Ballard Power Systems

Company Overview

Ballard are a Canadian public company headquartered in Vancouver, British Columbia and is listed on both NASDAQ and the Toronto Stock Exchange under the ticker BLDP.

The Company’s 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, passenger cars, forklift trucks and UAVs.

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Our Insight

The Opportunities

The COVID-19 pandemic has impacted every company in our ClimateTech universe to varying degrees. This Management Series is with Ballard’s CFO, Ken DeWoskin, and focuses on how Ballard has managed through the pandemic. Throughout the pandemic, Ballard has maintained much of its business, except for some supply chain disruptions in China. We would point out that, although the operations in the field were impacted by shut-downs, Ballard was considered an essential business and, as such, was able to continue to operate in Vancouver and engage with customers and suppliers.

Looking to the other side of COVID, Ballard’s JVs and supply chain in China were fully restored in the second quarter with Europe beginning to normalize, according to the company. Management believes that, overall, Q2 will be a little bit softer than they had originally expected at the beginning of the year, but the second half of the year will shape up nicely and see activity levels close to where we would have expected them originally.

The Obstacles

Black Swan events like COVID can have a lasting impact on demand for any product including fuel cell motive applications. Although Ballard noted that they have seen some pushouts, they have not experienced significant cancellations. Nonetheless the risk for volatility exists as customers continue to evaluate their needs and the shape of the global economic recovery is uncertain. Given the relatively high cost of FCEVs in the ST, there could be budget constraints that would potentially slow the industry growth until there is better clarity on behalf of Ballard’s customers.