Ballard power systems press release

What is 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.

Why did Ballard Power Systems restructure?

VANCOUVER, CANADA – Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced a global corporate restructuring to reduce corporate spending and in order to maintain balance sheet strength amid a slowdown in hydrogen infrastructure development and delayed fuel cell adoption.

When will Ballard Power Systems make a final investment decision?

Ballard expects to make a final investment decision on this facility later in 2024, pending completion of customary conditions, including necessary approvals and definitive documentation. About Ballard Power Systems Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet.

What's going on with Ballard?

"We are excited to continue our work with Ballard and further our progress in the rapidly growing European hydrogen fuel cell bus market as fuel cell vehicles become an increasingly significant share of our production mix.

How much money will Ballard invest in Phase 1?

In Phase I, Ballard plans to invest approximately $110 million (net of the $40 million in expected DOE grants and the $54 million in expected 48C tax credits) from 2024 through the end of 2027 to build and commission a new manufacturing facility for membrane electrode assemblies (MEAs), bipolar plates, stacks, and engines.

How much money did Ballard receive for Rockwall Gigafactory?

Mr. MacEwen continued, “This award of $54 million in tax credits, combined with our previously announced award of $40 million in U.S. Department of Energy grants, provide Ballard with a total of $94 million of U.S. federal funding to support the build-out of our Rockwall Gigafactory.