09:21 AM EDT, 04/01/2024 (MT Newswires) -- Ballard Power Systems ( BLDP ) said Monday it has signed a long term supply agreement with Solaris Bus & Coach, a European bus manufacturer, to supply 1,000 hydrogen fuel cell engines through 2027 across Europe.

The new agreement combines current orders for roughly 300 fuel cell engines with a new supply order of about 700 fuel cell engines, the company added.

Ballard said the deliveries will start this year until the end of 2027.

Financial terms weren't disclosed.

Separately, the company said that the US Internal Revenue Service awarded it investment tax credits of $54 million under the Qualifying Advanced Energy Project Tax Credit.

Ballard intends to utilize the tax credit amount to support the build-out of a new fuel cell factory in Rockwall, Texas.

Shares of Ballard rose over 14% in recent Monday premarket activity.

Price: 3.18, Change: +0.4, Percent Change: +14.39