What's Going On With Ballard Power Systems Stock Tuesday?

Ballard Power Systems, Inc. BLDP shares are trading lower on Tuesday.

Ballard revealed several purchase orders for 70 FCmove-HD hydrogen fuel cell engines from Wrightbus, a U.K.-based bus manufacturer, for hydrogen-powered buses in the U.K. and Europe.

“We are pleased to strengthen our relationship with Wrightbus and support their deployment of an increasing volume of hydrogen-powered transit buses across the UK and Europe,” said Oben Uluc, Vice President, Sales & Marketing, EMEA. 

Ballard expects delivery of the fuel cell engines to occur in 2024, and the buses to enter into service in 2025. 

The hydrogen fuel cell engines will power single- and double-decker buses in the U.K. and Germany.

“We are seeing broader market acceptance of fuel cell buses by European transit operators seeking to decarbonize their operations with a technology approach that enables long range, fast refueling, and scalable refueling infrastructure,” Uluc added. 

According to Benzinga Pro, BLDP stock has lost over 45% in the past year. Investors can gain exposure to the stock via WisdomTree Trust WisdomTree Battery Value Chain And Innovation Fund WBAT.

Earlier this month, the company disclosed winning the largest order of fuel cell engines in its history.

Notably, the company inked a Long Term Supply Agreement (LTSA) with its customer Solaris Bus & Coach sp. z o.o. for supplying 1,000 hydrogen fuel cell engines through 2027 for the European transit bus market.

The LTSA consolidates existing orders for around 300 fuel cell engines, with a new supply commitment for an incremental around 700 fuel cell engines and related after-market extended warranty services. 

Price Action: BLDP shares are trading lower by 1.61% to $2.74 on the last check Tuesday.