Weichai trims Ballard (NASDAQ: BLDP) stake below 15% as board nominees exit
Rhea-AI Filing Summary
Ballard Power Systems reported that Weichai Power’s two nominee directors, Michael Chen and Huajie Wang, have resigned from Ballard’s board, effective May 13. The change follows Weichai’s sale of approximately 6.9 million Ballard common shares through its subsidiary Weichai Power Hong Kong International Development.
After this sale, Weichai now holds less than 15% of Ballard’s outstanding shares. Under the investor rights agreement between the companies, this lower ownership level means Weichai is no longer entitled to appoint directors, ending its formal board representation. Ballard emphasized its ongoing focus on fuel cell commercialization and zero-emission solutions.
Positive
- None.
Negative
- Weichai reduces ownership and exits the board: Weichai sold approximately 6.9 million Ballard shares, now holds under 15% of outstanding shares, and loses its contractual right to appoint board nominees, weakening a previously significant strategic and governance relationship.
Insights
Strategic partner cuts stake, loses board seats; governance impact is notable.
The resignation of Weichai’s two nominee directors and its reduced stake to below 15% mark a clear step back from a major strategic shareholder. Losing the right to appoint directors alters Ballard’s governance balance and ends direct Weichai board influence.
This shift could affect the depth of the Weichai partnership, particularly around China-focused initiatives, even though Ballard publicly reiterates its strategic focus and customer support. Subsequent disclosures in company filings will clarify how collaboration with Weichai evolves after the ownership and board changes.
Key Figures
Key Terms
investor rights agreement financial
nominee directors financial
zero-emission fuel cell solutions technical
PEM fuel cells technical
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 000-53543
| Ballard
Power Systems Inc. ——————————————————————————————————— |
| (Translation of registrant’s name into English) |
| 9000
Glenlyon Parkway Burnaby, BC V5J 5J8 Canada |
| ——————————————————————————————————— (Address of principal executive office) |
| Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☐ Form 20-F ☒ Form 40-F |
SIGNATURES
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| Ballard Power Systems Inc. | ||
| Date: May 14, 2026 | By: | /s/
Kate Igbalode |
| Name: | Kate Igbalode | |
| Title: | Chief Financial Officer | |
EXHIBIT INDEX
Exhibit No. |
Description | |
| 99.1 | News Release Dated May 14, 2026 - Ballard Announces Resignation of Weichai's Nominee Directors and Sale of Weichai's Shares |
Exhibit 99.1
Ballard Announces Resignation of Weichai's Nominee Directors and Sale of Weichai's Shares
VANCOUVER, BC, May 14, 2026 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the resignation of Weichai Power Co., Ltd. ("Weichai") board nominees, Michael Chen and Huajie Wang, from Ballard's Board of Directors effective May 13th.
The resignations follow the sale of approximately 6.9 million Ballard common shares by Weichai Power (the "Share Sale") through its subsidiary, Weichai Power Hong Kong International Development Co., Ltd., ("Weichai Hong Kong"). As a result of the Share Sales, Weichai now owns less than 15% of Ballard's outstanding shares and is no longer entitled to appoint two nominees to Ballard's board of directors under the terms of its investor rights agreement with Ballard, prompting the resignations by Mr. Chen and Mr. Wang. Going forward, Weichai will no longer be entitled to appoint nominees to Ballard's Board of Directors.
"Ballard appreciates Weichai's support and partnership and thanks Michael and Huajie for their contributions as board members in our joint effort to advance fuel cell commercialization opportunities in China and globally," said Jim Roche, Chair of Ballard's Board of Directors.
Ballard remains focused on executing its strategy, supporting customers worldwide, and strengthening its position as a leader in zero-emission fuel cell solutions.
About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission
PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power.
To learn more about Ballard, please visit www.ballard.com.
Further Information
Sumit Kundu – Investor Relations, +1.604.453.3517 or investors@ballard.com
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SOURCE Ballard Power Systems Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2026/14/c2837.html
%CIK: 0001453015
CO: Ballard Power Systems Inc.
CNW 21:30e 14-MAY-26