October 9, 2014 / 12:37 PM / 3 years ago

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

** 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below