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

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.