validation of the mature state of our products and of the growing global market for clean energy transit buses."

Ballard FC velocity TM -1100 fuel cell stacks are based on a design that is ideal for use in heavy duty vehicles. FC velocity TM -1100 fuel cell stack technology is at the heart of the Company's FC velocity TM -HD6 fuel cell module, a "plug and play" power solution used by bus OEM's around the world.

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 are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning market adoption for our products.  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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs