Capstone Turbine Corp said one of its microturbine systems has been successfully integrated into a Ford Motor vehicle in the U.K., sending shares soaring 82 percent.
Capstone, which makes low-emission microturbine systems, in a statement said its C30 liquid fueled microturbine was integrated into a Ford S-Max people carrier by Langford Performance Engineering Ltd.
Northland Securities analyst Eric Stine attributed the stock activity to the attention being paid to hybrid vehicles and the funding from President Obama's stimulus package.
This is another application that holds quite a bit of potential for the company, said Stine, who has an outperform rating on the stock.
Capstone is already involved with a partner on the hybrid bus side.
Langford said it was looking for a partner to commercialize the product for the U.S. and capitalize on a portion of the Obama administration's $2.4 billion stimulus fund to get more electric vehicles on U.S. roads.
Shares of Capstone were up 54 cents at $1.28 late Thursday afternoon. They touched a high of $1.33 earlier in the session.
(Reporting by A.Ananthalakshmi in Bangalore; Editing by Savio D'Souza)