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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 conference call scheduled for May 10, 2023, at 8:00 a.m. Pacific Time to discuss first quarter 2023 operating results. Investors can access the call by dialing +1-604-638-5340 or via live webcast on the company’s website. Following the call, the webcast will be archived in the ‘Earnings, Interviews & Presentations’ section of the Investors area.
Ballard aims to drive the transition to a sustainable future through its zero-emission PEM fuel cells, which support electrification across mobility sectors including buses and commercial vehicles. For more information about Ballard Power Systems, visit their website.
Ballard Power Systems (NASDAQ: BLDP) has officially joined the United Nations Global Compact, a significant initiative aimed at promoting responsible business practices worldwide. This platform encourages companies to align their operations with ten key principles encompassing human rights, labor, environmental sustainability, and anti-corruption.
CEO Randy MacEwen expressed pride in this commitment, asserting that it enhances Ballard's dedication to delivering fuel cell power for a sustainable future. With over 15,000 companies participating globally, the UN Global Compact aims to drive collective impact in achieving the Sustainable Development Goals.
For more on Ballard's sustainability efforts, visit their website.
Ballard Power Systems (NASDAQ: BLDP) announced a significant milestone as its proton exchange membrane (PEM) fuel cells now power Fuel Cell Electric Vehicles (FCEVs) for over 150 million kilometers, equivalent to circling the Earth over 3,700 times. This achievement highlights the deployment of Ballard fuel cells in more than 3,800 buses and trucks across 15 countries. CEO Randy MacEwen emphasized the focus on zero-emission mobility, reliability, and total cost of ownership, reflecting increasing customer interest in hydrogen fuel cells for various applications. The company aims to optimize its products while maintaining operational efficiencies.
Ballard Power Systems (NASDAQ: BLDP) reported its Q4 2022 financial results with a total revenue of $20.5 million, down 44% year-over-year. The company's Order Backlog reached $133.4 million, more than double from Q4 2021, driven by robust orders in Europe. However, challenges in the Chinese market and low activity at the Weichai-Ballard JV affected performance, leading to a gross margin of (29)%. The company ended the year with $913.7 million in cash reserves but reported an adjusted EBITDA of ($46.4) million, a decline from last year. Looking ahead, Ballard plans to invest in technology and product development while managing expenses in a growing hydrogen market.
Ballard Power Systems (NASDAQ: BLDP) and First Mode announced a purchase order for 30 hydrogen fuel cell modules, totaling 3 megawatts, to power hybrid hydrogen and battery mining haul trucks. This collaboration aims to reduce diesel fuel use by approximately 2,600 tons annually, significantly contributing to the mining industry's decarbonization efforts, which accounts for about 7% of global carbon emissions. The fuel cells will be integrated into new powerplants in Seattle and installed in ultra-class trucks operated at First Mode's Proving Grounds. This partnership further enhances Ballard's position in the fuel cell commercialization market, particularly in hard-to-abate sectors.
On February 9, 2023, Ballard Power Systems (NASDAQ: BLDP) announced the retirement of board member Duy-Loan Le, effective February 28, 2023. Le has served on the Board since 2017, contributing her expertise in technology development and commercialization. Jim Roche, Ballard's Chair, acknowledged her significant contributions and wished her well in future endeavors. As a leader in zero-emission PEM fuel cell technology, Ballard aims to support sustainable electrification across various sectors, including transportation and stationary power.
Ballard Power Systems (NASDAQ: BLDP) will host a conference call on March 17, 2023, at 8:00 a.m. PT, to discuss Q4 and full year 2022 operating results. Investors can join the call by dialing +1-604-638-5340 or via a live webcast available on Ballard's website. The call will be archived in the 'Earnings, Interviews & Presentations' section for future access. Ballard Power aims to provide zero-emission PEM fuel cells for various sectors including transportation and stationary power, reflecting its commitment to sustainability.
Ballard Power Systems (NASDAQ: BLDP) announced a significant order for a fuel cell system from CrossWind, a joint venture between Shell and Eneco, for the Hollandse Kust Noord offshore wind project in the Netherlands. The project, with a capacity of 759 MW, aims to generate over 3.3 TWh annually, enough to power more than 1 million households. Ballard will deliver a 1 MW fuel cell system in 2024, marking its second stationary power deployment in Europe. This initiative showcases the role of hydrogen fuel cells in integrating renewable energy and enhancing energy storage capabilities.
On January 17, 2023, Ballard Power Systems (NASDAQ: BLDP) announced a collaboration with Adani Enterprises Ltd to develop Asia's first hydrogen fuel cell electric truck (FCET) for mining logistics. The project, expected to launch in India later in 2023, will utilize Ballard's FCmove fuel cell engine and is anticipated to support Adani’s commitment to invest over USD 50 billion in green hydrogen initiatives over the next decade. This initiative aims to bolster India's green transportation efforts, featuring a 55-ton truck with a 200-km range powered by Ballard's 120 kW PEM fuel cell technology.
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