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Ballard Receives Order for Scotlandís First Fuel Cell-Powered Train

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Shares of Ballard Power Systems traded 18% higher to a new 52-week high after the company reported that it had received an order from Arcola Energy for its FCmove-HD fuel cell modules that will be used to power Scotland's first fuel cell-powered train.

Ballard Power Systems Inc. (BLDP:NASDAQ) today announced that it has received a purchase order from U.K.-based Arcola Energy for Ballard FCmoveTM-HD fuel cell modules that will be used to power Scotland's first fuel cell-powered passenger train.

The firm noted that Arcola is "a leader in hydrogen and fuel cell integration specializing in zero-emission solutions for heavy-duty vehicles and transport applications." As part of Scotland's vision for net zero emissions by 2035, Arcola is planning to utilize the Ballard fuel cell modules to power a passenger train that will be featured during a demonstration at COP26 in Glasgow City in November 2021.

Ballard Power Systems indicated that Arcola, along with a consortium of industry leaders in hydrogen fuel cell integration, rail engineering and safety, has been tasked to deliver Scotland's first hydrogen-powered train. The company pointed out that the consortium's efforts will be directed at "converting a Class 314 car passenger train, made available by ScotRail, into a deployment-ready and certified platform for hydrogen-powered train development."

Arcola Energy's CEO Dr. Ben Todd commented, "Hydrogen traction power offers a safe, reliable and zero-carbon alternative for Scotland's rail network. The hydrogen train project is an excellent opportunity for industry leaders in hydrogen, rail engineering and safety to collaborate with Scottish and other technology providers to develop a deployment ready solution."

Ballard Power Systems' Chief Commercial Officer Rob Campbell remarked, "Ballard is delighted to work with Arcola and other consortium members on the development of Scotland's first fuel cell-powered train. This project is an example of the growing global interest in fuel cells for the Medium- and Heavy-Duty Motive market, including rail applications, where heavy payload, long range and rapid refueling are key customer requirements."

Ballard Power Systems is a clean energy solutions company headquartered in Vancouver, British Columbia, focused on design and large-scale automated manufacturing of proton exchange membrane (PEM) fuel cell products. The company's zero-emission PEM fuel cell products are engineered for use in a variety of applications, but are mostly purposed for enabling electrification of mobility in automobiles, buses, commercial trucks, construction equipment including forklift trucks, marine vessels, and trains. The firm stated that its products also address increasing needs in the demand for backup and portable power.

Ballard Power Systems began the day with a market capitalization of around $8.2 billion with approximately 281.9 million shares outstanding and a short interest of about 5.0%. BLDP ADR shares opened more than 8% higher today at $31.35 (+$2.39, +8.25%) over yesterday's $28.96 closing price and reached a new 52-week high this morning of $34.646. The stock has traded today between $31.12 and $34.646 per share and is currently trading at $34.41 (+$5.45, +18.82%).

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