Here are 1-3 brief analogies for Ballard Power Systems (BLDP):

• The CATL for hydrogen fuel cells.
• The Intel for hydrogen power systems.
• The Cummins of hydrogen fuel cells and zero-emission power.

• Fuel Cell Stacks: The core electrochemical component that converts hydrogen and oxygen into electricity.
• Fuel Cell Modules and Engines: Integrated systems combining fuel cell stacks with balance-of-plant components for specific applications.
• Heavy-Duty Motive Solutions: Fuel cell systems specifically designed for powering buses, trucks, trains, and marine vessels.
• Material Handling Solutions: Fuel cell power systems for forklifts and other industrial material handling equipment.
• Stationary Power Solutions: Fuel cell systems providing backup power, grid support, and primary power generation for various stationary applications.

Ballard Power Systems (BLDP) primarily sells its fuel cell products and technology to other companies (B2B), which integrate these solutions into various heavy-duty motive and stationary power applications. The company does not sell primarily to individuals.

Major customers and partners include:

• Weichai Power (Hong Kong: 2338.HK, Shenzhen: 000338.SZ)
  A major strategic partner and customer, particularly in China, for heavy-duty vehicles like buses and trucks. Weichai is also a significant shareholder in Ballard and a partner in a joint venture responsible for fuel cell manufacturing in China.
• NFI Group Inc. (Toronto: NFI.TO)
  A leading North American bus manufacturer (e.g., New Flyer), utilizing Ballard fuel cells for its zero-emission hydrogen fuel cell electric transit buses.
• Siemens AG (Frankfurt: SIE.DE)
  Through its Siemens Mobility division, Siemens is a key customer for fuel cell-powered trains, such as the Mireo Plus H, integrating Ballard's fuel cell modules into innovative railway solutions.
• CAF (Construcciones y Auxiliar de Ferrocarriles) (Madrid: CAF.MC)
  A Spanish manufacturer of railway vehicles, integrating Ballard fuel cell modules into hydrogen-powered trains for various projects, including the FCH2RAIL initiative.
• Kongsberg Gruppen ASA (Oslo: KOG.OL)
  Through its Kongsberg Maritime division, Kongsberg is a significant partner and customer for marine fuel cell solutions, developing and deploying hydrogen-powered vessels for various maritime applications.
• Quantron AG (Private Company)
  A German company specializing in hydrogen-powered commercial vehicles (trucks and buses), utilizing Ballard fuel cell engines for its heavy-duty, zero-emission applications in Europe.

Marty Neese, President and Chief Executive Officer

Marty Neese became President and CEO of Ballard Power Systems on July 7, 2025. He previously served as CEO of Verdagy, an electrolysis and green hydrogen company, for four years. Before that, he was Chief Operating Officer at SunPower (solar) and Flex, where he was responsible for global manufacturing, supply chain, and research and development. Neese has also been a member of Ballard's Board of Directors for 10 years.

Kate Igbalode, Senior Vice President and Chief Financial Officer

Kate Igbalode serves as Ballard's Senior Vice President and Chief Financial Officer. Prior to this role, she was the company's Vice President Corporate Finance & Strategy. Before joining Ballard in 2021, Ms. Igbalode was a Director of Finance with Suncor Energy, Canada's largest integrated energy company. She also held senior engineering positions with a prominent Canadian energy company, the BC Energy Regulator, and consulting firms in the US and Canada.

Kevin Colbow, Senior Vice President and Chief Technology Officer

Kevin Colbow is the Senior Vice President and Chief Technology Officer at Ballard Power Systems. He joined Ballard in 1994, with his responsibilities encompassing research and development, product development, technology portfolio management, and product management. He held the position of Director of Research and Development until March 2010, after which he became Director of Product Management & Solutions Engineering. Dr. Colbow joined the Ballard Executive Team in February 2014, serving as Vice President, Technology Solutions, and subsequently as Vice President, Technology and Product Development, before becoming CTO in 2019.

Mark Biznek, Senior Vice President and Chief Operating Officer

Mark Biznek was appointed Chief Operating Officer of Ballard Power Systems in January 2023. He brings over 30 years of experience in manufacturing, operations, and business development. Before joining Ballard, he spent 10 years at Kohler Power Systems, where he held various leadership roles including General Manager of Marine & Power Solutions, Vice President of Global Operations & Supply Chain, and Vice President of Operations & Engine Development. His prior experience also includes manufacturing and strategy leadership roles at Mercury Marine, and operations and engineering positions at Delphi and GE Aviation.

