Ballard Power - BLDP STOCK NEWS

Ballard Power Systems (NASDAQ: BLDP) announced a purchase order for 10 fuel cell modules from Van Hool, aimed at powering A330 buses in Emmen, Netherlands. The modules will be delivered in 2021 for deployment under the JIVE2 program, with a hydrogen refueling station being developed by Shell. The A330 buses will operate with an annual consumption of 60-90 tons of green hydrogen, showcasing Ballard's commitment to zero-emission public transport. CEO Filip Van Hool expressed hopes for increased market integration of fuel cell technology across European cities.

Ballard Power Systems (BLDP) commends Canada's Federal Government for launching the Hydrogen Strategy for Canada, aimed at achieving carbon neutrality by 2050. This strategy positions hydrogen as a key element in decarbonizing sectors such as transit and freight transport, promoting zero-emission fuel cell technologies. Ballard anticipates significant business opportunities and job growth as it boosts its operations in the renewable energy sector. CEO Randy MacEwen highlights the vision of having up to 30% of Canada's energy from hydrogen by 2050, along with a nationwide hydrogen refueling network.

Ballard Power Systems (NASDAQ: BLDP) has signed a collaboration agreement with Eltek Nordic to provide fuel cell backup power solutions for telecom networks in Nordic countries, particularly Norway, Denmark, and Iceland. The partnership leverages Ballard's FCgen®-H2PM fuel cell backup systems, highlighting their reliability and competitive cost over a 15-year lifespan. The collaboration aims to enhance the reliability of critical communication infrastructure, especially during grid outages, and follows previous successful projects between the companies.

Ballard Power Systems announced the successful closing of a bought deal offering, raising US$402.5 million by issuing 20,909,300 common shares at a price of US$19.25 per share. This includes an over-allotment exercise by underwriters, which bought an additional 2,727,300 common shares. National Bank Financial and Raymond James served as joint bookrunners for the offering, which aims to support the company's vision of delivering zero-emission fuel cell power for various mobility applications.

Ballard Power Systems (NASDAQ: BLDP) reported Q3 2020 revenue of $25.6 million, a 4% increase from the previous year, driven by higher shipments in Heavy-Duty Motive and Backup Power products. However, the gross margin fell to 19%, a decline of 6 percentage points due to a lower product mix. Adjusted EBITDA was ($7.7 million), reflecting increased operational costs. Cash reserves reached $361.7 million, up 136% year-over-year, bolstered by an At-The-Market Equity Program. The company announced significant partnerships, including an agreement with MAHLE for fuel cell systems and collaborations with Audi and Honeywell.

Ballard Power Systems (NASDAQ: BLDP) has entered definitive agreements with AUDI AG to expand its rights to use the FCgen®-HPS fuel cell stack. This high-performance stack, offering a volumetric power density of 4.3 kW/L, will be utilized in various applications, including commercial trucks and passenger vehicles. The stack features maximum power output of 140 kW, operation at temperatures up to 95°C, and cold weather capabilities down to -28°C. Ballard continues to push the boundaries of PEM fuel cell technology, aiming to bolster sustainable electrification of mobility.

Ballard Power Systems (NASDAQ: BLDP) has divested its Unmanned Aerial Vehicle (UAV) business to Honeywell International. This strategic move focuses on Ballard's core business in Heavy- and Medium-Duty Motive markets, where they anticipate growth through 2030. All UAV employees will transition to Honeywell Aerospace. Financial terms of the transaction remain undisclosed, but both companies plan to collaborate in fuel cell technology for aerospace applications. Ballard's CEO emphasizes a positive outlook for fuel cell propulsion systems in UAV markets, despite divesting the non-core UAV operations.

Ballard Power Systems (NASDAQ: BLDP) will host a conference call on November 6, 2020, at 8:00 a.m. PT to discuss its third quarter 2020 operating results. Interested parties can dial +1-604-638-5340 or access a live webcast via Ballard's homepage. The archived webcast will be available in the 'Earnings, Interviews & Presentations' section of the 'Investors' area on the company's website post-call. Ballard focuses on fuel cell solutions for zero-emission transportation in various sectors.

Ballard Power Systems (NASDAQ: BLDP) successfully hosted its 2020 Investor and Analyst Day virtually on September 29, showcasing its strategic focus on hydrogen and fuel cell technology. Key announcements included the launch of the FCwave fuel cell module for marine propulsion and the FCgen-HPS stack for various vehicle classes. The company also announced a collaboration with MAHLE for zero-emission systems and a 6x expansion in production capacity for membrane electrode assemblies. The event highlighted Ballard's leadership in the clean energy sector.