(MENAFN- ProactiveInvestors) () a fuel-cell maker surged in today’s trading after saying it has signed two new technology solutions contracts to provide expertise in proton exchange membrane (PEM) fuel cell technology.
Shares soared 11.8 percent to $3.41 at 2:22 p.m. in Toronto expanding this year’s rally to 44 percent.
The Burnaby British Columbia-based company said in a statement today that it will provide expertise to Ardica Technologies and the other to “an unnamed global automotive OEM [original equipment manufacturer]."
The Ardica deal expands Ballard’s know-how into a new area. The goal is to create a wearable fuel cell power system that will be used by soldiers. The company said its solution is lighter and would provide better performance than the current lithium-ion batteries soldiers currently use to power the devices they need for mission-specific equipment.
“These latest contracts are indicative of the growing interest we are seeing in fuel cell development programs” Ballard’s vice president for technology solutions Kevin Colbow said in the statement.
“In addition to the automotive sector exciting opportunities are also emerging in aerospace railway and military application areas. For all these Ballard is uniquely positioned to help customers by means of compelling bundled technology solutions that leverage our deep expertise and also offer the potential for component supply in the longer term.”
Ballard said its work with Volkswagen Group and two other global automotive OEMs is continuing augmented by a recent technology solutions deal with Volkswagen Group – announced on February 11 – that includes a 2-year extension to the engineering services program.
The contract announced today with a new global automotive OEM customer will involve work activities focused on fundamental fuel cell technology development.
The mandate of Ballard's Technology Solutions group is to help customers solve difficult technical and business challenges in their PEM fuel cell programs through customized specialized engineering services.
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