Ballard Announces Follow-On Orders From Wrightbus for Fuel Cell Modules to Power 50 Buses in the U.K.

Rhea-AI Summary

Ballard Power Systems (NASDAQ: BLDP) has received follow-on orders from Wrightbus for 50 fuel cell modules to power Fuel Cell Electric Buses (FCEBs) in various U.K. cities. This order is an addition to a previous order of 50 modules shipped in 2020. The JIVE program partially funds these buses, with 120 currently in operation across Europe. Ballard is supplying fuel cell modules for over 85% of the JIVE program's FCEBs, demonstrating its strong market position. The Chief Commercial Operator emphasized the growth potential in the FCEB market and the advantages of fuel cell technology.

Positive

• Received follow-on orders for 50 fuel cell modules from Wrightbus, reinforcing business relationships.
• Participation in the JIVE program supports deployment of FCEBs, showcasing strategic growth in Europe.
• Ballard supplies over 85% of FCEBs in the JIVE program, highlighting market leadership.

Negative

• None.

VANCOUVER, BC and HOBRO, Denmark, March 9, 2021 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced that it has received follow-on purchase orders from Wrightbus (www.wrightbus.com), a leading bus OEM and Ballard partner headquartered in Northern Ireland, for a total of 50 fuel cell modules to power Fuel Cell Electric Buses, or FCEBs, planned for deployment in a number of U.K. cities. The buses will be partially funded under the JIVE (Joint Initiative For Hydrogen Vehicles Across Europe) program.

The orders for the 50 fuel cell modules announced today are incremental to the previous orders for a total of 50 modules, which was referenced in Ballard's June 16, 2020 press release, with all 50 of those modules having shipped in 2020. Of the additional 50 modules announced today, 4 were shipped in 2020. All of these additional modules will power buses planned for deployment in a number of U.K. cities, including Birmingham, Aberdeen, London and Belfast.

Rob Campbell, Ballard Chief Commercial Operator said, "The orders announced today from Wrightbus for 50 fuel cell modules, in combination with the 50 modules noted in June 2020, underpins the value we place on our long-standing partnership with Wrightbus. The Fuel Cell Electric Bus market is now gaining momentum and is expected to continue on an aggressive growth path in Europe 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 JIVE program provides partial funding for a total of 295 Fuel Cell Electric Buses, of which 120 are currently operating in the U.K., France, Italy, Denmark, Latvia, and The Netherlands. The remaining 175 FCEBs are expected to be deployed in various European cities by mid-2022. Ballard is supplying fuel cell modules for more than 85% of the FCEBs deployed and ordered to date under the JIVE program.

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 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 is the significance of the follow-on orders from Wrightbus for BLDP?

The follow-on orders signify strong demand for fuel cell technology in the bus sector and reinforce Ballard's partnership with Wrightbus.

How many fuel cell modules has Ballard Power Systems shipped to date for the JIVE program?

Ballard has supplied fuel cell modules for more than 85% of the Fuel Cell Electric Buses deployed and ordered under the JIVE program.

Which U.K. cities will benefit from the new fuel cell electric buses powered by Ballard's modules?

The new fuel cell electric buses will be deployed in Birmingham, Aberdeen, London, and Belfast.

What is Ballard Power Systems' role in the JIVE program?

Ballard Power Systems is supplying fuel cell modules for a significant majority of the Fuel Cell Electric Buses in the JIVE program, which aims to promote hydrogen vehicles across Europe.

When were the previous orders of fuel cell modules made by Ballard Power Systems?

The previous orders for a total of 50 modules were referenced in a June 2020 press release, with all modules shipped that same year.