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Ballard Power Systems Issues 2000 Third Quarter Report

VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 31, 2000--Ballard Power (NASDAQ:BLDP)(TSE:BLD.)

Ballard Power Systems (TSE:BLD.)(NASDAQ:BLDP) today issued its report to shareholders, including financial results for the third quarter and nine months ended September 31, 2000. All amounts reported are in Canadian dollars.

"The steps we have taken in the past nine months are directed at enhancing our strength and position of leadership in the fuel cell industry as we prepare for commercialization," said Kip Smith, Ballard`s President and Chief Operating Officer. "In the third quarter we continued to expand our field trial programs while building on customer relationships, cost reduction and manufacturing."

Early in the quarter, Ballard and XCELLSIS GmbH (XCELLSIS), a company jointly owned by DaimlerChrysler, Ford and Ballard, delivered a pre-commercial fuel cell powered bus to the SunLine Transit Agency of Palm Springs, California. The bus, which uses the XCELLSIS fourth generation bus engine, is being road tested by SunLine under the auspices of the California Fuel Cell Partnership. The Partnership was formed in 1999 by automobile manufacturers, energy providers, California government agencies and Ballard to help advance the development and commercialization of fuel cell powered vehicles. Additional bus engines will be tested with customers as part of the Partnership`s activities, yielding valuable data on fuel cell engine operation, refuelling, and servicing.

Interest in Ballard(R) fuel cells for transportation applications remained strong in the quarter, with three automotive companies, including Honda, placing orders for Ballard Mark 900 Series Fuel Cell Power Modules and support services. Ballard`s Mark 900 also won recognition from the automotive community late in the quarter when Ballard was presented an award for the "Most Promising Technology" at the Automotive World Automotive Awards 2000 in Paris, France.

In September, Honda introduced its FCX-V3, a fuel cell vehicle powered by Ballard fuel cells. Honda announced that this vehicle is Honda`s third fuel cell prototype and will be part of the California Fuel Cell Partnership program commencing in November 2000.

Another significant event during the quarter in Ballard`s transportation business was the California Air Resources Board`s decision in September to reaffirm its zero emission vehicle (ZEV) policy. The ZEV mandate, which the board unanimously voted to retain without change, requires that beginning in 2003 at least 10 per cent of new cars and light trucks delivered for sale in California must be ZEVs or near-ZEVs. This is significant for Ballard`s transportation fuel cell program, as vehicles powered by Ballard fuel cells will receive ZEV or partial ZEV credit, depending on fuel, enabling auto manufacturers to comply with the Board`s ZEV mandate.

In Ballard`s stationary business, Ballard Generation Systems (BGS) delivered its third 250-kilowatt stationary fuel cell power generator in association with ALSTOM BALLARD, a company jointly owned by ALSTOM SA and Ballard. This power generator is being field tested by Elektra Birseck Muenchenstein, one of the largest power suppliers in Switzerland, at its corporate headquarters in Basel.

At the end of the quarter, Ballard`s first 250-kilowatt field trial unit completed its first year in operation with Cinergy Technology Inc. of Cincinnati, Ohio yielding valuable operational and maintenance data. Field testing and service and support experience, together with the market insight of Ballard`s testing partners, forms the foundation for the development of future Ballard stationary power products. The first stationary power product is expected to be introduced in the 2002 - 2003 timeframe and will be targeted at high-value applications such as standby power where quality of power and assurance of supply is valued. This is planned to be followed by a one-kilowatt residential cogeneration product for the Japanese market that BGS and EBARA BALLARD, a company jointly owned by BGS and Japan`s EBARA Corporation, are developing using natural gas fuel-processing technology from Tokyo Gas. Subsequent products will target the commercial, institutional and small industrial distributed power markets.

During the quarter, EBARA reaffirmed its commitment to Ballard`s stationary fuel cell power generator business with the exercise of an option to increase its ownership in BGS to 10 per cent, on a fully diluted basis, by the investment of $28.2 million.

Late in the quarter, Ballard announced an exclusive agreement with QuestAir Technologies Inc. to develop and commercialize QuestAir`s proprietary hydrogen purification and oxygen enrichment technology for use with Ballard fuel cells. The development of QuestAir`s technology for use with Ballard fuel cells is expected to contribute to Ballard`s cost reduction efforts in its next generation of fuel cell products. Under the agreement Ballard acquired 10 per cent of QuestAir shares. This agreement reflects Ballard`s strategy of securing relationships that have strategic value in the development of its products.

