Ballard Surges on New Fuel Cell That Uses Less Platinum
- Platinum accounts for as much as 15 percent of fuel cell costs
- First products will target lightweight military electronics
Hydrogen fuel cells at the Ballard Power Systems facility in Burnaby, British Columbia, Canada, on April 22, 2016.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Ballard Power Systems Inc., a supplier of fuel-cell power systems, surged to a three-year high after announcing a technology breakthrough that replaces most of the high-cost platinum used in earlier design.
Ballard gained 24 percent to $4.59 at 3:08 p.m. in New York, the most intraday in more than a year and the highest since April 2014. Nisshinbo Holdings Inc., which has been working with Ballard on the project since 2013, rose a record 26 percent to 1,475 yen ($13.34) at the close in Tokyo.