- A global leader in the fuel cell industry
- Paving the way for widespread adoption of sustainable,
zero-emission mobility solutions
VANCOUVER, May 22, 2019 /CNW/ - Ballard Power Systems
(NASDAQ: BLDP; TSX: BLDP) today announced a celebration of the
40-year anniversary since its founding in 1979 (www.ballard.com).
The Company is hosting a celebratory reception at its headquarters
today, with a number of dignitaries in attendance including Mr.
Paul Howard, a Ballard co-founder
and energy visionary. Recognition of Ballard's longevity is also
part of the 2019 Impulse Summit for Hydrogen and Fuel Cells
(https://hyfcell.com), being held this week at the Sheraton
Vancouver Wall Center.
Ballard Power Systems was founded in Vancouver by Geoffrey
Ballard, Keith Prater and
Paul Howard to conduct research and
development of high-energy lithium batteries. Four years later,
after a research breakthrough, proton exchange membrane (PEM) fuel
cells became a primary focus of the company's work and Ballard has
since established itself as a global leader in the PEM fuel cell
industry. Ballard's IPO and listing on the Toronto Stock Exchange
occurred in 1993 and the Company was subsequently listed on the
Nasdaq exchange in 1995. For further details regarding key
milestones in the Company's history, please visit
http://ballard.com/about-ballard/our-history.
Mr. Paul Howard, Co-founder of
Ballard Power Systems commented in a recent interview, "It takes
time for new technologies to really manifest themselves into
practical use …. So, I say to the doubters: we need the benefits of
hydrogen. For humankind to survive, we need hydrogen, which is
essentially a limitless source of energy."
Randy MacEwen, Ballard President and CEO stated, "At Ballard,
our vision is simple and enduring – we deliver fuel cell power for
a sustainable planet. What has changed today is the ability to
point to numbers – actual technology and products operating in the
field. The industry today is powering over 25,000 fuel cell
forklifts, more than 12,000 fuel cell cars, and over 2,000 fuel
cell buses and commercial trucks, all of which are operating in the
field. Two or three years ago, those numbers would have been de
minimis. So for the first time in our 40-year history, we can point
to real market adoption happening."
Mr. MacEwen continued, "At the same time, the technology has
been validated. We've delivered dramatic cost reduction on the
technology and product front while also seeing significant
performance improvements. The next leg of cost reduction will
continue to include innovations – technology, product and
manufacturing innovations and improvements that will drive costs
down – but it will also include, for the first time, the benefits
of scaling and supply chain. There is mounting evidence that the
shift to zero-emission transportation is accelerating and that fuel
cell electric vehicles, or FCEVs, will play an integral role."
Over its history, Ballard has invested more than $1 billion in research and development to advance
PEM fuel cell technology and has produced over 5 megawatts of PEM
fuel cell products. Today Ballard's 700+ employees design,
manufacture and sell fuel cell products that contribute to
CO2 emission reductions in various mobility
applications.
Ballard believes there are large and attractive addressable
markets and use cases for Heavy and Medium Duty Motive applications
– such as city buses, coaches, delivery trucks, drayage trucks,
long-haul trucks, trains, trams and certain marine applications –
where FCEVs offer a strong value proposition. These vehicles
require long daily range, fast refueling, carry a heavy payload and
also enable zero-emissions. Ballard expects early adoption in
markets where the value proposition is strongest and where the
barriers to hydrogen refueling infrastructure are lowest, such as
centralized depot refueling. These market segments are now
bracing for a shift away from pure diesel vehicles into alternative
powertrain systems.
About Ballard Power Systems
Ballard Power Systems
(NASDAQ: BLDP; TSX: BLDP) provides clean energy products that
reduce customer costs and risks, and helps customers solve
difficult technical and business challenges in their fuel cell
programs. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements concerning
planned product deployments, provision of services, market adoption
and demand for our products and available subsidies. These
forward-looking statements reflect Ballard's current expectations
as contemplated under section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any such forward-looking statements are based on Ballard's
assumptions relating to its financial forecasts and expectations
regarding its product development efforts, manufacturing capacity,
and market demand.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including
general economic and regulatory changes, detrimental reliance on
third parties, successfully achieving our business plans and
achieving and sustaining profitability. For a detailed discussion
of these and other risk factors that could affect Ballard's future
performance, please refer to Ballard's most recent Annual
Information Form. Readers should not place undue reliance on
Ballard's forward-looking statements and Ballard assumes no
obligation to update or release any revisions to these forward
looking statements, other than as required under applicable
legislation.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Ballard Common
Shares have not been registered under the United States Securities
Act of 1933, as amended, or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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SOURCE Ballard Power Systems Inc.