Throughout the quarter Ballard continued to test and qualify volume-manufacturing equipment, and to install additional equipment, in Plant 1, the Company`s initial commercial manufacturing facility. In mid-October, the Right Honourable Jean Chretien, Prime Minister of Canada, officially opened the Plant 1 building. The manufacturing facility is planned for commissioning by the end of 2000.

Ballard is adding further strength and depth to its senior management team with the appointment of four new senior executives in November. John Harris, previously Vice-President, Marketing with Panasonic Personal Computer Company, joins Ballard as Vice-President, Marketing; Mike Murry, previously Vice-President, Marketing with American Natural Soda Ash Corporation, joins BGS as Chief Operating Officer; Fred Vasconcelos, previously Vice-President, Operations at Seagate Technology, joins Ballard as Vice-President, Product Development; and Dave Smith, previously Vice-President, Corporate Relations with Placer Dome, joins Ballard as Vice-President, Controller.

Ballard`s revenues for the third quarter of 2000 were $13.6 million compared to $7.3 million in the same period in 1999. Revenues for the first nine months of 2000 were $21.9 million compared to $18.2 million in 1999. Ballard reports on two segments, Fuel Cells and Fuel Cell Systems. For the nine-month period ended September 30, 2000, Fuel Cells revenue of $15.2 million was higher than for the same period last year of $11.9 million. Fuel Cell Systems revenue increased to $6.8 million from $6.3 million over the same period in 1999.

Investment income was $32.6 million in the first nine months of 2000 compared to $12.5 million for the same period in 1999 as a result of higher average cash balances from the equity offering completed in March, higher interest rates available for our investments and foreign exchange gains from a stronger US dollar.

Cost of revenues increased to $27.1 million from $15.3 million for the same period in 1999, primarily due to higher costs associated with BGS`s field trial programs and from transportation sales.

Expanded research and product development activities related to fuel cells, stationary fuel cell power generators, portable fuel cell products and manufacturing processes, resulted in a 39 per cent increase in research and product development expenses to $59.8 million from $43 million in 1999. General and Administrative expenses were $9.3 million compared to $6.7 million in 1999 as a result of growth to match the Company`s expanded operations and relationships and investment in developing business systems to support Ballard`s commercial evolution. Equity in loss of associated companies of $18.5 million is a non-cash item relating to Ballard`s allocated share of the net losses of XCELLSIS, Ecostar Electric Drive Systems, ALSTOM BALLARD and EBARA BALLARD, all associated companies formed as a result of Ballard`s Vehicular Alliance with Ford and DaimlerChrysler or the Stationary Alliance with ALSTOM, EBARA and GPU International. Amortization of fuel cell technology of $2.7 million relates to assets acquired from DaimlerChrysler as a result of our 1997 alliance.

Ballard`s cash position, including short-term investments, was $812.4 million at the end of the first nine months of 2000, compared to $386.1 million at the same date in 1999. The increase in cash was a result of the equity financing completed in March 2000 and cash received from the issuance of shares of BGS. This was offset by cash used in operations, capital expenditures for Plant 1, and investment in associated companies representing an additional equity investment of $18.9 million. This equity investment in XCELLSIS represents Ballard`s proportionate share of a financing of XCELLSIS by its shareholders. As a result of Ballard`s increased sales, accounts receivable increased to $24.6 million from $16.6 million in 1999 and warranty allowance increased to $20.3 million from $14.5 million in 1999. To meet deliveries to customers, construction of stationary power generators for field trials, and to support the ramp up in production of fuel cells as commissioning of Plant 1 nears completion, inventories increased to $24.9 million from $13.0 million in 1999.

As at September 30, 2000 Ballard had 88,689,978 Common shares outstanding and options for 5,039,200 shares outstanding. Ballard`s loss for the third quarter of 2000 was $0.06 per share compared to a loss in the same period of 1999 of $0.26 per share. The loss for the first nine months of 2000 was $0.45 per share compared with a loss of $0.58 per share for the same period in 1999. The loss in 2000 includes a gain on issue of shares by BGS to ALSTOM, GPU and EBARA, offset by a corresponding license fee paid by ALSTOM. Excluding the effect of these gains and the license fee, results in a loss per share for the first nine months in 2000 of $0.65. Ballard will continue to invest in research and development to complete product and manufacturing process development in accordance with Ballard`s commercialization plan as it nears the launch of its first commercial product in 2001.

