Ballard Power Systems Has Been Awarded $40M In Department Of Energy Funding For Hydrogen Industry Projects
Portfolio Pulse from Benzinga Newsdesk
Ballard Power Systems has been awarded $40M by the U.S. Department of Energy as part of a $750 million initiative under the Bipartisan Infrastructure Law to advance the hydrogen industry. This funding aims to reduce clean hydrogen production costs, support over 1,500 new jobs, and assist disadvantaged communities. It's part of a broader effort to achieve the DOE's Hydrogen Shot goal of $1 per kilogram for clean hydrogen.
March 13, 2024 | 4:40 pm
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Ballard Power Systems receives $40M DOE funding to enhance hydrogen industry projects, aiming to lower clean hydrogen costs and generate jobs.
The $40M funding from the Department of Energy directly benefits Ballard Power Systems by providing financial resources for its hydrogen industry projects. This substantial investment not only supports the company's research and development efforts in clean hydrogen production but also aligns with broader governmental goals to reduce hydrogen costs and foster job creation. Given the significant amount of funding and the strategic importance of hydrogen technology in the energy sector, this news is likely to be viewed positively by investors and could lead to a short-term increase in BLDP's stock price.
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