• Ballard Power Systems is a leading developer and manufacturer of proton exchange membrane (PEM) fuel cell products.
  • Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power.
  • The company is based in Canada has facilities in Burnaby, British Columbia and has facilities in Hobro, Denmark and London, U.K., and Guangzhou, Guangdong Province, China.
  • Ballard Power Systems (Nasdaq: BLDP, TSX: BLDP) is a leading developer and manufacturer of proton exchange membrane (PEM) fuel cell products. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power.


Recent Developments

Ballard gets orders for 62 hydrogen fuel cell engines to power Solaris buses in Europe1

Nov 06, 2023; Ballard Power Systems received multiple purchase orders totaling 62 hydrogen fuel cell engines from long-standing customer Solaris Bus & Coach sp. z o.o. a leading European bus manufacturer deploying hydrogen-powered city buses across the continent. Ballard expects delivery of the majority of the fuel cell engines to occur in 2024.

The hydrogen fuel cell engines will power buses in Germany and Poland. The number of engines ordered by Solaris year-to-date is now close to 350, representing substantial growth over the more than 140 fuel cell city buses that Solaris has deployed with customers in Europe to date.

Ballard announces partnership with Ford Trucks for fuel cell powered heavy-duty trucks & initial order2

Aug 03, 2023; Ballard Power Systems announced the signing of a letter of intent (LOI) with Ford Trucks to supply a fuel cell system as part of the development of a hydrogen fuel cell powered vehicle prototype. The partnership includes an initial purchase order for 2 FCmove™-XD 120 kW fuel cell engines that are planned to be delivered by Ballard to Ford Trucks in 2023.

Ford Trucks, the global brand of Ford Otosan, plans to develop a Fuel Cell Electric Vehicle (FCEV) F-MAX as part of the project. The 120 kW FCmove-XDTM fuel cell engines are planned to be integrated into Ford Trucks’ F-MAX 44-ton long-haul tractor truck. Ford Trucks plans to build and assemble the fuel cell-powered F-MAX in Turkey and aims to commence European Ten-T corridor demonstrations in 2025 as part of the European Union's Horizon Europe ZEFES (Zero Emission Freight EcoSystem) project goals. As per the LOI, upon the successful completion of the development program and subject to certain other conditions, Ballard may be named as the preferred supplier for the serial production of the fuel cell-powered F-MAX.

In the ZEFES project, four truck OEMs, two trailer OEMs, suppliers, logistic operators, and research partners will work together towards the overall goal of accelerating the integration of ZEVs for long distance heavy transport. This work plans to focus on efficiency improvements, mass production capabilities, and demonstrating the use of the technologies in daily operations. In 2025, nine different vehicle concepts (four FCEV and five BEV) are expected to run over 1 million kilometers across EU corridors in real daily operations, guided and validated by a digital platform (to be developed within the project). This project is expected to be a significant step forward for ZEV adoption in the freight transport ecosystem. Vehicles are expected to carry over 40 tonnes for distances up to 750 km, averaging 500 km in daily operation.


Financial Highlights

Q3 2023 Results

Nov 07, 2023; Ballard Power Systems announced consolidated financial results for the third quarter ended September 30, 2023. All amounts are in U.S. dollars.3

  • Total revenue was $27.6 million in the quarter, up 29% year-over-year.
  • Heavy Duty Mobility revenue of $21.1 million increased 67%, driven primarily by higher revenues from the rail and marine verticals, partially offset by lower revenues in bus and truck.
  • Stationary revenue of $2.9 million decreased 5% primarily due to lower sales in North America, partially offset by higher revenues in Europe.
  • Emerging and Other Markets revenue of $3.6 million decreased 37% compared to the prior year, driven primarily by lower shipments to Europe.
  • Gross margin was (10)% in the quarter, an increase of 12-points, driven by higher revenues, product cost reduction initiatives, and a reduction in inventory provisions.

Total Operating Expenses and Cash Operating Costs were $36.3 million and $30.3 million, respectively, a decrease of 9% and an increase of 1%, respectively, from Q3 2022. The decrease in Total Operating Expenses was driven primarily by lower general and administrative expenses, largely offset by an increase in sales and marketing expenses.

Total Cash Used by Operating Activities was $22.0 million, compared to $30.3 million in the prior year, while Total Cash Used by Investing Activities was $11.1 million, compared to $15.5 million in Q3 2022. Cash and cash equivalents was $781.0 million at the end of Q3 2023 compared to $955.4 million in the prior year.

Adjusted EBITDA was ($36.2) million, compared to ($35.1) million, primarily as a result of a higher loss attributable to the Weichai Ballard JV, the increase in Cash Operating Costs and partially offset by the improvement in gross margin loss.

As a result of further proposed restructuring of operations at Ballard Motive Solutions, non-cash impairment charges for goodwill and intangible assets of $26.3 million were recognized in the quarter.

Ballard received approximately $14.8 million of new orders in Q3, and delivered orders valued at $27.6 million, resulting in an Order Backlog of approximately $134.6 million at the end of Q3. Orders from customers in Europe and North America and for Power Products now represent close to 80% of the total Order Backlog.

The 12-month Order Book was $72.7 million at end-Q3, a decrease of $13.1 million, or approximately 15%, due to slower order bookings and an increase in product shipments during the quarter.


Company Overview

Ballard Power Systems is a leading developer and manufacturer of proton exchange membrane (PEM) fuel cell products. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power.4

The company's principal business is the design, development, manufacture, sale and service of PEM fuel cell products for a variety of applications, focusing on its power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling, and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, product and systems integration services, and related technology transfer for a variety of PEM fuel cell applications. With the acquisition of Arcola (now BMS) in 2021, Ballard now offers hydrogen fuel cell powertrain integration solutions.

