Fuel Cell Acquisition

December 19, 2002 [SolarAccess.com] Ballard Power Systems has completed the acquisition of the interest of ALSTOM Canada Inc. in Ballard’s stationary power subsidiary, Ballard Generation Systems Inc., through the issuance of 2.5 million Ballard common shares. ALSTOM Canada Inc. is subject to a minimum four-year hold period for 1.9 million of these shares, and to a standard four-month statutory hold period for the remaining shares. Ballard’s relationship with the ALSTOM Group will continue through a member of the ALSTOM Group being granted a non-exclusive worldwide (except for Japan) distribution right for Ballard’s stationary fuel cell systems in place of ALSTOM’s prior exclusive rights to manufacture and distribute Ballard’s stationary fuel cell systems in Europe only.
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