(Correcting the ticker on earlier story to BLDP.TO and adding National Bank commentary)

Ballard Power Systems (BLDP.TO) was at last look up near 9% on the TSX, Monday, after saying it received a purchase order to supply 200 fuel cell engines for Xcelsior CHARGE FC buses developed by NFI Group (NFI.TO) subsidiary New Flyer. NFI was at last look up 1.5%.

This is Ballard's second purchase order under a long-term agreement announced in January, and represents an increase from the 100 engines in the first order. Delivery of the 200 engines is planned for 2025, Ballard said.

"This order demonstrates New Flyer's continued confidence in the performance of Ballard's fuel cell engines and the growing market interest in the value proposition of hydrogen fuel cell buses, including long range, rapid refueling times, performance in all weather conditions, and high availability," said David Mucciacciaro, Ballard's chief commercial officer.

National Bank said BLDP is "making the hard decisions to ensure its long-term position as a leader in the hydrogen industry, and if the market takes shape, we believe BLDP should be well positioned". However, the bank added, in considering the slow adoption rate, it maintains its Sector Perform rating and US$3 per share target, which is based on a 4x EV/Revenue multiple on FY'25E. National noted he company will announce earnings tomorrow morning with a conference call at 11:00 AM.