Ballard Power Systems BLDP announced that it received an order from First Mode to supply 60 hydrogen fuel cell modules, totaling 6 megawatts, for delivery in 2024. This new order follows the year-to-date order of supplying 35 modules to First Mode to power the latter’s hybrid hydrogen and battery ultra-class mining haul trucks.
Ballard Power’s hydrogen fuel cell modules will be integrated into First Mode's nuGen solution to deliver the duty cycle performance mining operators require.
Ballard Power’s Module to Support First Mode
First Mode has begun integrating Ballard's fuel cells from the previously announced orders into its zero-emission vehicles.
Ballard Power’s new hydrogen fuel cell modules will assist First Mode in bringing more zero-emission vehicles and helping reduce emissions.
Ballard Power Vision & Product Offering
Ballard Power, through its expertise in fuel cell technology, is going to deliver valuable and innovative solutions to customers globally. The company is investing in research and development activities as well as improving its technology for providing clean energy solutions to customers.
The company offers products with different ranges and capacities, resulting in orders from a wide variety of customers globally. Courtesy of its high-quality hydrogen cell modules, the company keeps getting orders. Ballard Power added $17.6 million to the backlog in the first quarter.
Future of Fuel Cell Technology
Fuel cell technology converts the chemical energy in hydrogen and oxygen into electrical energy. Fuel cells are potable, like the ones used in the transportation sector and also stationary, providing stable electricity without creating emissions.
Despite the huge advantages of using fuel cell technology to generate emission-less electricity, the primary disadvantage is its high cost when compared with conventional sources of energy. The ongoing research and development activities performed on the fuel cell technology will make it commercially viable, as its primary benefit is that it is emission free and takes up far less space to create electricity than conventional energy plants.
In addition to Ballard Power, companies like Bloom Energy BE, Plug Power, Inc. PLUG and FuelCell Energy, Inc. FCEL are working to further develop the fuel cell technology as well as encourage its usage among a wider consumer base.
The Zacks Consensus Estimate for Bloom Energy and Plug Power’s 2023 earnings per share reflects year-over-year growth of 41.46% and 28.8%, respectively. The fiscal 2023 estimate for FuelCell Energy reflects year-over-year growth of 12.5%.
In the past month, shares of the company have gained 0.7% compared with the industry’s 3.4% growth.
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Ballard Power currently has a Zacks Rank #3 (Hold).
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