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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 (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.
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.
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