Vancouver-based
Ballard Power Systems (Nasdaq: BLDP) has signed a supply agreement with
Honda Motor Co. (NYSE: HMC) to supply the automobile maker with as many as 32 Mark 02 fuel cell modules through 2005. Ballard will also provide support services for Honda's fuel-cell vehicle customer deliveries in the U.S. and Japan.
Separately, in response to BLDP's Dec. 9 restructuring announcement, which includes a plan to cut 400 employees, analysts HC Wainwright and Co. Inc. and Wedbush Morgan from Underperform to Market Perform and from Sell to Hold, respectively.