Record-Breaking Order Intake
Ballard Power Systems achieved a record-breaking year for total new order intake for power products, securing approximately $113 million during 2024, with $75.4 million in Q4 alone. The year-ending order backlog reached $173.5 million, a 41% increase compared to the end of Q3.
Growth in Product Shipments
Delivery of fuel cell engines in 2024 grew by approximately 30%, from over 500 engines in 2023 to more than 660 in 2024, with PEM fuel cell engines accounting for over 90% of total revenue.
Significant Operating Cost Reductions
Ballard initiated a global corporate restructuring in September 2024 to reduce total annualized operating costs by more than 30%, realizing substantial reductions in 2025.
Product Innovation and Development Milestones
Launched the ninth-generation high-performance fuel cell engine, FC Move XD, and completed the initial development phase of Project Forge, aimed at reducing bipolar plate costs and increasing manufacturing capacity.
Strong Performance in Bus and Rail Verticals
Bus market revenue increased by 51% to approximately $44 million in 2024. Ballard secured orders from seven bus OEMs for more than 1,600 fuel cell engines. A landmark supply agreement with CPKC was signed for 98 fuel cell engines for freight locomotives.