Ballard Power Trading Higher Following Contract Extension With U.S. Army

Shares of Ballard Power Systems Inc. (USA) BLDP, a manufacturer and seller of fuel cell products, rose more than 7 percent early Wednesday after the company announced a contract follow-on with the U.S. military.

Ballard Power said that its subsidiary, Protonex, received a follow-on purchase order from the U.S. Army for more than 400 of its Squad Power Manager (SPM-622) Special Operations Kits. The company noted the value of the order was approximately $2.8 million.

Protonex's Squad Power Manager permits a group of 5 to 9 soldiers to power all of their portable radios, computers, and other electronic devices from any available battery. The technology can also recharge the battery from solar, vehicle, AC, or other energy sources.

Finally, Ballard Power noted that to date more than 4,000 Power Managers have been trialed and deployed with the U.S. military and other allied forces.

Shares traded recently at $1.70, up 7.6 percent in Wednesday's pre-market session.