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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) will host a virtual Investor and Analyst Day 2020 on September 29, 2020, at 7:00 AM PT. This event aims to share insights on the PEM fuel cell sector and Ballard's strategy, amidst rising interest in the hydrogen economy.
Participants will hear from the company's leadership and a panel of clean energy experts. Key agenda topics include corporate strategy, market updates from China, Europe, and North America, and the product roadmap. More details are available on the company’s website.
Ballard Power Systems (NASDAQ: BLDP) launched the FCgen®-HPS, a high-performance, zero-emission fuel cell stack for various vehicles, achieving a volumetric power density of 4.3 kW/L. Designed to automotive standards in collaboration with AUDI, this new product supports applications in bus, rail, marine, construction, and aerospace sectors. The FCgen®-HPS boasts a maximum power output of 140 kW and rugged cold-weather capabilities. Ballard signed a non-binding Memorandum of Understanding with AUDI to expand the product's usage across all applications, including trucks and passenger cars.
Ballard Power Systems (NASDAQ: BLDP) launched the FCwave™, the fuel cell industry's first module for primary propulsion in marine vessels. This 200-kilowatt (kW) modular unit can scale to multi-megawatt levels, targeted at ferries and other marine applications. Ballard emphasizes zero-emission solutions crucial for meeting the United Nations maritime carbon reduction targets. The FCwave™ offers features like over 30,000 hours of operational lifetime, >55% efficiency, and modular flexibility. It is currently undergoing Type Approval with DNV-GL and will be showcased on September 10, 2020.
Ballard Power Systems (NASDAQ: BLDP) announced it has established an at-the-market Equity Distribution Agreement, allowing for the issuance of up to US$250 million in common shares. This program will be executed through various agents in both the US and Canada, with shares sold at prevailing market prices. The net proceeds will be utilized for general corporate purposes. Sales will begin at the company's discretion and can vary among purchasers. The program was organized under both Canadian and US regulatory frameworks.
Ballard Power Systems (NASDAQ: BLDP) reported Q2 2020 revenue of $25.8 million, a 9% year-over-year increase, with a gross margin of 21%. The company maintained cash reserves of $170.3 million despite challenges posed by COVID-19. Heavy duty motive product shipments surged by 94%, while technology solutions revenue fell 29% due to reduced program scope. Adjusted EBITDA was ($8.6 million), worsening from ($5.0 million) in Q2 2019. Notable contracts include orders from Wrightbus for fuel cell electric buses in the UK and a joint venture in China ramping up production.
Ballard Power Systems (NASDAQ: BLDP) announced that its fuel cell technology has powered Fuel Cell Electric Vehicles (FCEVs) for over 50 million kilometers, a significant achievement increasing more than five times since 2017. This milestone includes approximately 1,000 Fuel Cell Electric Buses and 2,200 commercial trucks, with 70% of the distance covered in China. The company emphasizes its fuel cells' reliability and performance as the industry pivots towards zero-emission transportation.
Ballard Power Systems (NASDAQ: BLDP) will conduct a conference call on August 6, 2020, at 8:00 a.m. PT to discuss its Q2 2020 operating results. This call is crucial for analysts and investors to gain insights into the company's performance and future prospects. The live call can be accessed by dialing +1-604-638-5340 or via a live webcast on the company’s homepage. An archived version of the webcast will be available in the 'Earnings, Interviews & Presentations' section of the 'Investors' area post-call. For further details, visit www.ballard.com.
Ballard Power Systems (NASDAQ: BLDP) recently secured a purchase order worth $7.7 million for membrane electrode assemblies (MEAs) from Guangdong Synergy Ballard Hydrogen Power Co., Ltd., a joint venture in which it holds a 10% stake. This order is part of a long-term supply agreement established in 2019. The MEAs are critical components in fuel cell stacks, which convert hydrogen and oxygen into electricity. Ballard's technology currently powers over 650 buses and 2,200 trucks in China, indicating strong market demand for zero-emission solutions.
On June 25, 2020, the California Air Resources Board (CARB) established the Advanced Clean Truck Regulation, mandating a transition to zero-emission trucks by 2045. Ballard Power Systems (NASDAQ: BLDP) supports this initiative, highlighting the regulation's potential to significantly reduce pollution from trucks, which are responsible for 70% of California's smog. The regulation requires increasing percentages of sales for zero-emission trucks starting in 2024, with Ballard emphasizing the advantages of hydrogen fuel cells for commercial trucks. The global market for fuel cell engines in commercial trucks is estimated at over $120 billion annually.
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