Canadian Manufacturing

Ballard Power Systems shares up after deal to expand collaboration in China

Azure Hydrogen wants to develop fuel cell bus capabilities in China with Ballard's support



VANCOUVER—Shares of Ballard Power Systems gained more than 10 per cent after it signed a deal with its Chinese partner to extend the scope of their collaboration to include fuel cell buses.

Under the non-binding memorandum of understanding, Azure Hydrogen Corp. has committed a $1-million up-front payment to Ballard.

Azure wants to develop fuel cell bus capabilities in China with Ballard’s technical support and funding from Chinese sources.

In March, Azure signed a deal to acquire a 10 per cent stake in Dantherm Power, Ballard’s telecom backup power subsidiary, for $2-million.

Azure also placed an order earlier this year for a 175-kilowatt ClearGenTM distributed power generation system from Ballard.

Ballard shares were up 24 cents at $2.13 on the Toronto Stock Exchange the day the deal expansion was announced.

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