Ballard Power & Plug Power Extend Exclusive Lock-Up (BLDP, PLUG)

Plug Power Inc. (NASDAQ: PLUG) and Ballard Power Systems (NASDAQ: BLDP) have extended their existing supply agreement through December 31, 2010, which was currently set to expire on May 1, 2009. Under the new agreement, Ballard will remain the exclusive supplier of fuel cell stacks for Plug Power’s GenDrive(tm) product line of fuel cell power units.

Ballard’s Mark9 SSL(tm) fuel cell products supply power to GenDrive hydrogen fuel cell units, which replace lead-acid batteries in lift trucks used in large warehouse, distribution and manufacturing facilities.  Plug Power integrates the fuel cell product with the balance of plant to produce a reliable motive power system that offers customers compelling benefits over the incumbent technology for the following:

• continuous power for increased productivity;
• reduced operational costs;
• elimination of a battery charging room;
• and the elimination of the storage and handling of toxic materials.

Ballard has a market cap of nearly $400 million and is expected to have revenues of about $70 million in 2008, while Plug Power has a market cap of about $212 million and is expected to have revenues of about $20 million in 2008.

Jon C. Ogg
July 2, 2008