Ballard Power Systems Forms Joint Venture with MicroCoating Technologies

On May 2, 2001, Ballard Power Systerms Inc. formed an exclusive joint development agreement with MicroCoating Technologies, Inc. (“MCT”) for the development of a chemical vapour deposition process for use in the manufacture of fuel cells. In connection with the transaction Ballard also acquired shares of convertible preferred stock of MCT for US $7 million. Ballard relied on their in-house counsel, Stephanie Chan, and Noordin Nanji (VP, Strategic Development). Ballard was represented by a legal team from Lang Michener’s Vancouver office consisting of Amyn Abdula, assited by Charlotte Olsen and Barbara Snyder. John Gaffney and Doug Ryder from Cravath, Swaine & Moore (New York) provided Ballard with United States legal counsel. MCT was represented by Susan Spencer from Morris manning Martin LLP.