BURNABY, B.C. — Ballard Power Systems received some good news yesterday and its stockholders were rewarded with a 14 per cent jump in share prices.
The U.S. energy department announced that it would focus on developing hydrogen-powered fuel cells for the transportation industry yesterday, which is good news for the Burnaby-based company that is one of the leaders in that area.
The news couldn’t have come at a better time, as Ballard recently announced it lost $95.8 million over the past nine months. However, as one of the first companies trying to develop a hydrogen-based fuel cell, the company shrugged off the losses, claiming they were to be expected.
Ballard vice-president, Paul Lancaster, says “U.S. energy security has always been a large issue for them and it’s even more so after the recent world events. This is a definite help in accelerating developing fuel cells infrastructure.”
Ballard plan to manufacture 300,000 fuel cells per year by 2005.
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