PLUG - Ballard Power posts back-to-back rallies on plan to cut costs raise production
2023-06-13 12:21:48 ET
Ballard Power Systems ( NASDAQ: BLDP ) +11.3% in Tuesday's trading, surging for a second straight day after saying it expects to cut costs and boost production capacity of its graphite bipolar plates.
Other alternative energy stocks are rising too, including Stem ( STEM ) +6.5% , Plug Power ( PLUG ) +5.5% , Bloom Energy ( BE ) +5.4% and FuelCell Energy ( FCEL ) +5.2%.
Ballard ( BLDP ) said Monday a new "disruptive manufacturing technology" will increase its manufacturing of flexible graphite bipolar plates by 10x, while lowering costs by as much as 70% by late 2025; it said the plates are one of the costliest parts of making its hydrogen fuel cells.
The company said it plans to spend ~$18M from its current budget on bipolar plate manufacturing during 2023-25, and that some novel manufacturing processes will allow full automation, resulting in better quality while consuming less energy and water.
More on Ballard Power Systems:
- Financial and valuation comparison to sector peers
- Analysis: Ballard Power Systems: No Near-Term Catalysts - Avoid
- Stock price return: Up 4.5% YTD, down 12% in the past 12 months
For further details see:
Ballard Power posts back-to-back rallies on plan to cut costs, raise production