Welcome to our dedicated page for Ballard Power Systems news (Ticker: BLDP), a resource for investors and traders seeking the latest updates and insights on Ballard Power Systems stock.
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 significant order for fuel cell modules from Medha Servo Drives to support India's first hydrogen-powered trains, contracted by Indian Railways. The project will integrate 8 units of 100 kW FCmoveTM-HD+ fuel cells into two retrofitted diesel-electric trains, expected to reduce CO2 emissions by over 11 tons annually. This initiative aims to enhance economic viability compared to diesel, with a payback period under two years. Modules are slated for shipment in 2023, with trains operational by 2024.
Ballard Power Systems (NASDAQ: BLDP) announced the appointment of Mircea Gradu as Chief Engineering Officer effective August 29, 2022. Gradu brings over 25 years of experience in the automotive industry, particularly in electric vehicles and powertrain development. His expertise is expected to drive the company’s product development for low-cost fuel cell engines. Gradu has held various leadership roles at prominent automotive companies and holds a Doctorate in Engineering. His role will complement existing technology leadership at Ballard, aiming to innovate fuel cell technology for zero-emission engines.
Ballard Power Systems (NASDAQ: BLDP) announced its Q2 2022 financial results, reporting revenues of $20.9 million, down 16% year-over-year. The company secured new orders totaling $12.3 million, but faced gross margin compression, finishing the quarter with a gross margin of -11%. Operating expenses surged by 58% to $38.5 million, largely due to increased spending on research and development. Despite a solid cash balance of $1 billion and a backlog of $91.2 million, Ballard revised its 2022 operating expense and capital expenditure guidance downward due to a challenging macroeconomic environment.
Ballard Power Systems (NASDAQ: BLDP) will hold a conference call on August 10, 2022, at 8:00 a.m. PT to discuss its second quarter 2022 operating results. Interested parties can join the call by dialing +1-604-638-5340 or access a live webcast on Ballard's homepage. The call will also be archived for later viewing in the 'Earnings, Interviews & Presentations' section of the website. Ballard focuses on delivering fuel cell power solutions for sustainable mobility and energy.
Ballard Power Systems (NASDAQ: BLDP) held its 2022 Annual General Meeting virtually, where all nominees in the Management Proxy Circular dated April 11, 2022, were re-elected as directors. Election results showed strong support, with Kathy Bayless receiving 99.19% approval. Other resolutions included the appointment of KPMG LLP as auditor, approval of executive compensation with 88.04% votes for, and a quorum amendment with 99.16% approval. Shareholders showed confidence in company leadership and governance.
Forsee Power has announced an order from Ballard Motive Solutions to equip 20 zero-emission Refuse Collection Vehicles with its smart battery systems. This order stems from a partnership established in November 2021, which aims to develop an integrated fuel cell and battery solution. The collaboration is designed to improve technological performance, optimize costs, and enhance service life in the heavy vehicle market. The solution includes Ballard's fuel cells and Forsee's PULSE 2.5 battery systems, allowing for 160 km autonomy.
Ballard Power Systems (NASDAQ: BLDP) appointed David Mucciacciaro as Senior Vice President and Chief Commercial Officer effective May 23, 2022. Mucciacciaro, with over 25 years of experience in global commercial leadership from the automotive industry, succeeds Rob Campbell, who is retiring after five years. CEO Randy MacEwen expressed excitement about Mucciacciaro’s expertise as the company transitions to commercial scale deployment in the hydrogen fuel cell market. Campbell will assist in the transition until July 2022.
Ballard Power Systems and Linamar Corporation unveiled a concept hydrogen fuel cell powered class 2 truck chassis at ACT Expo, showcasing advancements in their strategic partnership formed in May 2021. This chassis features Ballard's 8th generation heavy duty fuel cell module, FCmove-HD+, which is more compact and efficient, promising lower lifecycle costs. The platform incorporates Linamar's innovative Rolling Chassis concept and FlexForm hydrogen storage system, enhancing hydrogen storage efficiency. Both companies aim to lead in zero-emission vehicle technology for class 1 and 2 trucks.
Ballard Power Systems (NASDAQ: BLDP) announced a strategic collaboration with Wisdom Motor Company, Templewater Group, and Bravo Transport Services to promote fuel cell electric vehicles (FCEV) in Hong Kong. The partnership includes a Series A funding for Wisdom to enhance R&D and manufacturing of zero-emission vehicles. Ballard will supply its PEM fuel cell technology for Wisdom's products. The collaboration aims to replace Bravo's fleet of over 1,700 buses with zero-emission models by 2050, aligning with Hong Kong's net carbon neutrality goals.
FAQ
What is the current stock price of Ballard Power Systems (BLDP)?
What is the market cap of Ballard Power Systems (BLDP)?
What is Ballard Power Systems Inc. known for?
What recent achievements has Ballard made?
What are Ballard’s core products?
Where does Ballard operate?
What is the FCmove®-XD?
How does Ballard contribute to sustainability?
What financial support has Ballard received recently?
What is Ballard's vision?
Who are Ballard’s major partners?
How can I learn more about Ballard's financial performance?
