It’s been a bumpy ride for clean energy companies, to say the least, over the past few years. For one reason or another, most simply haven’t been able to replace legacy technologies. Their time will come, though. Plug Power (NASDAQ:PLUG) is having and incredible week after striking a deal with Amazon(NASDAQ:AMZN) and so is Ballard Power Systems (TSX:BLDP)(NASDAQ:BLDP) on a deal of its own.
Vancouver-based Ballard said that it entered into a definitive supply agreement with Zhongshan Broad-Ocean Motor Co. for delivering 200 of Ballard’s FCveloCity® fuel cell engines for use in demonstration of clean energy buses and commercial vehicles in key cities in China. Ballard CEO and president Randy MacEwen says the order is worth $11.0 million and will be “incremental to the expected $25 million value” of a technology transfer deal that is still in the works.
Shipments are expected to begin this year.
In August, Shenzen-listed Broad Ocean became the largest shareholder in Ballard, paying $28.3 million for 9.9% of BLDP common stock.
Shares of BLDP are up 8.1% to $3.46 in Thursday trading, representing a new 52-week high. On the week, shares are up 16.7%.
