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Ballard Power reports order backlog growth

DCN-JOC News Services
Ballard Power reports order backlog growth

VANCOUVER — British Columbia-based Ballard Power Systems has announced Q2 results that included growth in its order book and investments in next-generation fuel cell products.

Ballard received approximately $25.1 million of new orders in Q2, and delivered orders valued at $15.3 million, resulting in an order backlog of approximately $147.5 million at the end of Q2, stated a release. Order backlog growth was driven predominantly by increased orders from North America in the bus, rail and emerging markets sectors. Backlog from customers in Europe and North America now represent close to 80 per cent of the total backlog.

The 12-month order book was $85.9 million at end-Q2, an increase of $12.0 million from the end of Q1 2023, an approximately 16 per cent quarter-over-quarter increase.

Ballard’s fuel cells are used to electrify vehicles and provide stationary power and backup for infrastructure.

“As a result of the increasingly constructive hydrogen policy landscape and increased market activity in the U.S. and E.U., and given the continued hydrogen and fuel cell policy uncertainties and market delays in China, we are accelerating our work on our ‘local for local’ global manufacturing plan and related future capital allocation plans,” said Ballard CEO Randy MacEwen in a statement.

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