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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 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.
Ballard Power Systems (NASDAQ: BLDP) announced the filing of a preliminary short form base shelf prospectus allowing for securities offerings over the next 25 months. This will enable offerings up to US$1.5 billion until April 2023. The prospectus has been filed across Canada and a corresponding registration statement with the U.S. SEC. The final prospectus is expected in April 2021, replacing the June 2020 shelf prospectus.
Ballard Power Systems (NASDAQ: BLDP) announced that its proton exchange membrane (PEM) fuel cells have powered Fuel Cell Electric Vehicles (FCEVs) for over 75 million kilometers, primarily in China. This milestone highlights Ballard's leadership in zero-emission technologies for Heavy- and Medium-Duty applications, including buses and trucks. The company's experience contributes to reliable, durable products, with 80% of the distance achieved in China and extensive field operations proving their long-term performance. The total market for zero-emission modules is projected to exceed $130 billion annually.
Ballard Power Systems (NASDAQ: BLDP) announced its FCmove® fuel cell module is powering New Zealand's first Fuel Cell Electric Bus (FCEB), built by Global Bus Ventures. This FCEB, tested in Rolleston, is set for deployment with Auckland Transport later this month. New Zealand aims for net zero emissions by 2050, supporting projects like this bus. Both companies emphasize the importance of fuel cells in heavy-duty applications, highlighting Ballard's expertise in the sector.
Ballard Power Systems (BLDP) reported Q4 revenue of $28.6 million and full year revenue of $103.9 million, reflecting a 32% decrease year-over-year in Q4. Despite challenges from COVID-19, the company made significant strides in its growth strategy, including the commissioning of the Weichai-Ballard joint venture in China. Year-end cash reserves were $763.4 million, a significant increase. However, the gross margin fell to 20% with an adjusted EBITDA loss of $38.9 million for the year. Looking ahead, Ballard plans to increase investments in technology and strategic partnerships.
Ballard Power Systems (NASDAQ: BLDP) announced the appointment of Paul Dobson as Senior Vice-President and Chief Financial Officer, effective March 29, 2021. He replaces retiring CFO Tony Guglielmin, who served since 2010 and will assist in the transition until May 31, 2021. Dobson brings over 25 years of experience, particularly in the energy sector, and aims to drive growth and pursue M&A opportunities. The appointment follows a comprehensive search process, with Dobson previously serving in senior financial roles at Hydro One and Direct Energy.
Ballard Power Systems (NASDAQ: BLDP) and Canadian Pacific (CP) announced a partnership for CP's Hydrogen Locomotive Program, utilizing Ballard's fuel cell modules to deliver 1.2 megawatts of electricity. This initiative aims to retrofit a diesel locomotive into a hydrogen-powered freight train, marking North America's first such development. Ballard plans to supply six 200-kilowatt modules in 2021, with further integration support. The collaboration emphasizes a commitment to zero-emission rail transport and reflects significant potential in reducing freight train emissions.
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.
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