Welcome to our dedicated page for Ballard Power Systems news (Ticker: BLDP), a resource for investors and traders seeking the latest updates and insights on Ballard Power Systems stock.
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 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.
Ballard Power Systems (NASDAQ: BLDP) released its 2023 ESG Report on June 10, 2024, highlighting significant progress in environmental, social, and governance performance.
Key achievements include 98% of global buildings using renewable electricity, a 33% reduction in building emissions, a 37% decrease in energy intensity per employee, and an increase in female leadership to 43%.
The report also introduces Ballard's plans for carbon neutrality by 2030, expanded GHG emissions inventory, and the establishment of a DEI Council.
Ballard's ESG disclosures align with GRI and SASB standards under the 'Fuel Cell and Industrial Batteries' sector.
Ballard Power Systems (NASDAQ: BLDP, TSX: BLDP) announced the results of its 2024 Annual General Meeting held on June 5th. All director nominees listed in the Management Proxy Circular were re-elected with strong majority votes. Key resolutions passed include the re-appointment of KPMG LLP as auditors, approval of the executive compensation approach, and the 's equity-based compensation plans.
Highlights include: Kathy Bayless (97.30% votes for), Michael Chen (98.18%), Jacqueline Dedo (98.88%), and other directors receiving high approval rates. Additionally, the auditor appointment was approved by 86.26%, executive compensation by 80.15%, and equity-based compensation plans by 80.82% of the votes.
The detailed voting results reflect shareholder confidence and strategic alignment with the company's management.
Element 1 Corp has partnered with Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) to advance sustainable hydrogen energy solutions. Their collaboration successfully linked Ballard’s FCwave™ 200-kW fuel cell module with Element 1’s M/L18 hydrogen generator, producing 235 kg of high-purity hydrogen daily at a pressure range of 0.7 to 2.2 barg. This outcome, achieved through software modifications, allows the FCwave™ to function without hardware changes. Element 1’s generator uses a methanol-water mix, lowering hydrogen production costs and eliminating the need for compressed or liquid hydrogen infrastructure. This innovation promises operational cost savings and reduced carbon intensity if renewable methanol is used.
FAQ
What is the current stock price of Ballard Power Systems (BLDP)?
What is the market cap of Ballard Power Systems (BLDP)?
What is Ballard Power Systems Inc. known for?
What recent achievements has Ballard made?
What are Ballard’s core products?
Where does Ballard operate?
What is the FCmove®-XD?
How does Ballard contribute to sustainability?
What financial support has Ballard received recently?
What is Ballard's vision?
Who are Ballard’s major partners?
How can I learn more about Ballard's financial performance?