Mircea Gradu, Senior Vice President and Chief Engineering Officer

Mircea Gradu was appointed Chief Engineering Officer of Ballard Power Systems on August 29, 2022. He has over 25 years of extensive executive-level experience in the automotive and commercial vehicle industry. Dr. Gradu previously led Engineering and Quality at Hyundai Motor America and served as Vice President, Transmission Powertrain and Driveline for Fiat Chrysler Automobiles. His background also includes product development and engineering project management roles at Schaeffler Group and Daimler AG, and Senior Vice President of Automotive Programs at Velodyne Lidar. He holds a doctorate in engineering.

The key risks to Ballard Power Systems (BLDP) primarily revolve around its ongoing struggle for profitability, intense competition from alternative clean energy technologies, and its reliance on supportive government policies and the development of hydrogen infrastructure.

1. Capital Intensity and Persistent Unprofitability: Ballard Power Systems has consistently reported negative gross margins and operating losses, requiring it to continually raise external capital. This ongoing cash burn presents a significant risk of shareholder dilution if future funding becomes difficult to secure. While management aims for positive cash flow by 2027, this path is uncertain.
2. Competition and Advancements in Rival Technologies: The company faces substantial competition not only from other fuel cell manufacturers but also, critically, from rapidly improving rival technologies such as battery-electric vehicles (BEVs) and green hydrogen electrolysis. These advancements could diminish Ballard's market share and pricing power across its target segments, including heavy-duty vehicles, buses, and trains.
3. Dependence on Policy Support and Hydrogen Infrastructure Development: A significant portion of Ballard's revenue is linked to government incentives and supportive policies. The company is vulnerable to changes or reductions in these subsidies. Furthermore, a slowdown in the development of hydrogen infrastructure and delays in fuel cell adoption, influenced by policy uncertainty and geopolitical factors, directly impact demand and the overall market environment for Ballard's products.

The accelerating pace of advancements and widespread adoption of battery-electric vehicle (BEV) technology across an expanding range of applications, including those traditionally seen as key markets for hydrogen fuel cells such as heavy-duty trucks, buses, trains, and marine vessels. Continuous improvements in battery energy density, charging speeds, and cost-effectiveness, coupled with significant global investments in battery manufacturing and charging infrastructure, present a formidable and intensifying technological alternative that could limit the addressable market and adoption rate for Ballard's fuel cell products.

Ballard Power Systems (BLDP) primarily develops and manufactures proton exchange membrane (PEM) fuel cell products for various applications, including heavy-duty motive (buses, trucks, rail, marine), stationary power, material handling, and portable power, along with offering engineering services. The addressable markets for their main products are substantial and are projected for significant growth globally.

Fuel Cell Electric Buses

The global market for fuel cell electric buses was valued at approximately USD 1.12 billion in 2025 and is projected to reach USD 2.98 billion by 2030. In 2024, the Asia-Pacific region accounted for 43.50% of the global revenue for fuel cell electric buses, equating to USD 0.49 billion. North America is also experiencing rapid growth in this sector, expanding at a compound annual growth rate (CAGR) of 28%.

Fuel Cell Electric Trucks

The global electric and fuel cell truck market was valued at USD 3.85 billion in 2024 and is projected to exceed USD 124.81 billion by 2034. The Asia-Pacific region is anticipated to demonstrate the fastest CAGR and maintain a leading position in this market.

Fuel Cells for Marine Vessels

The global market for fuel cells in marine vessels was valued at USD 2.73 billion in 2024 and is projected to grow to USD 7.58 billion by 2035. North America held the largest revenue share of 42.5% in this market in 2024. Europe & CIS was identified as the dominant region in 2023. The Asia-Pacific market for fuel cells in marine vessels is expected to grow at the fastest CAGR of 10.25% from 2025 to 2032.

Hydrogen Fuel Cell Trains

The global hydrogen fuel cell train market is expected to be valued at USD 2.67 billion in 2025 and is projected to reach USD 26.41 billion by 2035. In 2023, Europe led this market with a valuation of USD 0.8 billion, followed by Asia Pacific at USD 0.5 billion, and North America at USD 0.4 billion. Europe is also forecast to achieve the highest CAGR in this sector.

