Today’s Research Reports on Stocks to Watch: Ballard Power Systems and Plug Power
Shares of Ballard Power Systems and Plug Power saw a jump on Wednesday with Ballard exploding to close with gains of over 27%. Ballard announced that it has signed an LOI to power the first ever fuel cell tram-buses with Van Hool in France. Plug Power didn’t have any remarkable news yesterday but piggybacked Ballard into the green. Plug had its own big news last week when it was announced that the company has been named to the Hydrogen Council.
RDI Initiates Coverage on:
Ballard Power Systems Inc.
Plug Power Inc.
Ballard Power Systems shares skyrocketed on Wednesday and closed the day up 27.22%. Shares even hit a new high of $4.75 during intra-day trading with trading volume of nearly 18.5 million shares. The company announced in a press release yesterday that it has accepted a Letter of Intent to provide FCveloCity®-HD 100-kilowatt fuel cell engines to power 8 ExquiCity tram-buses being built by Van Hool NV, a Ballard partner in Europe, for delivery in Pau, France to the SMTU-PPP (Syndicat Mixte de Transports urbains – Pau Portes des Pyrénées) and the STAP (Société de Transport de l’Agglomération Paloise) during the second half of 2019. This was big news that had traders pretty excited because these will be the very first hydrogen bus routes in the country as well as the world’s very first hydrogen tram-buses for a full BRT (Bus Rapid Transit) system. Chief Commercial Officer Rob Campbell commented, "This Letter of Intent from Van Hool to use our Heavy Duty power module in its tram-buses for deployment in Pau, France is a further testament to our strong partnership and Van Hool’s confidence in Ballard’s fuel cell technology and products. We are excited to see continued market expansion of fuel cell-powered mass transit vehicles in Europe, as typified by this tram-bus project. This is a further sign of the growing importance of zero-emission fuel cell solutions globally."
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Plug Power shares closed up 7.83% on Wednesday with about 11.5 million shares traded. Though there was no significant news from the company to explain the move, it was last week that the energy solutions provider was named to the Hydrogen Council as a supporting committee member. The Hydrogen Council is a global initiative of leading energy, transport and industry companies with a united vision and long-term ambition for hydrogen to foster the energy transition. There are currently sixteen members in it which include BMW Group, Daimler, Toyota, Audi, and Royal Dutch Sell. CEO Andy Marsh commented, “I’d like to thank the Hydrogen Council for giving Plug Power a seat at the table. We come with the experience of pioneering a hydrogen and fuel cell market for electric vehicles with material handling professionals. Currently, Plug Power has deployed more than 16,000 fuel cells for powering electric lift trucks and has built more than 52 hydrogen stations in North America and Europe. These hydrogen stations have supported more than 7.9 million refuelings, consisting of 4.9 million kilograms of hydrogen dispensed.”
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Our Actionable Research on Ballard Power Systems Inc. (NASDAQ: BLDP) and Plug Power Inc. (NASDAQ: PLUG) can be downloaded free of charge at Research Driven Investing.
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