Ballard Power Systems’ (BLDP) stock rose 15% in a single trading session after the Canadian fuel cell company announced plans to cut costs and boost its production with a new technology.
The Vancouver-based company said a new “disruptive manufacturing technology” will increase its manufacturing of fuel cells by ten times while lowering costs up to 70% by 2025.
Ballard sells hydrogen fuel cells for use on buses, commercial trucks, trains, marine vessels, and stationary power.
The company said it will invest $18 million in the new manufacturing technology through 2025.
Ballard added that the new manufacturing process will eventually result in better quality while consuming less energy and water.
Prior to the 15% gain, Ballard Power’s stock had declined nearly 40% in the last 12 months. The stock is now trading at $6.60 per share.