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Sunday, May 22, 2022

The Fast Rise of Ballard Power Systems Inc. (USA) (NASDAQ:BLDP)

Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) has been on the move in recent weeks after a number of positive announcements coming from the Company including revenues of $17.6 million in 2nd quarter 2016, an increase of 58% resulting from growth in Heavy Duty Motive shipments and the addition of Portable Power.

BLDP has a long history of huge volatility and spectacular moves running from under $1 in late 2013 to over $8 a share in spring 2014. The stock, which trades in tandem with PLUG traded as low as $1.07 last September but has been on the upswing since.

Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) is dually listed on the NASDAQ and the Toronto Stock Exchange (TSX) where it trades as BLD. The Company is located in Burnaby, British Columbia and is focused on designing, developing and manufacturing zero emission proton-exchange-membrane fuel cells. Ballard Power Systems, Inc. is a global leader in PEM (proton exchange membrane) fuel cell technology and the Company has designed and shipped close to 150 MW of hydrogen fuel cell technology to date.

Ballard Power Systems Inc. was originally founded as Ballard Research by Dr. Geoffrey Ballard, Paul Howard, and Keith Prater. The company went public in 1993 on the Toronto Exchange, and in 1995 they got listed on NASDAQ.

Back in February BLDP announced that they have entered into a Technology Solutions transaction with Volkswagen Group (Volkswagen AG), and Audi AG, for an aggregate amount of approximately US$80 million for the transfer of certain automotive-related fuel cell intellectual property (IP) and a two-year extension of an engineering services contract.

Prof. Dr. Ulrich Hackenberg from AUDI said “Audi, VW and the Volkswagen Group are very pleased with the acquisition of a world-class automotive fuel cell patent portfolio. We believe that this portfolio, together with the combined fuel cell skills and expertise of our group and Ballard, will underpin our ability to play a leading role in fuel cell automotive development and commercialization.”

BLDP CEO Randy MacEwen said, “This transaction extends and deepens our relationship with the Volkswagen Group, a leading global automotive manufacturer. The IP transfer surfaces significant value for Ballard. And, extension of the engineering services contract reflects a growing positive sentiment toward fuel cells within the automotive sector, along with the outstanding progress made to date in our work with Volkswagen Group on its fuel cell car programs.”

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CEO Randy MacEwen said “Our strong order book for 2016 continued to drive year-on-year revenue growth of 58% in Q2,” said Randy MacEwen, President and CEO. “Revenue from our Power Products platform increased 87%, including a significant improvement in Heavy Duty Motive resulting from shipments to China in support of planned fuel cell bus deployments, together with the addition of Portable Power revenue. We also experienced a 20% gain in revenue from our Technology Solutions platform. The revenue mix, with its heavier weighting from higher margin Heavy Duty Motive, Portable Power and Technology Solutions, underpinned a significant improvement in gross margin, to 29% in the quarter, up from 10% in 2015 Q2.¨

He Continued ¨Ballard achieved important progress on a number of key strategic fronts. First, we sold our methanol Telecom Backup Power business for up to $6.1 million. Second, we licensed our hydrogen backup power system designs in China for $2.5 million. Third, we signed definitive agreements for a transaction which, subject to closing, is estimated at $168 million in revenue over five years, for the establishment of a fuel cell stack manufacturing operation in China. And fourth, we announced a pending strategic collaboration and $28.3 million equity investment from Broad-Ocean.”

On July 28 BLDP announced Randy MacEwen, President and CEO will present during the Jefferies Industrial Conference at The Grand Hyatt New York Hotel in New York City on Thursday, August 11 [th] , 2016 at 3:00 p.m. Eastern Time. Mr. MacEwen will be joined at the conference by Tony Guglielmin, CFO and Guy McAree, Director of Investor Relations.

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Currently running up the charts BLDP has plenty of reasons to go up; the fuel cell market is growing and is expected to continue to grow and BLDP is making all the right moves; improving the balance sheet, cutting loses, signing new lucrative contracts that will benefit this Company over the long run. BLDP achieved important progress during Q2; they sold their methanol Telecom Backup Power business for up to $6.1 million. They licensed their hydrogen backup power system designs in China for $2.5 million. They signed definitive agreements for a transaction which, subject to closing, is estimated at $168 million in revenue over five years, for the establishment of a fuel cell stack manufacturing operation in China and finally they announced a pending strategic collaboration and $28.3 million equity investment from Broad-Ocean. We will be updating on BLDP on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with BLDP.

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Disclosure: we hold no position BLDP either long or short and we have not been compensated for this article.

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