Ballard Power Systems up on receiving fuel cell engine order, $54mln factory grant

Ballard Power Systems

01/04/2024 15:57

** Shares of fuel cell manufacturer Ballard Power Systems
 BLDP.TO  up 13.5% at C$4.3
    ** Co receives $54 million of investment tax credits under
the Inflation Reduction Act (IRA) for a new fuel cell factory in
Rockwall, Texas 
    ** Firm intends to invest ~$110 mln from 2024 through the
end of 2027 to build and commission a new manufacturing facility
for membrane electrode assemblies(MEAs), bipolar plates, stacks,
and engines
    ** Separately, Ballard receives an order for a 1000 hydrogen
fuel cell engines from European bus manufacturer Solaris Bus and
Coach 
    ** Long-term supply agreement consolidates existing order
for nearly 300 engines and new supply commitment for ~700
engines through 2027
    ** Including session gains, BLDP stock has fallen 12.8% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com;))