Ballard Power Systems Inc

Ballard Power Systems Inc. designs, develops, manufactures, sells, and services proton exchange membrane (PEM) fuel cell products for a variety of applications including bus and rail, stationary power, and other markets such as truck, marine, material handling, and off-road. The company also delivers technology solutions, after-sales service, and training. Ballard's PEM fuel cells combine hydrogen fuel with oxygen to produce electricity, featuring high fuel efficiency, low operating temperature, high durability, compact design, and modular architecture. The company is pursuing a transformative acquisition of GeoPura Limited, a UK-based zero-emission hydrogen power solutions provider, which would establish Ballard as a vertically integrated energy-as-a-service provider with capabilities spanning hydrogen production, distribution, logistics, refueling, and stationary power. Ballard operates from facilities in Burnaby, British Columbia (head office and manufacturing), Hobro, Denmark, Bend, Oregon, and Guangzhou, China. The company holds strategic investments in hydrogen infrastructure funds (HyCap, Clean H2, Templewater) and has a 49% interest in Weichai Ballard JV in China, though it has halted further investment in China and fully impaired this joint venture. Key products include the FCmove platform of hydrogen fuel cell engines for transit bus and commercial vehicle applications, the FCwave module for high-power marine and stationary applications, and the FCgen stack platform for light-medium and heavy-duty vehicles. The company has undergone significant restructuring since mid-2024 and is targeting positive operating cash flow by end of 2027 and profitability by 2028. Updated Jul 31, 2026