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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) 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.
Ballard Power Systems (NASDAQ: BLDP) reported Q1 2022 consolidated financial results, achieving $21.0 million in revenue, a 19% year-over-year increase. New orders reached $27.8 million, primarily from Europe. Operating expenses rose to $30.3 million, a 69% increase compared to Q1 2021, and gross margin fell to (1%), down 16 points. Cash reserves totaled approximately $1.1 billion, supporting growth strategy amidst inflationary pressures. The company maintains its 2022 guidance for operating expenses between $140-$160 million.
Ballard Power Systems (NASDAQ: BLDP) has scheduled a conference call for May 9, 2022, at 8:00 a.m. Pacific Time to discuss its first quarter 2022 operating results. Investors can participate by calling +1-604-638-5340 or joining a live webcast available on Ballard's website. The call will provide insights into the company’s financial performance and strategic direction in the context of its vision for a sustainable planet through fuel cell technology.
Ballard Power Systems (NASDAQ: BLDP) has received Europe's first Type Approval from DNV for its marine fuel cell module, FCwave™, marking a key milestone in the commercialization of its technology. This approval eliminates significant barriers for deploying zero-emission solutions in the marine sector, helping to meet the International Maritime Organization's GHG emissions targets. The scalable FCwave™ module, rated at 200kW, can replace conventional diesel engines, promoting sustainable energy solutions across various vessel types.
Ballard Power Systems (BLDP) reported Q4 and full-year 2021 financial results, showing total revenue of $36.7 million for Q4, up 28% year-over-year, and $104.5 million for the full year, flat compared to 2020. Power Products revenue surged 77% in Q4 to $26.6 million, driven by sales growth primarily in heavy-duty applications. However, gross margin decreased to 13%, impacted by rising costs. Operating expenses grew by 65% in Q4 and 68% for the year. The company ended Q4 with a cash reserve of $1.1 billion and an order backlog of $93.1 million, signaling positive future prospects.
Ballard Power Systems (NASDAQ: BLDP) and ABB have received an Approval in Principle (AiP) from DNV for a new fuel cell concept capable of generating 3 megawatts (4,000 HP) of power. This milestone confirms the feasibility of the design, paving the way for commercial applications in maritime vessels. The fuel cell solution targets diverse use cases, emphasizing zero-emission operations in sensitive areas. The collaboration builds on three years of joint development, with both companies committed to enhancing efficiency and sustainability in the shipping industry.
Ballard Power Systems (NASDAQ: BLDP) has signed a non-binding MOU with the Adani Group to assess opportunities for collaboration in fuel cell commercialization in India. The partnership aims to explore options for fuel cell manufacturing and deployment in mobility and industrial applications. Adani Group, a major player in renewable energy, has committed to investing US$70 billion in renewable projects, positioning itself to be a leading green hydrogen producer. Both companies are eager to leverage their complementary strengths for India's energy transition.
Ballard Power Systems (NASDAQ: BLDP) will hold a conference call on March 14, 2022, at 8:00 a.m. Pacific Time, to discuss its Q4 and full year 2021 operating results. Investors can join the call by dialing +1-604-638-5340 or accessing the live webcast via Ballard's website. The archived webcast will be available in the 'Earnings, Interviews & Presentations' section of the Investors' area post-call. Ballard focuses on zero-emission PEM fuel cells to support sustainable mobility solutions across various vehicles.
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