Stationary Fuel Cells

The global stationary fuel cell market was valued at USD 1.8 billion in 2024 and is projected to reach approximately USD 6.3 billion by 2034. Another estimate places the global market at USD 2.55 billion in 2025, expected to exceed USD 8.97 billion by 2035. The U.S. stationary fuel cell market alone was valued at USD 180 million in 2024. The Asia-Pacific region held a dominant share of 38.60% (valued at USD 0.6 billion) in the global stationary fuel cell market in 2024 and is projected to account for 59.10% by 2035.

Ballard Power Systems (BLDP) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. New Product Introductions and Technological Advancements: Ballard is focused on introducing advanced fuel cell modules and continually improving its technology. For example, the company plans to debut its next-generation FCmove-SC transit fuel cell module, offering a 30% increase in system power, enhanced durability, and improved integration for bus manufacturers. Additionally, ongoing product development aims to reduce system costs and accelerate the readiness of next-generation fuel cell stacks, positioning Ballard competitively in the market.
2. Increased Adoption in Heavy-Duty Mobility Markets: Growth is expected from the expanding use of fuel cell technology in various heavy-duty mobility sectors. Recent performance indicates revenue growth driven by bus and rail deliveries in North American and European markets. Furthermore, a significant Long Term Supply Agreement (LTSA) with Canadian Pacific Kansas City (CPKC) for 98 fuel cell engines for North American locomotives, with deliveries scheduled for 2025, highlights this driver. Orders for 280 fuel cell engines from other major bus manufacturers also underscore this trend.
3. Expanded Manufacturing Capacity: Ballard is increasing its production capabilities to meet anticipated future demand. The construction of a new $160 million gigafactory in Rockwell, Texas, for hydrogen fuel cell components and systems is a significant step. Phase 1 of this facility is projected to begin operations in 2027 with an annual production capacity equivalent to 3 gigawatts of fuel cells, enabling higher sales volumes.
4. Strategic Realignment and Margin Expansion Initiatives: The company initiated a strategic realignment in July 2025 with a core objective to achieve positive cash flow by year-end 2027. This plan includes reducing annualized operating costs by approximately 30% by 2026, simplifying the product portfolio to focus on the strongest offerings, and implementing more rigorous value-based pricing strategies. These efforts are designed to improve gross margins and enhance the competitiveness of Ballard's products, thereby driving revenue growth through increased sales.
5. Favorable Regulatory Environment and Global Decarbonization Trends: The broader shift towards clean energy and supportive government policies for hydrogen fuel cells are creating an expanding market. Bullish analyst sentiment points to the U.S. clean tech sector entering a new growth cycle, supported by favorable macroeconomic conditions and government policies, which could boost Ballard's revenue and market share. Global regulations promoting cleaner energy solutions also contribute to a conducive environment for Ballard's sustainable energy product lines.

Share Repurchases

Share Issuance

• In November 2020, Ballard Power Systems closed a bought deal offering of 20,909,300 common shares at US$19.25 per share, raising gross proceeds of US$402.5 million.
• The net proceeds from this offering were intended to strengthen the balance sheet and fund growth strategies, including product innovation, production capacity expansion, future acquisitions, and strategic partnerships.
• Ballard filed a new final short form base shelf prospectus in May 2025, allowing the company to issue various securities over a 25-month period to maintain financial flexibility, although no immediate offering is planned.

Inbound Investments

• In November 2018, Weichai Power made an equity investment of US$163 million in Ballard, acquiring a 19.9% interest in the company at that time. Weichai currently holds approximately 15.4% interest.

Outbound Investments

• In March 2025, Ballard sold its low-power stationary backup power operations in Denmark for $3.2 million in cash.
• In May 2025, Ballard postponed the final investment decision on its planned Rockwall, Texas gigafactory, a project that had been allocated $40 million in U.S. grants, citing a "multi-year push-out" of the hydrogen industry.
• Ballard reported making strategic investments in hydrogen infrastructure funds, such as the HyCap Fund and Clean H2 Fund, in May 2025 to support the broader ecosystem and foster future market opportunities.

Capital Expenditures

• Ballard Power Systems' capital expenditures for fiscal 2024 were $27.6 million.
• For fiscal 2025, management expects capital expenditures to be in the range of $15 million to $25 million, with an anticipation that actual spending will be at the lower end of this guidance.
• The primary focus of these capital expenditures is on optimizing manufacturing capacity to reduce product costs and continuing investments in testing, advanced manufacturing, and production. The company is also committed to limiting capital expenditures and closely managing cash to support its balance sheet.