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Ballard Power Systems Inc. (NASDAQ: BLDP; TSX: BLDP) is a global leader in the development, production, and commercialization of Proton Exchange Membrane (PEM) fuel cell products. The company is at the forefront of delivering zero-emission fuel cell solutions that are being increasingly adopted across various heavy-duty and stationary power applications.
Founded in 1979, Ballard has established a sustainable leadership position in PEM fuel cell technology. Their cutting-edge products are designed for applications such as backup power, distributed generation, material handling, and particularly in the heavy-duty motive sector, including buses, trucks, rail, and marine vessels. Ballard's vision is to deliver fuel cell power for a sustainable planet, focusing on enabling the electrification of mobility and stationary power with zero-emission PEM fuel cells.
Recent achievements include the signing of a significant Long Term Supply Agreement (LTSA) with Solaris Bus & Coach for the supply of 1,000 hydrogen fuel cell engines through 2027. This marks the largest order in Ballard's history and underscores their robust relationship with Solaris in promoting fuel cell bus adoption across Europe. Another milestone is the receipt of $54 million in investment tax credits from the U.S. IRS to build a new fuel cell Gigafactory in Rockwall, Texas, supported by the Inflation Reduction Act. This facility will bolster Ballard's production capacity, addressing increasing market demand.
Ballard's product portfolio is bolstered by their newest innovation, the FCmove®-XD, a high-performance fuel cell engine unveiled at the Advanced Clean Transportation Expo. This ninth-generation engine offers significant enhancements in reliability, durability, efficiency, and total cost of ownership, poised to meet the rigorous demands of heavy-duty applications.
Financially, Ballard has shown consistent growth, with notable increases in order backlog and new bookings, reflecting strong customer interest across various market verticals. Their strategic global partnerships and government collaborations further enhance their market position, driving the global transition to clean energy.
Ballard Power Systems continues to advance its mission of enabling a sustainable energy future, pioneering innovations, and expanding its global footprint to meet the growing demand for clean energy solutions.
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) has secured significant orders for its fuel cell engines from two bus manufacturers targeting the European and UK city bus market. The orders total over 90 fuel cell engines, representing approximately 6.4 megawatts (MW) of total rated power. Chief Commercial Officer David Mucciacciaro highlighted these orders as validation of fuel cells as a zero-emission alternative to diesel engines and confirmation of Ballard engines' capability to meet demanding city bus performance requirements.
Ballard Power Systems has signed a multi-year agreement with Stadler US to supply 8 megawatts of FCmove®-HD+ fuel cell engines for Caltrans' passenger trains. The engines will power Stadler's FLIRT H2 zero-emission trains, with Caltrans ordering 10 trains and an option for 19 more.
This collaboration follows three years of joint development, resulting in the first FRA-compliant hydrogen fuel cell powered passenger train demonstrated in the United States. The fuel cell engines offer a zero-emission alternative to diesel engines with comparable performance metrics including payload, range, reliability, and refueling times, while avoiding the need for costly overhead catenary line infrastructure.
Ballard Power Systems has signed a new Long Term Supply Agreement with Canadian Pacific Kansas City (CPKC) for 98 fuel cell engines, totaling approximately 20 megawatts (MW) of power. Each engine has a 200 kW capacity, with deliveries expected in 2025.
This agreement builds upon their existing partnership started in 2021, which has already delivered about 10 MW of fuel cell engines. CPKC currently operates three hydrogen locomotives, with prototype testing ongoing since 2022. The new engines will support CPKC's expanding hydrogen locomotive program, focusing on switching and freight service applications in Alberta, Canada.
Ballard Power Systems reported challenging Q3 2024 results with total revenue of $14.8 million, down 45% year-over-year. The quarter was marked by a $16.1 million restructuring charge and $147.0 million in non-cash impairments. The company initiated a global corporate restructuring to reduce operating costs by over 30%, including workforce reduction and rationalization of development programs. Net loss was ($204.5) million, or ($0.68) per share. The company's Order Backlog decreased 28% to $122.7 million, while cash position stood at $635.1 million. Bus segment showed growth with revenue up 33% year-over-year.
Ballard Power Systems has received a purchase order for 200 fuel cell engines from New Flyer, representing approximately 20 MW of power. This is the second order under their January 2024 long-term supply agreement, doubling the previous order of 100 engines. The engines, scheduled for delivery in 2025, will power New Flyer's Xcelsior CHARGE FC™ hydrogen fuel cell buses for deployment across multiple US states including California, Washington, Arizona, Nevada, and New York.
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) has announced its upcoming Q3 2024 Results Conference Call, scheduled for Tuesday, November 5th, 2024 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time). The call will review the company's third quarter 2024 operating results.
Interested parties can access the live call by dialing +1-844-763-8274 (Canada/US toll-free) or through a live webcast available on Ballard's homepage (www.ballard.com). Following the call, the webcast will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section on Ballard's website.
Ballard Power Systems (NASDAQ: BLDP) announced a global corporate restructuring to reduce operating expenses by over 30% due to delayed market adoption of hydrogen fuel cells. The restructuring includes workforce reduction, product development rationalization, operational consolidation, and capital expenditure cuts. Ballard is reviewing its China strategy and the Weichai Ballard joint venture. The company maintains its 2024 guidance for Total Operating Expense and Capital Expenditures. Key management changes include Kate Igbalode succeeding Paul Dobson as CFO and Lee Sweetland replacing Mark Biznek as COO by the end of 2024.
Ballard Power Systems (NASDAQ: BLDP) reported Q2 2024 results with revenue of $16.0 million, up 4% year-over-year. Heavy Duty Mobility revenue increased 55% to $13.2 million, while Stationary and Emerging Markets revenues declined. Gross margin was -32%, a 5-point improvement from Q1 2024 but 11 points lower year-over-year. Net loss widened to ($31.5) million or ($0.11) per share. Cash and equivalents stood at $678.0 million. The company launched its 9th generation PEM fuel cell engine and made progress on advanced manufacturing initiatives. Order intake was softer at $5.0 million, with backlog at $169.5 million. Ballard expects 2024 revenue to be heavily second-half weighted and reduced Capital Expenditure guidance to $25-$40 million.
Ballard Power Systems (NASDAQ: BLDP) has scheduled a conference call on August 12, 2024, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to discuss its second quarter (Q2) 2024 operating results. Investors and analysts can access the live call by dialing +1-844-763-8274 (Canada/US toll free) or via a live webcast available on Ballard's homepage. The webcast will be archived for later access in the 'Earnings, Interviews & Presentations' section of the 'Investors' area on the company's website.
Ballard Power Systems (NASDAQ: BLDP) and Vertiv (NYSE: VRT) announced a strategic partnership focused on hydrogen-powered fuel cell backup solutions for data centers. This partnership aims to address the rising power demands and carbon footprint concerns of the data center industry. A proof of concept demonstrated the integration of Ballard's fuel cell modules with Vertiv's Liebert EXL S1 UPS. The system showcased successful zero GHG emissions and scalability from 200kW to several MWs. The partnership also aligns with Vertiv's sustainability strategy and will focus on markets in North America, Europe, and selected other regions.
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