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Medis Announces Contracts for High Volume Manufacturing Line

Medis Technologies Ltd. (NASDAQ:MDTL) announced it has signed contracts for the production and management of an automated assembly line capable of manufacturing up to 1.5 million units per month of its fuel cell Power Pack products. The contract for building the assembly line was awarded to Ismeca Europe Automation SA. Ismeca is based in La Chaux-de-Fonds, Switzerland, and is recognized as one of the world’s leading producers of automated assembly lines. The contract to operate and manage the line after it is delivered is with Celestica, a world leader in electronics manufacturing services (EMS) and experienced operator of high speed, high volume automated manufacturing lines. The contract with Ismeca provides for Ismeca to design, build, qualify and deliver an automated line capable of producing 45 assembled Power Packs each minute of operation, which after accounting for maintenance and down time would be up to 1.5 million Power Packs a month. After qualifying the line in its own plant in Switzerland, Ismeca is to present it for delivery and shipment to Celestica’s facility in December, 2006 where it is planned that Celestica, Ismeca and the team from Medis’ subsidiary, More Energy, will again test and qualify the line for production. Medis […]

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Ballard Moves Forward in Next Phase of Fuel Cell Cogeneration Commercialization

Ballard Power Systems Inc. (TSX:BLD; NASDAQ:BLDP) announced the closing of a transaction with Japanese partner EBARA Corporation (EBARA) and their jointly-owned company, EBARA BALLARD Corporation, that will provide funding for the next generation of cogeneration fuel cell stack and system technology. An MOU related to the transaction was signed in May. The agreement will provide Ballard approximately US$30 million in cash over four years, through development funding and equity contributions. The transaction covers a broad range of activities designed to enhance Ballard’s competitive position and commitment to the Japanese stationary cogeneration market. Under its terms: – Ballard will receive US$18 million for the ongoing development of the current and next generation 1 kW combined heat and power cogeneration fuel cell stack, subject to the completion of the work pursuant to technical milestones under the development program. This funding would be received over the next four years. – EBARA BALLARD (owned 51% by EBARA and 49% by Ballard) will gain rights, over time, through an exclusive, royalty-bearing license, to assemble, service, develop, manufacture and sell stationary cogeneration fuel cell stacks in Japan, as part of a joint long-term strategy to localize development and manufacturing in Japan for the Japanese market. – […]

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