Ballard spins its wheels

Share guidance for Ballard Power Systems was downgraded this month following uncertainties surrounding the Chinese fuel cell market

Fuel cell manufacturer Ballard Power Systems’ sales and revenue have been flat in 2021 despite expectations of growth this year, with a lack of policy clarity weighing on sales in its all-important Chinese market. Ballard invested $87mn in its business in 2021– compared to revenue of $96mn in the twelve months to September. This included $20mn to expand production capacity at its British Columbia plant by six times and $67mn for its share of a newbuild factory in Shandong Province, China. The latter is a joint venture with Weichai Motors, the world’s largest diesel manufacturer, and has been described as the largest in the world for manufacturing proton-exchange membrane (PEM) fuel cells fo