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Ballard Power Presents 2021 Figures - Sales Flat, Losses Widened

Vancouver, Canada - The Canadian fuel cell manufacturer Ballard Power, listed in the renewable share index RENIXX World, has achieved sales in 2021 at the level of the previous year. In contrast, losses have increased significantly.

Full-year sales in 2021 at previous year's level, losses increase by over 100 percent

Ballard Power reported total revenue of $104.5 million (m) in 2021. Compared to the previous year 2020, this is a minimal increase of 1 percent (2020: $103.9 million). Differentiated by division, the fuel cell specialist recorded sales of $68.0 million in the Power Products division (fuel cells and services), an increase of 16 percent compared to the previous year (2020: $58.6 million). The majority of this, USD 51.7 million, is attributable to the heavy-duty vehicle drive segment (up 8 percent). This is followed by power supply solutions at USD 8.2 million (up 47 percent), ahead of material handling at USD 8.1 million (up 53 percent). By contrast, business in the Technology Solutions segment, which mainly comprises services for the development and integration of fuel cell programs, declined significantly by 19 percent to USD 36.5 million.

At minus USD 114.4 million, the net loss for the full year 2021 is around 131 percent higher than in the previous year (2020: minus USD 49.5 million). Per share, this puts the loss at minus $0.39 (2020: minus $0.20/share).

Ballard Power President and CEO Randy MacEwen expressed overall satisfaction with the company's performance. "2021 was an important year for Ballard as we made significant progress against our strategic plan and continued to position Ballard as a leading fuel cell player in the decarbonization of medium- and heavy-duty mobility," MacEwen said. In addition, he said Ballard Power has been successful in expanding its customer base in target markets in 2021 and making significant progress in existing and new partnerships. "This progress is critical as we begin to transition various customer programs and pilots into long-term supply agreements, order book growth, and series production", Mac Ewen added.

Outlook: Total cost of ownership to increase significantly - "Mission Carbon Zero" roadmap to 2030

For 2022, Ballard expects total operating costs to increase to a range of $140 million to $160 million (2021: $102.1 million) as the company continues to invest in research and product development. For capital expenditures, Ballard expects to spend $40 million to $60 million (2021: $14.7 million). Ballard Power's goal is to stay ahead of the hydrogen growth curve by driving new technology, product innovation and development in the bus, truck, rail and marine markets. Ballard has also announced that it expects to complete development of a roadmap to achieve the company's 2030 Mission Carbon Zero goal in 2022.

Share price gains slightly

Ballard Power's share price is up slightly in today's trading despite the company's mixed financial results. Currently, the shares of the RENIXX Group are trading at 10.11 euros, up 1.0 percent (1:40 p.m., March 14, 2022, Stuttgart Stock Exchange). This puts the share 40 percent above its low for the year of 7.25 euros on February 24, 2022.

Source: IWR Online, 14 Mar 2022