Ballard Power Systems (BLDP) will take its hydrogen fuel-cell technology to the railroad industry under a deal with Canadian Pacific (CP). BLDP stock and other fuel-cell stocks gave up gains ahead of the alternative-energy company's Q4 earnings report Thursday.
XOn Tuesday, Canadian Pacific announced Ballard fuel-cell modules will be used for the railroad operator's Hydrogen Locomotive Program, an effort to build North America's first hydrogen-powered freight locomotive.
Under terms of the deal, Ballard will deliver six of its 200-kilowatt fuel-cell modules to the railroad operator this year.
"In addition to Ballard's work focused on powering commuter trains in Europe and urban trams in China, CP's Hydrogen Locomotive Program in North America underscores the strong fit for zero-emission fuel cells to power heavy- and medium-duty motive applications, including trains, for which it is otherwise difficult to abate emissions," Ballard CEO Randy MacEwen said in a media release.
Hydrogen fuel cells are gaining popularity as renewable energy investment has been on the rise globally following the enactment of the Paris Climate Agreement. Even Saudi Aramco, the world's largest energy company, sees a huge potential for hydrogen fuel.
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Ballard Power Earnings, BLDP Stock
Estimates: A loss of 4 cents a share, flat vs. a year ago, according to Zacks Investment Research. Revenue is seen falling nearly 30% to $29.6 million.
Results: Check back before the market opens Thursday.
Stock: Shares gave up earlier gains, closing flat at 23.49 on the stock market today. BLDP stock has been on a downward trend after breaking out of a consolidation late last year. Among other fuel-cell stocks, FuelCell Energy (FCEL) advanced 6.9%.
Shares of Plug Power (PLUG), which reported a deeper Q4 loss than expected last month, also turned lower, climbed 1.2%, and Bloom Energy (BE) advanced 1.95%.
Follow Gillian Rich on Twitter for energy news and more.
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BLDP Stock Reverses As Ballard Power Eyes This Fuel-Cell First Ahead Of Q4 Earnings - Investor's Business Daily
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