VANCOUVER, BC, Jan. 19, 2022
/PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX:
BLDP) announced today it received an order for eight additional 200
kW fuel cell modules to support the expansion of Canadian Pacific's
"CP"; (TSX: CP) (NYSE: CP) Hydrogen Locomotive Program from one to
three locomotives, with expected delivery in 2022. Inclusive of
Ballard's announcement in March 2021,
the company will provide a total of 14 fuel cell modules, each
module with a rated power output of 200 kW, to support this
program.
CP, an industry leader in the North American rail sector,
significantly expanded its Hydrogen Locomotive Program, from one to
three hydrogen locomotives. This expansion is partially supported
by C$15 million in funding from
Emissions Reduction Alberta (ERA) as part of its Shovel-Ready
Challenge announced late last year. The CP program was selected as
one of sixteen emissions reduction projects to receive provincial
funding. CP intends to refine the process of converting
diesel-electric powertrains to hydrogen-electric powertrains over a
series of three categories of locomotives which collectively
represent the majority of locomotives in use throughout
North America.
"In expanding this groundbreaking project, CP is demonstrating
its commitment to combatting climate change through transformative
technology," said Keith Creel, CP's
President and Chief Executive Officer. "I am very pleased that
Emissions Reduction Alberta selected this program for a grant and I
eagerly anticipate seeing a hydrogen-powered locomotive move CP
customer freight in the near future."
"We are excited to deepen our collaboration with CP and
accelerate the energy transition," said Randy MacEwen, Ballard's President & CEO.
"The expansion of CP's Hydrogen Locomotive Program is illustrative
of the confidence in Ballard's fuel cell technology and the
important role hydrogen fuel cells will play in decarbonizing
heavy-duty motive applications, such as freight locomotives."
"Alberta is investing to lead
the transition to affordable, reliable and clean energy. CP's
initiative represents a highly compelling opportunity to catalyze
the hydrogen economy in Alberta
and around the world," said Steve
MacDonald, CEO of ERA. "The project will help scale up
technology and bring down the costs of deploying hydrogen to
address the critical challenge of decarbonizing the long haul,
heavy-freight sector."
ABOUT BALLARD POWER SYSTEMS
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) 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 and forklift trucks. To learn more about
Ballard, please visit www.ballard.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements concerning the
development and delivery of fuel cell products and CP's use of such
products, and the benefits and anticipated market adoption of them
by CP and others. 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 statements
are based on Ballard's assumptions relating to its financial
forecasts and expectations regarding its product development
efforts, manufacturing capacity, and market demand. For a detailed
discussion of the factors and assumptions that these statements are
based upon, and factors that could cause our actual results or
outcomes to differ materially, please refer to Ballard's most
recent management discussion & analysis. Other risks and
uncertainties that may cause Ballard's actual results to be
materially different include 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. These
forward-looking statements are provided to enable external
stakeholders to understand Ballard's expectations as at the date of
this release and may not be appropriate for other purposes. Readers
should not place undue reliance on these statements and Ballard
assumes no obligation to update or release any revisions to them,
other than as required under applicable legislation.
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SOURCE Ballard Power Systems Inc.