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Ballard Power shares rise after deal to sell fuel cells to Sao Paulo, Brazil

By The Canadian Press | December 28, 2011

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VANCOUVER - Shares of Ballard Power Systems (TSX:BLD) rose nearly 12 per cent Wednesday after the company announced the sale of 25 hydrogen fuel cell modules to power buses in Brazil's largest city.

On the Toronto Stock Exchange, Ballard shares closed up 13 cents, or 11.6 per cent, at $1.25.

Late Tuesday, Ballard announced it has signed a deal to deliver the 25 FCvelocity-HD6 fuel cell modules cells next year to transit officials in Sao Paulo.

Financial terms of the transaction were not disclosed. Ballard said it is negotiating a final agreement with the city.

Brazil is aiming to reduce vehicle tailpipe pollution as it prepares to host the 2014 World Cup and 2016 Summer Olympics.

John Sheridan, Ballard's president and CEO, said the latest deal expands the company's fuel cell for buses business.

"In combination with our recently announced supply agreement for 21 modules to power buses in Europe, this points to significant progress toward commercialization of zero-emission fuel cell buses in 2012," Sheridan said.

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