BUZZ-Ballard Power Systems Inc: Plug Power deal removes overhang

Thu Oct 9, 2014 8:35am EDT
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** Fuel-cell product maker's U.S.-listed shares up 7 pct at $3.18 premarket

** Ballard said on Wednesday it would continue to supply fuel stacks to Plug Power Inc till at least the end of 2017

** The new agreement is effective immediately and contains provision for two one-year extensions

** "We had originally felt that Plug Power would attempt to bring some of the fuel-cell technology development efforts in-house given efforts with Air Liquide and the ReliOn acquisition, so this deal certainly removes an overhang for Ballard Power investors in our view," Cowen & Co analysts wrote in a note on Thursday

** Plug Power bought fuel-cell stack maker ReliOn Inc in April to diversify its supplier base

** Up to Wednesday's close, Ballard's shares had gained 96 pct on Nasdaq this year