Ballard Closes Unchanged After Rising on Product Sale
Ballard Power Systems Inc. (BLD), a manufacturer of hydrogen fuel cells for buses and backup-power systems, closed unchanged in Toronto after gaining the most in 19 months following an announcement it shipped its fuel generation systems overseas.
The Burnaby, British Columbia-based company ended the session at 70 Canadian cents after earlier climbing 17 percent, the most intraday since February 2011. The shares have dropped 36 percent this year.
Ballard shipped its first 100 ElectraGen fuel-cell power systems to Cascadiant Inc. and Inala Technologies, its distributors in Southeast Asia and South Africa respectively, the company said after the market closed yesterday. The technology will be deployed for backup power in wireless telecommunications systems.
The fuel-cell supplier received a C$7 million ($7.1 million) grant from Sustainable Development Technology Canada on Feb. 28.
ElectraGen-ME systems extract hydrogen from a mixture of methanol and water, with the hydrogen then used to power fuel cells, the company said.
Ballard is building a 6-megawatt facility at a chemical factory in North Vancouver, and plans to complete it by 2013.
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