VANCOUVER, B.C. - Shares of Ballard Power Systems were hammered following news General Motors has produced a fuel cell powered car that runs on gas.Ballard's work with Ford Motor and DaimlerChrysler A...
VANCOUVER, B.C. – Shares of Ballard Power Systems were hammered following news General Motors has produced a fuel cell powered car that runs on gas.
Ballard’s work with Ford Motor and DaimlerChrysler AG, both of which have invested in Ballard, has so far resulted in a prototype vehicle that runs on alternative fuel.
While other fuels might result in less pollution than gasoline, they are less widely available, which has been a key barrier to the mass-introduction of fuel cell-equipped vehicles.
GM says its gas prototype truck provides 50 per cent better fuel economy than a truck running on an internal combustion engine.
“It allows us to use the existing infrastructure of filling stations around the country,” said Larry Burns, GM’s vice-president of research and development.
Ballard’s shares fell $6.07 to $58.60, a drop of 9.4 per cent, after GM’s news was announced.
But Kip Smith, Ballard’s president and chief operating officer, maintains a positive attitude about the company’s future
“We continue to have a strong cash position as we move forward with our commercialization strategy.” n
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