Burnaby's Ballard Power Systems (TSX:BLD) has extended its supply agreement as the exclusive supplier of fuel cell stacks for New York-based Plug Power Inc.
Under the terms of the new contract, Ballard will provide its fuel cells until the end of 2010 for use in Plug's GenDrive power units, which are used in forklifts at large warehouse, distribution and manufacturing facilities.
Since Ballard has sold its automotive fuel cell assets in January to Ford and Daimler AG, the company has concentrated on expanding the commercial uses of its fuel cell technology. It now focuses on industrial, residential co-generation and backup power markets.
Ballard's share price during the past week: between $3.80 and $4.33; 52-week high: $5.84; 52-week low: $3.69.