Ballard Power has deal with Shanghai Fuel Cell Vehicle Powertrain

Ballard Power has deal with Shanghai Fuel Cell Vehicle Powertrain
VANCOUVER (CP) — Ballard Power Systems (TSX:BLD) has signed a memorandum of understanding to supply fuel cells to China’s Shanghai Fuel Cell Vehicle Powertrain Co.
Ballard said Wednesday that the companies will co-operate on developing vehicles for demonstrations and field trials planned for later this year and in 2007.
Financial details were not disclosed, but in the first phase Ballard will supply up to 20 of its Mark 902 vehicle fuel cell systems, along with engineering and service support.
"We believe China could be a key market driving the commercialization of automotive fuel cell technology," stated Noordin Nanji, Ballard’s vice-president and chief customer officer.
Shanghai Fuel Cell Vehicle Powertrain Co. is a research and development firm whose stakeholders include Tongji University and Shanghai Automotive Industry Corp., the leading Chinese automaker.
Ballard is also providing three Mark 902 fuel cell engines for a Beijing fuel cell bus demonstration program launched in November 2005.
Ballard shares were up four per cent Wednesday morning, gaining 27 cents to $7.07 on the Toronto Stock Exchange, with a 52-week high and low of $12.30 and $4.70.