Ballard Announces Follow-On Order From New Flyer for Fuel Cell Modules to Power 20 Buses in California

Rhea-AI Summary

Ballard Power Systems (NASDAQ: BLDP) has secured a follow-on purchase order from New Flyer for 20 fuel cell modules intended for deployment in Fuel Cell Electric Buses (FCEBs) with Alameda-Contra Costa Transit District in Oakland, California. This order increases the total number of Ballard-powered FCEBs operated by AC Transit to 31. The California Air Resources Board's Innovative Clean Transit regulation mandates that 100% of transit buses be zero-emission by 2040, driving increased market interest in Ballard's fuel cell technology.

Positive

• Received follow-on purchase order for 20 fuel cell modules, increasing total FCEBs powered by Ballard to 31.
• Alignment with California's Innovative Clean Transit regulation, enhancing market demand for zero-emission buses.

Negative

• None.

VANCOUVER, BC, June 22, 2021 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced that it has received a follow-on purchase order from New Flyer (www.newflyer.com), North America's heavy-duty transit bus leader and Ballard partner, for 20 fuel cell modules to power 20 New Flyer Xcelsior^® model Fuel Cell Electric Buses, or FCEBs, planned for deployment with Alameda-Contra Costa Transit District (AC Transit) in Oakland, California. Ballard plans to deliver all the modules to New Flyer this year and deployment of the New Flyer buses will bring the total number of Ballard-powered FCEBs operated by AC Transit to 31.

"The orders announced today from New Flyer for 20 fuel cell modules brings the number of New Flyer FCEBs that Ballard is powering in California to 45 and underpins the importance of our long-standing partnership with North America's leading bus manufacturer," said Rob Campbell, Ballard Chief Commercial Officer. "The FCEB market is gaining momentum and is expected to continue on a positive growth path in the U.S. and globally. Ballard intends to continue leading with proven and reliable fuel cell products that offer superior total cost of ownership for bus fleet operators along with the benefits of fuel cell buses that deliver route flexibility, rapid refueling and long range zero-emission performance."

The California Air Resources Board (CARB) has passed an Innovative Clean Transit (ICT) regulation requiring a growing proportion of buses purchased by transit agencies in the state to be zero-emission. The goal of the ICT regulation is for 100% of all transit buses operating in the state to be zero-emission by 2040. To accomplish this, 25% of buses purchased by California transit agencies must be zero-emission beginning in 2023, rising to 50% by 2026 and 100% by 2029. Ballard is seeing increased market interest from California transit authorities as they move to adopt zero-emission buses in compliance with ICT requirements.

About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP) (TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning market developments, anticipated product performance and other characteristics, product deliveries and deployments. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.

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SOURCE Ballard Power Systems Inc.

FAQ

What recent order did Ballard Power Systems receive?

Ballard Power Systems received a follow-on purchase order from New Flyer for 20 fuel cell modules for Fuel Cell Electric Buses in California.

How many FCEBs will Ballard Power Systems power with the new order?

With the new order, Ballard Power Systems will power a total of 31 Fuel Cell Electric Buses operated by AC Transit.

What does the California Innovative Clean Transit regulation require?

The regulation mandates that 100% of transit buses in California be zero-emission by 2040, with various interim targets leading up to that goal.

What is the significance of Ballard's partnership with New Flyer?

The partnership enhances Ballard's position in the fuel cell market and ensures a steady demand for their products as transit authorities adopt zero-emission technologies.