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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 and W. L. Gore & Associates announced a multi-year fuel cell supply agreement aimed at advancing fuel cell technologies. The agreement was celebrated at the 6th International Hydrogen Fuel Cell Vehicle Congress on June 9, 2021, in Shanghai. The collaboration leverages Gore's innovative membrane technology, known as the GORE-SELECT® Membrane, which enhances fuel cell durability and performance. This partnership positions Ballard to support the growing demand for fuel cell solutions globally, particularly in line with China's New Energy plan.
Ballard Power Systems (NASDAQ: BLDP) held its 2021 Annual General Meeting virtually on June 2, 2021, where all director nominees received majority support from shareholders. Douglas P. Hayhurst was re-elected with 95.02% support, while Randy MacEwen and Marty Neese also had strong backing, garnering 98.52% and 98.37% respectively. KPMG LLP was appointed as the company’s auditor, and shareholder votes approved executive compensation plans with 86.52% in favor. The final voting results will be filed on SEDAR.
Ballard Power Systems (NASDAQ: BLDP) has received purchase orders for 13 FCmove™ fuel cell modules from Solaris Bus & Coach to power fuel cell electric buses in Frankfurt. The buses, each 12-meters long, can travel 350 kilometers on a single hydrogen refuel and offer various passenger amenities. This order is part of ICB's initiative to implement climate-friendly public transport, aligning with Frankfurt's climate neutrality goals by 2050. Ballard will deliver the modules in 2021, with bus deployment planned for 2022.
Ballard Power Systems (NASDAQ: BLDP) reported Q1 2021 financial results, revealing revenue of $17.6 million, a 26% decline year-over-year. The company maintains strong cash reserves of $1.27 billion, reflecting a 600% increase from Q1 2020. Despite lower sales in heavy-duty motive applications, Ballard sees growth potential through strategic collaborations in various sectors including bus and truck markets. However, gross margin declined to 15%, and net loss reached $17.8 million, a 36% increase compared to last year.
Ballard Power Systems (NASDAQ: BLDP) and Linamar have formed a strategic alliance to co-develop and sell fuel cell powertrains and components for class 1 and 2 vehicles, targeting markets in North America and Europe. The partnership aims to develop a fuel cell powertrain solution, leveraging Ballard's fuel cell technology and Linamar's manufacturing capabilities. This collaboration is positioned to address increasing demand for zero-emission vehicles, particularly those with long duty cycles and rapid refueling needs. The potential formation of a joint venture following testing is also highlighted.
Ballard Power Systems (NASDAQ: BLDP) announced its membership in the Hydra Consortium, aimed at decarbonizing the mining sector by replacing diesel with renewable hydrogen for heavy-duty mobile equipment. The Consortium, which includes Mining3 and ENGIE, will focus on developing a hydrogen fuel cell-powered powertrain, testing a 200-kilowatt prototype. The project has support from Chile's CORFO and industry players, including Mitsui & Co. and Thiess. The initiative addresses emissions reduction targets in mining, offering zero-emission solutions with significant market potential.
Ballard Power Systems (NASDAQ: BLDP) announced plans to provide fuel cell modules to Sierra Northern Railway for a zero-emission switching locomotive. The project is partially funded by a $4 million award from the California Energy Commission, with a purchase order expected by mid-2021. Ballard's 200-kilowatt FCmove®-HD modules will be delivered by 2022, aiming to replace diesel locomotives and enhance air quality. The initiative could reduce diesel use by over 12 million gallons annually, promoting zero-emission technologies in California's rail industry.
Ballard Power Systems (NASDAQ: BLDP) will host a conference call on May 4, 2021, at 8:00 a.m. PT to discuss Q1 2021 operating results. Interested parties can join the call by dialing +1-604-638-5340 or via a live webcast on their website. The event will be archived in the 'Earnings, Interviews & Presentations' section post-call. Ballard aims to provide zero-emission PEM fuel cells for various mobility applications, promoting a sustainable planet.
Ballard Power Systems (NASDAQ: BLDP) announced the filing of a final short form base shelf prospectus, allowing it to offer securities up to an aggregate initial offering price of US$1.5 billion over 25 months, effective until April 2023. The prospectus has been filed across Canada and a corresponding shelf registration statement with the US SEC. These filings provide the Company flexibility for future capital raises, although sales cannot occur until the registration statement becomes effective.
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