Shares of Ballard Power Systems Inc. rallied 1.0% in premarket trading Friday, after the fuel cell company announced plans to invest $130 million in a manufacturing facility in China. The company said it has entered into an agreement with the Government of Anting in Shanghai’s Jiading District to establish a new China headquarter, a membrane electrode assembly (MEA) manufacturing facility and research-and-development center. “To be competitive in China requires investment in China,” said Ballard China Chief Executive Alfred Wong. “This new MEA manufacturing facility will significantly reduce MEA production costs, improve China market access and meet long-term market demand, including providing MEA supply to our Weichai-Ballard JV.” Ballard Power’s stock has tumbled 51.1% year to date through Thursday while the S&P 500 has shed 23.6%.
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