ElringKlinger Shares Soar After Airbus Partnership News
By Olivia Bugault
ElringKlinger AG shares rose Thursday after news that the German
supplier is partnering with Airbus SE to develop fuel-cell
technology for the aviation market.
At 0800 GMT, ElringKlinger shares were trading 18% higher at
The long-term partnership between the European aircraft maker
and ElringKlinger will include a joint company in which
ElringKlinger holds a noncontrolling interest, it said late
Wednesday. Airbus will own the majority stake.
"[The] news is a clear positive for the sentiment as it shows
that Elring seems to have a competitive product in place,"
Commerzbank analysts said, though they don't expect much mid-term
Under the partnership, ElringKlinger will receive compensation
in the low-to-mid double-digit million euro range. In return, it
provides access to technology useful for hydrogen-powered fuel
Write to Olivia Bugault at firstname.lastname@example.org
(END) Dow Jones Newswires
October 15, 2020 04:33 ET (08:33 GMT)
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