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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 and QUANTRON have formed a strategic partnership to develop fuel cell electric trucks, aiming to enhance the market adoption of hydrogen technologies. The collaboration will integrate Ballard's FCmove™ fuel cell modules into QUANTRON's electric truck designs, focusing initially on a range of vehicles including a 7.5t delivery truck and a 44t heavy-duty truck. Initial deliveries are scheduled for the second half of 2022 in Germany, aided by government incentives covering up to 80% of conversion costs from internal combustion engines to alternative drives.
Ballard Power Systems and Hexagon Purus are collaborating to produce Class 6 & 7 Fuel Cell Electric Trucks. These trucks will feature a driving range of over 400 miles and refueling times similar to conventional trucks, contributing to zero-emission transport solutions. The trucks will include Ballard's 8th generation fuel cell module and Hexagon's lightweight hydrogen storage. The first prototype is set for delivery in the second quarter of 2022, with initial fleet deployments planned in California's Los Angeles Basin. This partnership aims to accelerate hydrogen and fuel cell technology adoption in heavy-duty transport.
Ballard Power Systems (NASDAQ: BLDP) announced the appointment of Mr. Hubertus Muehlhaeuser to its Board of Directors, effective August 5, 2021. Muehlhaeuser brings significant experience in industrial manufacturing and growth strategies from his previous executive roles. Chairman Jim Roche emphasized the importance of diverse skills on the Board, noting Muehlhaeuser's expertise will support Ballard's growth strategy, particularly in zero-emission hydrogen fuel cells for heavy-duty mobility applications. Muehlhaeuser aims to enhance shareholder value through ambitious scaling plans.
Ballard Power Systems (NASDAQ: BLDP) reported Q2 2021 results, registering revenues of $25.0 million, a 3% decrease from Q2 2020. Gross margin was 15%, down 6 percentage points. Cash operating costs surged 80% to $20.1 million, and the company reported a net loss of $21.9 million, up 104% year-over-year. Despite these challenges, cash reserves stood at $1.24 billion, a remarkable 630% increase from the previous year, and the order backlog hit $113.3 million.
Ballard Power Systems (NASDAQ: BLDP) has secured a purchase order for its 200-kilowatt FCwaveTM fuel cell module from Fusion-Fuel for the H2Evora project in Portugal. This project aims to generate zero-emission electricity using green hydrogen produced via Fusion-Fuel's HEVO electrolyzer, with a total output of approximately 15 tons of hydrogen annually. The collaboration supports sustainable electricity generation and showcases applications for hydrogen in various sectors, including natural gas blending and industrial uses.
Ballard Power Systems (NASDAQ: BLDP) has received a purchase order from Siemens Mobility for two 200-kilowatt fuel cell modules to power a Mireo Plus H passenger train during a trial operation in Bavaria, Germany. Scheduled for delivery in 2022, this collaboration marks a significant step toward the commercialization of the hydrogen-powered train. The Mireo Plus H is designed for non-electrified lines, achieving speeds of up to 160 km/h and ranges of 800 km. The trial is backed by Bavarian state ministers and is part of a broader effort to promote zero-emission transportation.
Ballard Power Systems (NASDAQ: BLDP) will host a conference call on August 6, 2021, at 8:00 a.m. PT to discuss its Q2 2021 operating results. Investors can join the call by dialing +1-604-638-5340 or accessing a live webcast on the company’s website. Following the call, an archived version will be available in the 'Investors' section. Ballard focuses on providing zero-emission PEM fuel cells for mobility solutions, promoting a sustainable future.
Ballard Power Systems (NASDAQ: BLDP) announced a purchase order from Tata Motors for 15 FCmoveTM-HD fuel cell modules intended for zero-emission Fuel Cell Electric Buses. Delivery is expected by 2022, with deployment planned in Faridabad, India. This collaboration includes testing fuel cell technology in public transport by the Research & Development Centre of Indian Oil Corporation. With India's focus on green hydrogen to combat pollution, this partnership aligns with market demand for sustainable transportation solutions.
Ballard Power Systems (NASDAQ: BLDP) announced a rebranding to mark its evolution as a leader in zero-emission fuel cell technology. With a focus on commercializing hydrogen solutions over the next decade, the company aims for significant growth through 2030. The rebranding includes a new logo, tagline 'Here for life™', and enhancements to its communication tools. Ballard's PEM fuel cells have logged over 88 million kilometers globally, with more than 3,500 buses and trucks in operation. CEO Randy MacEwen emphasized the critical role of hydrogen in decarbonizing mobility and industry.
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.
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