Ballard Sees Volume Spike (BLDP)

Posted in Uncategorized 
March 8th, 2010

Ballard Power Systems (NASDAQ: BLDP) just saw a large price and volume spike on news.

The company has announced that it has $6.2 million in project funding from the U.S. Department of Energy under contract over a four year period. Its US subsidiary, Ballard Material Products, was awarded $4.1 million as prime for a contract that will focus on improvements in fuel cell durability and cost. Ballard will be the sub-contractor to leading U.S. technology organizations for several other fuel cell research and development projects funded by the DOE.  Also noted was that over eighty percent of the announced DOE funding has been allocated to projects aimed at increased durability and cost reduction and then the remaining funds focused on water management modeling.

Shares are already off their highs after the news-pop but still up almost 10% at $2.50 after seeing a high print of $2.64.  At 3:04 PM EST we have seen over 1.3 million shares trade hands, close to triple normal volume after the 3:00 PM EST release.  Its 52-week high is $3.25.

JON C. OGG

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