Ballard Power Systems (NASDAQ:BLDP) stock is getting a boost on Thursday after announcing a partnership with Ford (NYSE:F) for hydrogen fuel cell tech.
According to a new release, the two companies have signed a letter of intent concerning the matter. The partnership would see Ballard Power supply Ford Trucks with a fuel cell system for its development of a prototype hydrogen fuel cell-powered vehicle.
As part of this agreement, Ford Trucks has agreed to acquire two FCmove-XD 120 kW fuel cell engines from Ballard Power. The company says that it intends to deliver these engines to the automobile maker this year.
Ford’s plan for those engines is to integrate them into its F-MAX 44 trucks. The company wants to assemble these in Turkey and have them ready for European Ten-T corridor demonstrations starting in 2025. This would coincide with the European Union’s Horizon Europe ZEFES goals.
Emrah Duman, vice president of Ford Trucks, said the following about the partnership:
“Our first Fuel Cell Electric-powered Vehicle F-MAX, which we will develop as part of the ZEFES project, will be a significant milestone. We are thrilled to be working with Ballard on this critical project. This long-term relationship will generate enormous value in the future.”
BLDP Stock Movement Today
With news of the partnership with Ford comes some 1.3 million shares of BLDP stock changing hands. That’s still below its daily average trading volume of about 3.5 million shares. Even so, the company’s stock is up 7.1% as of Thursday morning.
Investors looking for even more of the most recent stock market news will want to keep reading!
We have all of the latest stock coverage that traders need to know about on Thursday! Among that is a new price prediction for Sunrun (NASDAQ:RUN) stock, why shares of Virax Biolabs (NASDAQ:VRAX) stock are up today, as well as the latest news concerning a Rite Aid (NYSE:RAD) stock squeeze. You can catch up on all of this news below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
