Fuel Cell Research Agreement

May 23, 2002 [SolarAccess.com] Ballard Power Systems and the Precision Machinery Group of EBARA Corporation and EBARA Research Co. Ltd. have entered into an exclusive agreement to develop pilot scale manufacturing processes and equipment for Ballard’s BAM(R) Grafted Proton Exchange Membrane (PEM). The agreement consists of an initial 18-month development period jointly funded by both parties. During this period, EBARA will construct and demonstrate its pilot-scale manufacturing capabilities for BAM(R) Grafted PEM. Ballard will validate the performance specifications of the membrane manufactured by EBARA through demonstration in Ballard(R) fuel cell systems.
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