A conference call is scheduled for Tuesday, October 31, 2000 at 9:00 am Eastern (6:00 am Pacific) to review Ballard`s third quarter results. Access to the call may be obtained by calling the operator at [phone] prior to the scheduled start time. A playback version of the conference call will be available for 24 hours after the call at [phone]. The confirmation number to access the playback version is 16558037. The conference call playback will also be available on Ballard`s Web site at www.ballard.com.

This release contains forward-looking statements reflecting Ballard`s current expectations as contemplated under the Safe Harbour provisions of the US Private Securities Litigation Reform Law of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, product development delays, changing environmental regulations, the ability to attract and retain business partners, future levels of government funding, competition from other fuel cell manufacturers, competition from other advanced power technologies, competition from existing power technologies, evolving markets for generating electricity and power for transportation vehicles, and the ability to provide the capital required for product development, operations and marketing. These factors should be considered carefully and readers should not place undue reliance on Ballard`s forward-looking statements. Investors are encouraged to review the section titled "Operating Results, Capital Requirements and Risks" (pages 35 to 40) in the Management`s Discussion and Analysis section of Ballard`s 1999 Annual Report for a more complete discussion of factors that could affect Ballard`s future performance.

Consolidated Balance Sheets
Unaudited

Expressed in thousands of Canadian dollars

September 30 2000 1999
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Assets

Current assets
Cash and cash equivalents $321,570 $187,953
Short-term investments 490,794 198,124
Accounts receivable 24,632 16,563
Inventories 24,931 13,002
Prepaid expenses 1,477 1,420
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863,404 417,062
Capital assets 79,510 55,772
Fuel cell technology acquired 44,373 47,342
Investments in associated companies 112,346 118,064
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$1,099,633 $638,240
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Liabilities

Current liabilities
Accounts payable and accrued liabilities $26,863 $17,706
Current portion of capital lease obligation 117 91
Deferred revenue 7,591 7,923
Allowance for warranty 20,298 14,496
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54,869 40,216
Capital lease obligation 221 362
Minority interest 21,538 13,725
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76,628 54,303
Shareholders` equity

Share capital 1,164,598 660,653
Accumulated deficit (141,593) (76,716)
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1,023,005 583,937
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$1,099,633 $638,240
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Consolidated Statements of Operations and Accumulated Deficit Unaudited Expressed in thousands of Canadian dollars, except per share amounts
Three months Nine months
ended ended
September 30 September 30
2000 1999 2000 1999
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Revenues $13,642 $7,252 $21,918 $18,202
Investment income 13,170 4,730 32,606 12,547
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26,812 11,982 54,524 30,749

Cost of revenues and expenses
Cost of revenues 17,981 7,641 27,060 15,296
Research and product
development 22,128 20,401 59,767 42,999
General and
administrative 3,149 2,821 9,322 6,675
Marketing 637 697 1,879 2,231
Capital taxes 112 102 524 265
Amortization of fuel
cell technology 916 916 2,749 2,749
Equity in loss of
associated companies 6,035 5,238 18,527 14,318
Minority interest (4,927) (2,205) (9,820) (4,581)
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46,031 35,611 110,008 79,952
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Loss before undernoted (19,219) (23,629) (55,484) (49,203)

Gain on issuance of
shares by subsidiary
and associated
company 17,185 4,334 24,260 4,334

License received on
issuance of shares of
subsidiary (3,183) (2,571) (6,321) (2,571)
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Loss before income taxes (5,217) (21,866) (37,545) (47,440)
Income taxes 491 315 1,523 941
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Net loss for period (5,708) (22,181) (39,068) (48,381)

Accumulated deficit,
beginning of period (135,885) (54,535) (102,525) (28,335)
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Accumulated deficit,
end of period ($141,593) ($76,716) ($141,593) ($76,716)
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Net loss per share ($0.06) ($0.26) ($0.45) ($0.58)
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Weighted average number
of common shares
outstanding 88,592,467 83,872,459 87,459,391 83,861,684
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Consolidated Statements of Cash Flows
Unaudited

Expressed in thousands of Canadian dollars

Nine months ended September 30 2000 1999
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Cash provided by (used for):

