Ballard (NASDAQ: BLDP) wins 50 MW New Flyer fuel cell bus engine order

Rhea-AI Filing Summary

Ballard Power Systems has reached a commercial agreement with New Flyer, a subsidiary of NFI Group, to supply 500 FCmove®‑HD+ fuel cell engines totaling 50 MW. This is described as New Flyer’s largest single commitment to Ballard since their partnership began.

Deliveries are scheduled to begin in 2026 and will power New Flyer’s Xcelsior CHARGE FC™ hydrogen fuel cell buses across North America. Ballard notes its fuel cell technology supports diesel-like range, fast refueling, and reliable performance for transit fleets.

Ballard reports that fleets using its technology now include more than 2,200 fuel cell buses worldwide, which have collectively accumulated over 250 million kilometers of service with 98% availability and no reported safety incidents. The company also highlights its Fleet Services offerings, such as training, technical support, parts supply, monitoring, and stack servicing, which are intended to enhance long-term fleet performance.

Insights

Fuel cell and transportation analyst

Ballard secures a sizable 50 MW bus engine order from New Flyer, reinforcing their long-term partnership.

The agreement for 500 FCmove®‑HD+ fuel cell engines deepens Ballard’s role in zero-emission transit, positioning its technology in New Flyer’s Xcelsior CHARGE FC™ buses across North America. The scale—50 MW and the largest New Flyer commitment to date—suggests a meaningful multi-year deployment.

Ballard cites an installed base of over 2,200 fuel cell buses worldwide with 250 million kilometers of operation, 98% availability, and no reported safety incidents. This operating history supports the use of its engines in demanding transit duty cycles, though actual revenue impact from this order is not quantified in the text.

Additional Fleet Services revenue streams, such as training, technical support, digital insights, and stack servicing, may accompany engine sales and deepen customer relationships. Forward-looking statements emphasize that outcomes depend on factors like market adoption, manufacturing capacity, and broader economic and regulatory conditions.

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 March 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: March 10, 2026	By:	/s/ Kate Igbalode
	Name:	Kate Igbalode
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
99.1		News Release Dated March 10, 2026 - Ballard announces commercial agreement with New Flyer for 50 MW of fuel cell bus engines

Exhibit 99.1

Ballard announces commercial agreement with New Flyer for 50 MW of fuel cell bus engines

VANCOUVER, BC and WINNIPEG, MB, March 10, 2026 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced reaching a commercial agreement with New Flyer, a subsidiary of NFI Group Inc., ("NFI"; TSX: NFI; www.nfigroup.com), a leading provider of diverse and sustainable mobility solutions in North America and Europe.

The agreement for 500 FCmove^®-HD+ fuel cell engines, totaling 50 MW, represents the largest single commitment from New Flyer since the partnership began. Deliveries, starting in 2026, will power New Flyer's Xcelsior CHARGE FC™ hydrogen fuel cell buses across North America.

"We are proud that New Flyer continues to place their trust in Ballard as their long-term technology partner, building on a relationship that spans more than a decade. Our fuel cell engines, backed by additional fleet services, deliver the range, rapid refueling, and reliable performance New Flyer's fleets require. With Ballard technology at the core of these vehicles, New Flyer is well positioned to accelerate zero-emission deployments across North America," said Oben Uluc, Ballard's Sales & Marketing Vice President.

"This agreement is the next step in our long-standing partnership with Ballard and a key component in advancing our leading fuel cell bus offerings," said David White, Executive Vice President, Supply Management, New Flyer. "Over the last decade we've delivered buses powered by Ballard in multiple jurisdictions from coast to coast showing their capability to operate in different environments and routes as a 1-for-1 diesel replacement. With growing demand for fuel cell buses, we are excited to continue this partnership as we support the transition to zero-emission transportation."  

Today, Ballard powered fleets have grown to more than 2,200 fuel cell buses worldwide, collectively logging over 250 million kilometers with 98% availability and zero reported safety incidents. With additional sales of Ballard Fleet Services -- including training, technical support, parts supply, operational monitoring, digital insights, and ongoing stack servicing – Ballard and its customers unlock additional value that strengthens fleet performance.

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, as well as stationary power. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning customer commitments, anticipated product deliveries, customer deployments, and market adoption. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.

About New Flyer

New Flyer is North America's heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior^® and Xcelsior CHARGE^® brands. It also offers infrastructure development through NFI Infrastructure Solutions™, a service dedicated to providing safe, sustainable, and reliable charging and mobility solutions. New Flyer actively supports over 35,000 heavy-duty transit buses (New Flyer, NABI, and Orion) currently in service, of which 8,600 are powered by electric motors and battery propulsion and 1,900 are zero-emission. Further information is available at www.newflyer.com.

Further Information

Ballard Power Systems:
Sumit Kundu – Investor Relations, +1.604.453.3517 or investors@ballard.com

New Flyer:
Melissa Schnee - Media Inquiries, +1.385.910.6861 or Melissa_Schnee@newflyer.com
Stephen King - Investor Inquiries, +1.204.792.1300 or Stephen.King@nfigroup.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-announces-commercial-agreement-with-new-flyer-for-50-mw-of-fuel-cell-bus-engines-302710150.html

SOURCE Ballard Power Systems Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/10/c2614.html

%CIK: 0000933777

CO: Ballard Power Systems Inc.

CNW 20:00e 10-MAR-26

FAQ

What commercial agreement did Ballard Power Systems (BLDP) announce with New Flyer?

Ballard announced a commercial agreement with New Flyer for 500 FCmove®‑HD+ fuel cell engines totaling 50 MW. These engines will power New Flyer’s Xcelsior CHARGE FC™ hydrogen fuel cell buses across North America, reinforcing a partnership that has lasted more than a decade.

How large is the new Ballard–New Flyer fuel cell bus engine order?

The agreement covers 500 FCmove®‑HD+ fuel cell engines with total capacity of 50 MW. Ballard describes this as the largest single commitment New Flyer has made to its products since their partnership began, underscoring the scale of upcoming zero-emission bus deployments.

When will Ballard begin delivering fuel cell engines to New Flyer under this agreement?

Deliveries under the agreement are scheduled to start in 2026. The engines will be integrated into New Flyer’s Xcelsior CHARGE FC™ hydrogen fuel cell buses serving transit agencies across North America, supporting expanded adoption of zero-emission heavy-duty transit vehicles.

What operational track record does Ballard report for its fuel cell bus technology?

Ballard reports that more than 2,200 fuel cell buses powered by its technology are in service worldwide. These buses have collectively logged over 250 million kilometers with 98% availability and no reported safety incidents, highlighting reliability in real-world transit operations.

How does Ballard support customers beyond supplying fuel cell engines?

Ballard also sells Fleet Services, including training, technical support, parts supply, operational monitoring, digital insights, and ongoing stack servicing. These services aim to help operators maintain high fleet performance and uptime over the life of fuel cell bus deployments.

What forward-looking risks does Ballard highlight regarding this agreement and market adoption?

Ballard notes that forward-looking statements about customer commitments and market adoption depend on assumptions around product development, manufacturing capacity, and demand. It cites risks from economic and regulatory changes, reliance on third parties, and the challenge of achieving and sustaining profitability.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-991 NEWS RELEASE DATED MARCH 10, 2026 7.9 KB
• EX-991 PRINTER FRIENDLY VERSION 121.4 KB