Ballard Spikes On Rumor It Will Obtain 2 Key Fuel Cell Patents
Ballard Power Systems (NASDAQ: BLDP) spiked sharply Tuesday on rumors that it had obtained two key patents for fuel cell technology that may enable it to cut production costs.
If so, that might be a key development for Ballard. For example, Tesla Motors (NASDAQ: TSLA) said recently that its third-generation product will rely heavily on the ability to reduce battery costs.
But apart from Tuesday's rumor, Ballard recently acquired a trove of fuel cell patents from United Technologies (NYSE: UTX).
In what some may see as a "game changer" and others as mere patent trolling, Ballard in April acquired about 800 fuel cell patents for $22 million from UTC.
Separately, the fuel cells technology company announced late Sunday a licensing agreement worth about $1 million to license patents to M-Field Energy for material handling systems to be deployed in Europe.
Earlier in June Ballard signed a $6 million deal it had signed a definitive agreement with Azure Hydrogen in China fortelecom power backup systems.
For the recent quarter ended March 31, Ballard's loss widened to $0.03 per share, from $0.02 per share a year earlier. Revenue fell to $13.9 million from $17.2 million.
Ballard traded recently at $4.32 up 4.86 percent.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.