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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) has delivered two 200 kW FCwaveTM fuel cell modules to Norled A/S, Norway's leading ferry operator, for the world's first liquid hydrogen-powered ferry, MF Hydra. Set to launch later this year, the ferry will carry up to 300 passengers and 80 cars on its triangular route in Norway. The modules, which meet marine industry standards, represent a pivotal advancement in zero-emission maritime technology, aligning with Norway's goal to reduce emissions by 50% by 2030.
Ballard Power Systems (NASDAQ: BLDP) and Chart Industries (NYSE: GTLS) have successfully tested a fuel cell powered by liquid hydrogen. This collaboration, building on a joint development MOU from February 2021, utilized Ballard's FCmove™-HD fuel cell and Chart's HLH2 vehicle fuel system. The testing demonstrated the advantages of liquid hydrogen, offering up to double the range for heavy-duty vehicles without impacting payload. The companies aim to explore potential applications for liquid hydrogen in long-distance transport, including trucks and marine vessels.
Ballard Power Systems (NASDAQ: BLDP) has received an order for eight additional 200 kW fuel cell modules to expand Canadian Pacific's Hydrogen Locomotive Program from one to three locomotives, with delivery expected in 2022. This brings the total number of modules provided by Ballard to 14. The expansion is supported by C$15 million in funding from Emissions Reduction Alberta. The project aims to shift from diesel-electric to hydrogen-electric powertrains, representing a significant move towards decarbonizing heavy-freight transportation.
Ballard Power Systems (NASDAQ: BLDP) has secured orders for 31 hydrogen fuel cell modules, totaling 3 MW, from a leading global construction and electric power manufacturer for tests and deployment across various applications. The delivery is scheduled for 2022 and 2023 to align with integration and testing plans. This marks a significant commercial milestone for Ballard's new FCmove-HD+ engines, showcasing improved efficiency and lower ownership costs, thereby enhancing their competitive edge in zero-emission solutions for heavy-duty applications.
Ballard Power Systems (NASDAQ: BLDP) announced the appointment of Ms. Kathleen Bayless to its Board of Directors effective December 9, 2021. Ms. Bayless will also serve on the Audit Committee, bringing extensive financial management experience from high-growth global organizations. Her background includes executive roles at Synaptics and Komag, alongside her tenure at Ernst & Young. Ms. Bayless aims to support Ballard in accelerating the adoption of zero-emission hydrogen fuel cells and driving long-term shareholder value.
Ballard Power Systems (NASDAQ: BLDP) announced the acquisition of Arcola Energy, a UK-based company specializing in hydrogen fuel cell powertrain integration, for up to US$40 million. The acquisition aims to enhance Ballard's capabilities in supporting OEM customers with fuel cell integration for heavy-duty vehicles. Arcola brings over 10 years of experience and approximately 90 employees. This strategic move aligns with global trends towards zero-emission transportation, especially in light of COP26 discussions on decarbonization, positioning Ballard for growth.
On November 8, 2021, Ballard Power Systems (NASDAQ: BLDP) released its Q3 2021 financial results, reporting revenues of $25.2 million, a 2% decline year-over-year, mainly due to reduced Heavy-Duty Motive segment revenues. Gross margin decreased to 11%, an 8-point drop. Despite these challenges, cash reserves stood strong at $1.2 billion, up 238% from Q3 2020. The company noted significant customer engagement and ongoing investments in technology and partnerships, setting a positive outlook for 2022 with an order backlog of $108.5 million.
Ballard Power Systems (NASDAQ: BLDP) announced orders for 40 FCmoveTM-HD modules, set for deployment in hydrogen fuel cell electric buses across Europe in 2022. The cities involved include Rouen, Pau, and several in Germany, marking a significant expansion of zero-emission buses. With nearly 160 hydrogen FCEBs in service, this represents an 80% increase since October 2020. Additionally, Ballard has around 150 fuel cell modules on order for further deployments, indicating strong growth prospects in the European market.
Ballard Power Systems (NASDAQ: BLDP) will hold a conference call on November 9, 2021 at 8:00 a.m. PT to discuss its third quarter 2021 operating results. Interested parties can join the call by dialing +1-604-638-5340 or via a live webcast on Ballard's website. Post-call, the webcast will be archived for future access. Ballard aims to promote zero-emission PEM fuel cells for various mobility sectors, including buses, trucks, and marine vessels.
Ballard Power Systems (NASDAQ: BLDP) has entered an Equipment Supply Agreement to supply 8 fuel cell modules to Talgo S.A. for its Vittal-One passenger train. Trials are set for early 2022 in Spain, with hopes for commercialization in 2023. This collaboration underscores the growing adoption of zero-emission technology in rail transport, as highlighted by Talgo's commitment to replace diesel with hydrogen. The innovative modular system will allow upgrades from diesel to hydrogen power, helping to reduce carbon footprints and improve mobility.
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