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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 the appointment of Mark Biznek as Chief Operating Officer, effective immediately. With over 30 years of experience in operations and manufacturing, Biznek has held various leadership roles, including a decade at Kohler Power Systems. His expertise will support Ballard's transition to commercial scale manufacturing. Additionally, Jyoti Sidhu will focus fully on her role as Chief People Officer, facilitating an orderly transition. The company emphasizes its commitment to sustainability and decarbonization strategies.
Amogy Inc. has signed a contract with Ballard Power Systems (NASDAQ: BLDP) to purchase three 200kW FCwaveTM engines for maritime ammonia-to-power applications. This collaboration aims to leverage Ballard's zero-emission fuel cell technology to support Amogy's sustainable maritime solutions. The first engines are set for delivery in 2023, with a follow-on order expected after initial project success. This partnership aligns with the International Maritime Organization’s emission reduction targets for 2030 and 2050, promising significant advancements in the maritime sector.
Ballard Power Systems (NASDAQ: BLDP) has secured a purchase order from Solaris Bus & Coach for 25 hydrogen fuel cell engines. These 70kW fuel cells will power Solaris' Urbino 12 hydrogen buses, aimed at improving air quality in Polish cities. The deployment, partially funded by the National Fund for Environmental Protection, is part of MPK Poznań's initiative to increase its zero-emission fleet from 18% to 25% by 2028. The delivery is expected in the second half of 2023, signaling the growing demand for clean transportation solutions in Europe.
Ballard Power Systems (NASDAQ: BLDP) and Fusion Fuel (NASDAQ: HTOO) successfully commissioned the H2Évora green hydrogen plant in Portugal on November 10, 2022. The facility, consisting of 15 HEVO-Solar units, will produce 15 tons of green hydrogen annually and reduce CO2 emissions by 135 tons. Ballard provided a 200-kilowatt FCwave fuel cell module for converting hydrogen into electricity, allowing power sales during peak demand. This project demonstrates the viability of hydrogen for flexible energy storage and supports Portugal's green energy goals.
Ballard Power Systems (NASDAQ: BLDP) reported Q3 2022 financial results on Nov. 7, revealing total revenue of $21.3 million, a 15% decrease year-over-year. Power Products revenue fell 2% to $15.9 million. Heavy-Duty revenues grew 8% to $12.1 million, while Material Handling and Technology Solutions revenues declined significantly. Gross margin was at (22)%, down 33 points. The company announced a planned $130 million investment in a Shanghai MEA manufacturing facility. Order backlog increased 11% to $102 million, with Europe contributing over half.
Ballard Power Systems (NASDAQ: BLDP) will hold a conference call on November 7, 2022, at 8:00 a.m. PT to discuss its Q3 2022 operating results. Investors can dial +1-604-638-5340 for access or listen via webcast on www.ballard.com. Following the call, the archived webcast will be available in the 'Earnings, Interviews & Presentations' section of the Investors page. Ballard aims to lead in fuel cell technology for zero-emission applications.
Ballard Power Systems (NASDAQ: BLDP) announced its "local for local" manufacturing strategy aimed at expanding its global footprint in Europe, the U.S., and China through 2030. The company will invest approximately $130 million to establish a new manufacturing facility for membrane electrode assemblies (MEAs) in Shanghai's Jiading District, projected to produce 13 million MEAs annually. This facility will reduce manufacturing costs and support fuel cell engine production for various markets, including a joint venture with Weichai Power. The facility is set to begin operations in 2025.
Ballard Power Systems (NASDAQ: BLDP) has secured an order from Stadler Rail AG to supply six 100 kW FCmoveTM-HD+ fuel cell engines. This contract marks a significant milestone as it will power the first hydrogen train in the United States, set to be operational in San Bernardino, California, by 2024, seating over 100 passengers. The contract, awarded by the San Bernardino County Transportation Authority, also includes the option for more trains in the future. Ballard CEO Randy MacEwen emphasized the role of hydrogen in reducing emissions in transportation.
Ballard Power Systems (NASDAQ: BLDP) announced a significant order for 14 fuel cell modules from Siemens Mobility to power a fleet of seven Mireo Plus H passenger trains, with deliveries starting in 2023. Additionally, Siemens signed a letter of intent for a total of 200 modules over six years, including a firm commitment for 100 modules. This collaboration highlights the advancement of zero-emission commuter rail in Europe, particularly in the Berlin-Brandenburg region, aiming for the trains to be operational by late 2024.
Ballard Power Systems (NASDAQ: BLDP) announced a minority equity investment in Quantron AG to foster fuel cell truck development. This investment is part of a €50 million financing round, enabling Quantron to advance its truck fuel cell vehicle platforms. Ballard will supply 140 FCmoveTM modules, with delivery expected in 2023-2024. The partnership aims to meet the growing demand for zero-emission transport, particularly in Europe and the U.S., with plans to unveil a new fuel cell truck in Germany.
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