Mining & Metals
Update: Ballard Power Systems Announces Order for 15 MW in the Stationary Power Market
(Adds analyst comment and updates shares.)Ballard Power Systems (BLDP.TO, BLDP) late Monday said an order of 15 megawatts (MW) of fuel-cell systems for stationary applications from a company specializing in renewable off-grid power generation.The order, comprising 150 FCmove-HD+ 100 kW fuel cell modules, marks the second order of this scale from the customer,, following a similar order placed in 2024, said the company.Deliveries are expected to start in the second half of 2026."This order reflects continued market adoption of zero-emission fuel cell solutions for off-grid stationary power applications and a positive endorsement from our partner on the ability of the FCmove-HD+ module to provide quiet, clean, economical and reliable low-carbon power wherever and whenever it is needed," said Marty Neese, Ballard's CEO. "When paired with Ballard's integrated service offerings, including predictive maintenance and performance optimization, we are able to fully support our customer in providing clean, reliable hydrogen power solutions."National Bank of Canada on Tuesday maintained its sector-perform rating and US$4.75/sh target price on the shares of Ballard.National Bank expected shares to trade higher this morning, as investors should view the order as "validation that stationary power is evolving from optionality to a more investable growth vertical"."More importantly, with cumulative orders now reaching 35 MW from the same customer, the discussion increasingly shifts from commercial validation to deployment scale, with investors likely focused on the potential upper bound of future commitments and whether cumulative deployments could ultimately reach 50 MW, 100 MW, or more for this segment," added the bank. "The key message is not simply another 15 MW order; it is that the same customer has now scaled from ~5 MW of early orders to two consecutive 15 MW commitments, suggesting rising confidence in Ballard's product, service model and ability to support commercial hydrogen genset deployments."The company's shares were last seen down C$0.02 at C$5.81 on the Toronto Stock Exchange.Price: $5.81, Change: $-0.02, Percent Change: -0.34%
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