NEWS OUT: Ballard Power Up 5.8% After Hours as Canadian Pacific Acquiring Fuel Cells for a Hydrogen-Powered Locomotive
2021-03-09 04:43:35 PM ET (MT Newswires)
04:43 PM EST, 03/09/2021 (MT Newswires) -- Canadian Pacific Railway (CP.TO) on Tuesday said it is purchasing fuel cells from Ballard Power Systems (BLDP.TO) as it develops hydrogen-powered locomotives. Ballard rose 5.8% in after hours trade.
The railway said the fuel-cell modules will supply 1.2 megawatts of power to a locomotive.
"How we power our trains matters to our customers, employees, shareholders and to the communities we operate in. This technology holds the possibility of eliminating emissions from freight train operations, which already represent the most efficient method of moving goods over land," chief executive Keith Creel said in a release.
CP is retrofitting a diesel-powered locomotive with six 200-kilowatt power cells to provide power to its electric traction motors. When work is complete it will begin service trials.
CP shares closed up C$7.44 to C$467.74 on the Toronto Stock Exchange. Ballard was last seen up US$1.35 to US$24.84 in after-hours Nasdaq trading, while they closed up C$2.94 to C$29.76 on the Toronto exchange.
Price: 467.74, Change: +7.44, Percent Change: +1.62