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Energy

Ballard Power & Plug Power Extend Exclusive Lock-Up (BLDP, PLUG)

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By Douglas A. McIntyre Published
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Plug Power Inc. (NASDAQ: PLUG) and Ballard Power Systems (NASDAQ: BLDP) have extended their existing supply agreement through December 31, 2010, which was currently set to expire on May 1, 2009. Under the new agreement, Ballard will remain the exclusive supplier of fuel cell stacks for Plug Power’s GenDrive(tm) product line of fuel cell power units.

Ballard’s Mark9 SSL(tm) fuel cell products supply power to GenDrive hydrogen fuel cell units, which replace lead-acid batteries in lift trucks used in large warehouse, distribution and manufacturing facilities.  Plug Power integrates the fuel cell product with the balance of plant to produce a reliable motive power system that offers customers compelling benefits over the incumbent technology for the following:

  • continuous power for increased productivity;
  • reduced operational costs;
  • elimination of a battery charging room;
  • and the elimination of the storage and handling of toxic materials.

Ballard has a market cap of nearly $400 million and is expected to have revenues of about $70 million in 2008, while Plug Power has a market cap of about $212 million and is expected to have revenues of about $20 million in 2008.

Jon C. Ogg
July 2, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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