Ballard Power Stock Price, News & Analysis

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 FCmove^TM-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.