Operating activities:
Net loss for period ($39,068) ($48,381)
Items not affecting cash:
Amortization 9,758 7,649
Minority interest (9,820) (4,581)
Gain on issuance of shares by
subsidiary and associated company (24,260) (4,334)
Equity in loss of associated companies 18,527 14,318
License received on issuance of
shares of subsidiary 6,321 2,571
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(38,542) (32,758)
Changes in non-cash working capital:
Accounts receivable 2,236 (2,841)
Inventories (16,282) (6,386)
Prepaid expenses (261) (584)
Accounts payable and accrued liabilities 4,942 (4,494)
Deferred revenue 319 (1,129)
Allowance for warranty 2,575 798
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(6,471) (14,636)
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(45,013) (47,394)
Investing activities:
Net changes in short-term investments (218,705) (105,218)
Additions to capital assets (22,074) (15,274)
Investments in associated companies (18,900) -
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(259,679) (120,492)
Financing activities:
Net proceeds on issuance of share capital 502,082 4,626
Proceeds on issuance of shares by
subsidiary and associated company 37,805 2,896
Capital lease obligation (87) (80)
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539,800 7,442
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Increase (decrease) in cash and
cash equivalents 235,108 (160,444)
Cash and cash equivalents,
beginning of period 86,462 348,397
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Cash and cash equivalents, end of period $321,570 $187,953
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Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane (PEM) fuel cells for use in transportation, electricity generation and portable power products. Ballard`s proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the Ballard(R) fuel cell that combines hydrogen (which can be obtained from methanol, natural gas or petroleum) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, GPU International, ALSTOM and EBARA, to commercialize Ballard fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works, among others.

Ballard`s Common shares are listed on The Toronto Stock Exchange under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.

CONTACT: Ballard Power Systems Inc.
Michael Rosenberg, 604/412-3195
Fax: [phone]
E-mail: [e-mail]
Website: www.ballard.com
or
Ballard Power Systems Inc.
Debby Harris, 604/412

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Ballard Power Systems and Millennium Cell Agree to Collaborate on Hydrogen Generators for Portable Power

VANCOUVER, Canada & EATONTOWN, N.J.--(BUSINESS WIRE)--Oct. 30, 2000--Ballard Power Systems Inc. (NASDAQ:BLDP) and Millennium Cell Inc. (NASDAQ:MCEL) announced today that they have entered into a joint development agreement to further develop Millennium Cell`s proprietary hydrogen generation system for use with Ballard`s portable power fuel cell products. Under the terms of the agreement, Ballard has received the right to purchase up to 400,000 common shares of Millennium Cell stock at a predetermined price.

Upon successful completion of the joint development and product prototype agreement, Ballard will have the right to licence Millennium Cell`s technology for use in its portable products on an exclusive basis for a defined period of time. Ballard paid US $2.4 million as an advance for prospective royalties payable under the licence.

"This agreement helps establish Millennium Cell`s role as a provider of key enabling technology in the fuel cell industry," said Stephen Tang, Millennium Cell President and Chief Executive Officer. "Our goal is to commercialize a hydrogen-generating system that provides significant advantages over current hydrogen generation and storage methods. We recognize the value of working with an experienced leader of Ballard`s calibre. This relationship will play a significant role in reaching an emerging mass market for portable power with a market leader."

"The successful development and commercialization of Millennium Cell`s hydrogen generation system will complement Ballard`s portable fuel cell products," said Kip Smith, Ballard President and Chief Operating Officer. "Fuel flexibility will enhance the commercial introduction of Ballard(R) fuel cells and we are excited about this promising technology."

Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane (PEM) fuel cells for use in transportation, electricity generation and portable power products. Ballard`s proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale.

Millennium Cell has invented, patented and developed a proprietary process called Hydrogen On Demand(TM) that safely generates pure hydrogen or electricity from environmentally friendly raw materials. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a catalyst releases hydrogen or produces electricity in PEM Fuel Cells. The primary input components of the reaction are water and sodium borohydride, a derivative of borax, which is found in substantial natural reserves globally.

This press release may include statements which are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Millennium Cell`s current views about future events and financial performance. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Millennium Cell`s expectations, and Millennium Cell expressly does not undertake any duty to update forward-looking statements. Ivestors should be aware of these risk factors. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Millennium Cell`s fuel systems, (ii) competitive factors, such as price competition and new product introductions, (iii) the cost and availability of products, (iv) the cost of complying with current governmental regulations, and (v) other factors detailed from time to time in Millennium Cell`s filings with the Securities and Exchange Commission.