Ballard signs research deal worth up to $100 million with Volkswagen

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VANCOUVER - Shares in Ballard Power Systems (TSX:BLD) rocketed Wednesday after the company announced a deal with Volkswagen Group worth up to $100 million.

The company says it has signed an engineering services deal with the German automaker for the development of fuel cells to be used in demonstration cars.

The four-year contract, which includes an option for a two-year extension, is worth $60 million to $100 million.

The work will include the design and manufacture of a fuel cell for use in Volkswagen HyMotion demonstration cars.

Ballard engineers will lead key areas of fuel cell design along with testing and integration work.

Shares in Ballard were up 64 cents or nearly 75 per cent at $1.51 in trading on the Toronto Stock Exchange.

Organizations: Volkswagen Group, Ballard Power Systems, TSX Toronto Stock Exchange

Geographic location: VANCOUVER, Volkswagen HyMotion

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