VANCOUVER. BC and
CALGARY, AB, March 9, 2021 /PRNewswire/ - Ballard Power
Systems (NASDAQ: BLDP) (TSX: BLDP) and Canadian Pacific (TSX: CP)
(NYSE: CP) announced today that CP will employ Ballard fuel cell
modules in CP's pioneering Hydrogen Locomotive Program. The modules
will provide a total of 1.2 megawatts of electricity to power the
locomotive.
"With this purchase from Ballard, a leader in the hydrogen fuel
cell industry, CP further demonstrates its commitment to developing
the next generation of locomotive – one that produces zero
emissions," said CP President and CEO Keith
Creel. "How we power our trains matters to our customers,
employees, shareholders and to the communities we operate in. This
technology holds the possibility of eliminating emissions from
freight train operations, which already represent the most
efficient method of moving goods over land."
Through its Hydrogen Locomotive Program, CP will develop
North America's first
hydrogen-powered line-haul freight locomotive by retrofitting a
formerly diesel-powered locomotive with Ballard hydrogen fuel
cells. The fuel cells will work with battery technology to power
the locomotive's electric traction motors. Once operational, CP
will conduct rail service trials and qualification testing to
evaluate the technology's readiness for the freight-rail
sector.
Ballard plans to deliver six of its 200-kilowatt fuel cell
modules to CP in 2021. Ballard will provide support to enable
integration of the modules into the locomotive.
Randy MacEwen, Ballard President and CEO, noted, "We are
excited to be working with CP, an industry leader in the North
American rail sector. CP's Hydrogen Locomotive Program will develop
North America's first hydrogen and
fuel cell-powered line-haul freight locomotive. In addition to
Ballard's work focused on powering commuter trains in Europe and urban trams in China, CP's Hydrogen Locomotive Program in
North America underscores the
strong fit for zero-emission fuel cells to power heavy- and
medium-duty motive applications, including trains, for which it is
otherwise difficult to abate emissions."
Note on forward-looking information
This news release
contains certain forward-looking information and forward-looking
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
includes but is not limited to, statements concerning expectations,
beliefs, plans, goals, objectives, assumptions and statements about
possible future events, conditions, and results of operations or
performance. Forward-looking information may contain statements
with words or headings such as "will", "anticipate", "believe",
"expect", "plan", "should", "commit" or similar words suggesting
future outcomes.
Ballard's forward-looking information reflects 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 information is
based on Ballard's assumptions relating to its financial forecasts
and expectations regarding its product development efforts,
manufacturing capacity, and market demand.
CP's forward-looking information is based on current
expectations, estimates, projections and assumptions, having regard
to the experiences of CP and its perceptions of historical and
emerging trends, and includes, but is not limited to, expectations,
estimates, projections and assumptions relating to: the fuel
efficiency of railways; the ability of CP to implement certain
initiatives; CP's ability to develop North America's first hydrogen-powered
line-haul freight locomotive; the possibility of eliminating
emissions from freight train operations; future investments in and
the availability of carbon emissions-reduction tools and
technologies; the impacts of existing and planned capital
investments; North American and global economic growth; the
performance of CP's assets and equipment; applicable laws,
regulations and government policies; the availability and cost of
labour on the timelines anticipated and with the capabilities
required, as well as the availability and cost of services and
infrastructure; the satisfaction by third parties of their
obligations; the anticipated impacts of the novel strain of
coronavirus (and the disease known as COVID-19); and capital
investments by third parties.
Although Ballard and CP believe the expectations, estimates,
projections and assumptions reflected in the forward-looking
information presented in this news release are reasonable as of the
date hereof, there can be no assurance that they will prove to be
correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Readers should not place undue reliance on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
Ballard's and CP's forward-looking information involves inherent
risks and uncertainties that may cause actual results to be
materially different from the forward-looking information,
including but not limited to the following factors: general
economic and regulatory changes; detrimental reliance on third
parties; the ability of Ballard and CP to successfully achieve
their business plans and achieve and sustain profitability; changes
in business strategies; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; inflation; changes in laws, regulations and
government policies; changes in taxes and tax rates; changes in
fuel prices; uncertainties of investigations, proceedings or other
types of claims and litigation; labour disputes; currency and
interest rate fluctuations; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. For a
detailed discussion of other risk factors that could affect
Ballard's future performance, please refer to Ballard's most recent
Annual Information Form. For a detailed discussions of other risk
factors that could affect CP's future performance, please refer to
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Statements" in CP's annual and interim reports on Form 10-K and
10-Q.
The forward-looking information contained in this news release
is made as of the date hereof and Ballard and CP assume no
obligation to update or release any revisions to this
forward-looking information, other than as required under
applicable laws.
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.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see
the rail advantages of CP. CP-IR
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SOURCE Canadian Pacific