Ballard Secures NFI Long-Term Supply Deal, 100 Fuel Cell Engine Order

TL;DR

**Ballard just locked in a major supply deal and 100 engine order with NFI for North American buses!**

AI Summary

Ballard Power Systems (NASDAQ: BLDP) announced on January 3, 2024, a new Long-Term Supply Agreement (LTSA) with NFI Group Inc. and a purchase order for 100 fuel cell engines. These engines are destined for bus deployments across North America, signaling a continued partnership and a significant order for Ballard's hydrogen fuel cell technology. This matters to investors because it demonstrates ongoing demand for Ballard's products and strengthens its position in the zero-emission public transit market, potentially leading to future revenue growth.

Why It Matters

This agreement solidifies Ballard's role as a key supplier in the growing hydrogen fuel cell bus market, indicating future revenue streams and market penetration for its technology.

Risk Assessment

Risk Level: low — This filing reports a positive business development, reducing uncertainty around future sales and partnerships.

Analyst Insight

A smart investor would view this as a positive signal for Ballard's market position and future revenue, potentially considering an investment or holding existing shares, as it indicates strong demand for their core product.

Key Numbers

• 100 — fuel cell engines (number of engines ordered by NFI for North American bus deployments)

Key Players & Entities

• Ballard Power Systems Inc. (company) — registrant and supplier of fuel cell engines
• NFI Group Inc. (company) — customer and partner in the Long-Term Supply Agreement
• Paul Dobson (person) — Chief Financial Officer of Ballard Power Systems Inc.
• January 3, 2024 (date) — date of the filing and news release
• 100 (dollar_amount) — number of fuel cell engines ordered by NFI

Forward-Looking Statements

• Ballard Power Systems will see increased revenue from the NFI partnership in the coming quarters. (Ballard Power Systems Inc.) — high confidence, target: Q1 2024 - Q4 2024
• NFI Group Inc. will expand its fleet of fuel cell electric buses in North America. (NFI Group Inc.) — medium confidence, target: 2024-2025

FAQ

From the Filing

0001279569-24-000010.txt : 20240103 0001279569-24-000010.hdr.sgml : 20240103 20240103085019 ACCESSION NUMBER: 0001279569-24-000010 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240103 FILED AS OF DATE: 20240103 DATE AS OF CHANGE: 20240103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ballard Power Systems Inc. CENTRAL INDEX KEY: 0001453015 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: Z4 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-53543 FILM NUMBER: 24504473 BUSINESS ADDRESS: STREET 1: 9000 GLENLYON PARKWAY CITY: BURNABY STATE: A1 ZIP: V5J 5J8 BUSINESS PHONE: 604-454-0900 MAIL ADDRESS: STREET 1: 9000 GLENLYON PARKWAY CITY: BURNABY STATE: A1 ZIP: V5J 5J8 FORMER COMPANY: FORMER CONFORMED NAME: 7076991 Canada Inc. DATE OF NAME CHANGE: 20090102 6-K 1 ballard6k.htm FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2024 Commission File Number: 000-53543 Ballard Power Systems Inc. ——————————————————————————————————— (Translation of registrant’s name into English) 9000 Glenlyon Parkway Burnaby, BC V5J 5J8 Canada ——————————————————————————————————— (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☐ Form 20-F ☒ Form 40-F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Ballard Power Systems Inc. Date: January 3, 2024 By: /s/ Paul Dobson Name: Paul Dobson Title: Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99.1 News Release Dated January 3, 2024 - Ballard announces new Long-Term Supply Agreement with NFI and purchase order for 100 fuel cell engines for bus deployments in North America EX-99.1 2 ex991.htm NEWS RELEASE DATED JANUARY 3, 2024 Exhibit 99.1 Ballard announces new Long-Term Supply Agreement with NFI and purchase order for 100 fuel cell engines for bus deployments in North America VANCOUVER, BC and WINNIPEG, MB, Jan. 3, 2024 /CNW/ - Ballard Power Systems (NASDAQ: BLDP); (TSX: BLDP) today announced the signing of a new Long-Term Supply Agreement ("LTSA") with NFI Group Inc. ("NFI"); (TSX: NFI); (www.nfigroup.com), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions in North America and Europe. The agreement marks a new phase in the established partnership between Ballard and NFI, focused on deployment-level volumes of fuel cell powered buses across all of NFI's major brands including New Flyer, Alexander Dennis, and MCI. As part of the LTSA, NFI has placed its first purchase order under the agreement for a minimum of 100 FCmove ® -HD+ modules for planned delivery in 2024. The modules will primarily be produced in Ballard's Bend, Oregon facility with Buy America compliance, and will power New Flyer's next generation Xcelsior CHARGE FC™ hydrogen fuel cell buses for deployment across the US and Canada, including California, Manitoba, Nevada, New York, Ohio, and Pennsylvania. "This agreement is the next step in our multi-decade partnership with Ballard and a key component in advancing our lea