Ballard Power Systems Secures 50MW Supply Deals, Projects $65M-$75M Opex for 2026
Ballard Power Systems secured 50 MW of fuel cell supply deals with Wrightbus, Solaris and New Flyer while leveraging 300 million kilometers of operational data to offer a 98% fleet availability standard. Project Forge’s automated bipolar plate manufacturing enters full production in H2 2026 to cut unit costs and boost margins.
1. Strategic Market Expansion
Ballard extended its technology beyond transportation into stationary power markets targeting diesel genset replacement for grid resilience and exploring defense applications for NATO nations.
2. Project Forge Manufacturing
Project Forge introduces high-volume automated manufacturing of bipolar plates using AI-assisted vision, aiming to lower unit costs and material waste; full-scale production is slated for the second half of 2026.
3. Supply Agreements and Fleet Services
The company has inked multiyear supply agreements with Wrightbus, Solaris and New Flyer totaling about 50 MW of fuel cell engines and plans a long-term recurring revenue stream from fleet services across buses operating 8–16 years.
4. Financial Performance and Guidance
Ballard posted a third consecutive quarter of positive gross margin driven by cost discipline and higher-value commercial structures; management projects 2026 operating expenses of $65M–$75M, capital expenditures of $5M–$10M, and revenue weighted toward the second half of the year.