Ballard Power Stock Price, News & Analysis

Ballard Power Systems (NASDAQ: BLDP) announced a significant milestone as its proton exchange membrane (PEM) fuel cells now power Fuel Cell Electric Vehicles (FCEVs) for over 150 million kilometers, equivalent to circling the Earth over 3,700 times. This achievement highlights the deployment of Ballard fuel cells in more than 3,800 buses and trucks across 15 countries. CEO Randy MacEwen emphasized the focus on zero-emission mobility, reliability, and total cost of ownership, reflecting increasing customer interest in hydrogen fuel cells for various applications. The company aims to optimize its products while maintaining operational efficiencies.

Ballard Power Systems (NASDAQ: BLDP) reported its Q4 2022 financial results with a total revenue of $20.5 million, down 44% year-over-year. The company's Order Backlog reached $133.4 million, more than double from Q4 2021, driven by robust orders in Europe. However, challenges in the Chinese market and low activity at the Weichai-Ballard JV affected performance, leading to a gross margin of (29)%. The company ended the year with $913.7 million in cash reserves but reported an adjusted EBITDA of ($46.4) million, a decline from last year. Looking ahead, Ballard plans to invest in technology and product development while managing expenses in a growing hydrogen market.

Ballard Power Systems (NASDAQ: BLDP) and First Mode announced a purchase order for 30 hydrogen fuel cell modules, totaling 3 megawatts, to power hybrid hydrogen and battery mining haul trucks. This collaboration aims to reduce diesel fuel use by approximately 2,600 tons annually, significantly contributing to the mining industry's decarbonization efforts, which accounts for about 7% of global carbon emissions. The fuel cells will be integrated into new powerplants in Seattle and installed in ultra-class trucks operated at First Mode's Proving Grounds. This partnership further enhances Ballard's position in the fuel cell commercialization market, particularly in hard-to-abate sectors.

On February 9, 2023, Ballard Power Systems (NASDAQ: BLDP) announced the retirement of board member Duy-Loan Le, effective February 28, 2023. Le has served on the Board since 2017, contributing her expertise in technology development and commercialization. Jim Roche, Ballard's Chair, acknowledged her significant contributions and wished her well in future endeavors. As a leader in zero-emission PEM fuel cell technology, Ballard aims to support sustainable electrification across various sectors, including transportation and stationary power.

Ballard Power Systems (NASDAQ: BLDP) will host a conference call on March 17, 2023, at 8:00 a.m. PT, to discuss Q4 and full year 2022 operating results. Investors can join the call by dialing +1-604-638-5340 or via a live webcast available on Ballard's website. The call will be archived in the 'Earnings, Interviews & Presentations' section for future access. Ballard Power aims to provide zero-emission PEM fuel cells for various sectors including transportation and stationary power, reflecting its commitment to sustainability.

Ballard Power Systems (NASDAQ: BLDP) announced a significant order for a fuel cell system from CrossWind, a joint venture between Shell and Eneco, for the Hollandse Kust Noord offshore wind project in the Netherlands. The project, with a capacity of 759 MW, aims to generate over 3.3 TWh annually, enough to power more than 1 million households. Ballard will deliver a 1 MW fuel cell system in 2024, marking its second stationary power deployment in Europe. This initiative showcases the role of hydrogen fuel cells in integrating renewable energy and enhancing energy storage capabilities.

On January 17, 2023, Ballard Power Systems (NASDAQ: BLDP) announced a collaboration with Adani Enterprises Ltd to develop Asia's first hydrogen fuel cell electric truck (FCET) for mining logistics. The project, expected to launch in India later in 2023, will utilize Ballard's FCmove fuel cell engine and is anticipated to support Adani’s commitment to invest over USD 50 billion in green hydrogen initiatives over the next decade. This initiative aims to bolster India's green transportation efforts, featuring a 55-ton truck with a 200-km range powered by Ballard's 120 kW PEM fuel cell technology.

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 FCwave^TM 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.