Shares of Ballard Power (Ballard Power Stock Quote, Chart, News: TSX:BLD) are on the rise today after the company received an order for eight of its FCvelocity-HD7 power modules for eight buses in China.
“We are now beginning to see meaningful evidence of growing demand for clean energy mass transportation alternatives in China, including both buses and trams,” said CEO Randy MacEwen. “This demand is being driven by a pressing need to address China’s challenging air quality issues, for which fuel cell technology is seen as an emerging option.”
Ballard says today’s sales are part of the larger effort by the Chinese government to reduce carbon dioxide emissions from fossil fuels. The country is responsible for almost a third of the world’s total emissions. A program, started in 2011 and involving 48 cities, offered subsidies of about (U.S) $150,000 per bus. The country’s goal is to deploy 1000 clean energy buses in each of the cities.
Last week, shares of Ballard Power rose after the company successfully demonstrated the world’s first fuel cell powered electric tram in China.
At press time, shares of Ballard Power on the TSX were up 7.4% to $3.05