Ballard Power is based in Canada, with head office, research, technology and product development, engineering services, testing, manufacturing and after-sale service facilities in Burnaby, British Columbia. The company also have sales, assembly, research and development, certain engineering services and after-sale service facilities in Hobro, Denmark and London, U.K., and have a sales, quality, supply chain, and after-sales service office in Guangzhou, Guangdong Province, China.

The company also have a non-controlling, 49% interest in Weichai Ballard Hy-Energy Technologies Co., Ltd. (“Weichai Ballard JV”), located in Weifang, Shandong Province, China. Weichai Ballard JV’s business is to manufacture certain fuel cell products utilizing Ballard’s LCS fuel cell stack and LCS-based power modules for bus, commercial truck, and forklift applications with certain exclusive rights in China.

In addition, Ballard Power has a non-controlling 10% interest in Guangdong Synergy Ballard Hydrogen Power Co., Ltd. (“Synergy Ballard JVCo”), located in Yunfu, Guangdong Province, China. Synergy Ballard JVCo’s business is to manufacture fuel cell products utilizing its FCveloCity®-9SSL fuel cell stack technology for use primarily in fuel cell engines assembled and sold in China.


Products and Services

Ballard’s product offering provides for a cost effective and flexible set of fuel cell power solutions.

MEAs: The company provide its proprietary MEAs to the Synergy-Ballard JV and the WeichaiBallard JV that use the MEAs to produce its proprietary FCveloCity® -9SSL fuel cell stacks and FCgen® -LCS fuel cell stacks, respectively.

Fuel cell stacks: The company provide its proprietary FCgen® and FCveloCity® fuel cell stacks to OEM customers and system integrators that use the stacks to produce fuel cell systems for power solutions. As the fuel cell stack provider, Ballard Power is the power inside the system.

Fuel cell modules: The company design and build, including specifying and procuring balance of plant components, self-contained FCveloCity® and FCmoveTM motive modules using its fuel cell stacks that are plug-and-play into commercial vehicle powertrains. The company also design and build self-contained FCwave™ modules designed for marine applications and FCrail™ for rail applications. As a fuel cell module provider, the company make it easier for OEMs and system integrators to create fuel cell powertrains.

Fuel cell systems: The company also build complete fuel cell systems, FCgen® -H2PM and CleargenTM products, for stationary power markets that are designed to solve certain power needs of its customers, including back-up for critical infrastructure and MW distributed power generation.

Energy system and powertrain integration: The company provide complete energy system (fuel cell + battery + controller + high and low voltage distribution), powertrain design and integration services, and vehicle integration services, to support its customer fuel cell vehicle development programs.

Technology Solutions: The company offer engineering services to its customers for special fuel cell product development.

After Sales Services: The company offer its customers after sales services including in and out of warranty support, service contracts, spare part management, fleet monitoring and training.

Company History

Ballard Research Inc. is founded by Geoffrey Ballard, Keith Prater and Paul Howard to conduct research and development of high-energy lithium batteries.5

1979Ballard Research Inc. is founded by Geoffrey Ballard, Keith Prater and Paul Howard to conduct research and development of high-energy lithium batteries.
1989Ballard Power Systems Inc. is incorporated in British Columbia, Canada.
1991Commencement of a joint program between Ballard, General Motors and the US Department of Energy for the development of a fuel cell powered passenger vehicle.

First fuel cell bus presented by Ballard in Vancouver, Canada.

Collaboration agreement between Ballard and Daimler-Benz for the joint development of a compact, high power density fuel cell stack.

Ballard IPO listed on the Toronto Stock Exchange (TSX).

1995Ballard listed on the Nasdaq Stock Market.
2003Deployment of 30 fuel cell buses in revenue service operating in ten European cities: Amsterdam, Barcelona, Hamburg, London, Luxembourg, Madrid, Porto, Reykjavik, Stockholm, and Stuttgart. In addition, three fuel cell buses are deployed in Perth, Australia and three in Beijing, China.
2010Acquisition of Dantherm Power (DK) which became Ballard Power Systems Europe.
2013$4M strategic investment in Ballard by South Africa’s Anglo American Platinum Limited.
2014Acquisition of fuel cell IP portfolio from United Technologies Corporation.

$5M strategic investment by Nisshinbo Holdings Inc.

Acquisition of Protonex Technology Corporation (US).


Strategic partnership formed with Zhongshan Broad-Ocean Motor Co., Ltd. of China.

Formation of a joint venture with Guangdong Nation-Synergy Hydrogen Power Technology Co. Ltd to produce fuel cell stacks in China.

2017Ballard and Siemens sign $9M multi-year development agreement for fuel cell engine to power Mireo® commuter train

Ballard signs historic strategic collaboration with Weichai Power to advance the company’s China strategy

Ballard launches next-generation high performance liquid-cooled fuel cell stack, the FCgen®-LCS, for heavy-duty motive market


Ballard launches 8th generation high performance fuel cell module, the FCmove™, for heavy-duty motive applications

Ballard to establishes fuel cell Center of Excellence in Europe to serve marine market with zero-emission solutions


Fuel cell electric vehicles powered by Ballard have now driven over 50 million kilometers – enough to circle the globe 1,250 times

Ballard launches high performance fuel cell module, the FCwave™, for marine applications


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Created by Wilton Risenhoover on 2019/09/01 19:38
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