Article: Ballard Increases Bought Deal Offering of Common Shares

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Ballard Increases Bought Deal Offering of Common Shares

GLOBE NEWSWIRE, 10 February 2021

Ballard Power Systems (“Ballard” or “the Company”) (NASDAQ: BLDP; TSX: BLDP) today announced that, due to strong demand, it has agreed with a syndicate of underwriters led by TD Securities Inc. and National Bank Financial Inc. (collectively, the “Underwriters”), to increase the size of its previously announced US$350 million bought deal offering (the “Offering”). Pursuant to the upsized deal terms, the Underwriters have agreed to purchase, on a bought deal basis, 14,870,000 common shares of the Company (the “Common Shares”) at a price of US$37.00 per Common Share (the “Offering Price”) for gross proceeds of US$550,190,000. Continue reading “Article: Ballard Increases Bought Deal Offering of Common Shares”

Article: Here’s Why Shares of Ballard Power Systems Sank 18% in January

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Here’s Why Shares of Ballard Power Systems Sank 18% in January

Scott Levine, 06 February 2018

Shares of Ballard Power Systems (NASDAQ:BLDP), an industry leader in fuel cell solutions, plunged more than 18% last month, according to data provided by S&P Global Market Intelligence. The decline follows a report from Spruce Point Capital that cast a critical eye on the company and assigned a long-term price target for the stock of $1.15 to $2.50. Through 2017, Ballard’s stock had risen 167%, ending the year at $4.41.

Ballard has high hopes for its success in the Chinese market — by providing solutions to bus and truck manufacturers — over the next several years. In fiscal 2016, for example, the company attributed 39% of its revenue to sales there, and forecasts that it will contribute 45% to its top line in fiscal 2020. However, it’s less optimistic about success in other markets, guiding for sales in North America (its second-largest source of revenue) to remain stagnant at 33% from fiscal 2016 to fiscal 2020 and sales in Europe to slide from 22% to 18% during the same period.
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Article: China Based Investigation Into Ballard Power (Nasdaq/TSE: BLDP) Suggests 35% – 70% Downside Risk

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China Based Investigation Into Ballard Power (Nasdaq/TSE: BLDP) Suggests 35% – 70% Downside Risk

Ben Axler, 25 Janury 2018

Spruce Point Capital Management is pleased to announce it has released the contents of a unique research report on Ballard Power Systems (Nasdaq and TSE: BLDP). Spruce Point has conducted a critical business and financial review of Ballard and its Chinese growth ambitions, which has been a key driver of its recent share price out performance. Based on our on the ground China research, in our opinion Ballard is set to disappoint expectations as a result of having selected the wrong Chinese partners, and the market and infrastructure for its products not having developed according to plan

As a result, we have issued a “Strong Sell” opinion and a long-term price target of approximately $1.15 – $2.50 per share, or approximately 35% to 70% downside risk.
Continue reading “Article: China Based Investigation Into Ballard Power (Nasdaq/TSE: BLDP) Suggests 35% – 70% Downside Risk”

Article: Spruce Point Capital Releases a Strong Sell Primary Research Opinion on Ballard Power Systems Inc. (Nasdaq: BLDP, TSE: BLDP)

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Spruce Point Capital Releases a Strong Sell Primary Research Opinion on Ballard Power Systems Inc. (Nasdaq: BLDP, TSE: BLDP)

Spruce Point Capital Management, 25 January 2018

Report entitled “Fuel Sell Opportunity” highlights the findings of Spruce Point’s on the ground due diligence on the nascent state of the China hydrogen fuel cell industry, and the significant challenges faced by Ballard’s China partners, Broad Ocean and Synergy. The report discusses the potentially significant risk to Ballard’s backlog and suggests that the stock has 35%-70% downside.

China Industry Challenges: There are currently only 36 licensed fuel cell vehicles on the road in China, only six refueling stations (one is public), and limited planning being devoted to hydrogen sourcing and transportation. In Spruce Point’s view, the lack of refueling infrastructure, confusion around refueling subsidies and abysmal refueling station economics pose the greatest threat to fuel cell vehicle commercialization. At this point, it still remains uncertain if China will develop the fuel cell vehicle market beyond an experimental phase.
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Article: alphaDIRECT Advisors Discusses Ballard Power Systems and Hydrogen and Fuel Cell Solutions for Transportation with Dr. DeWoskin, Senior Advisor to Deloitte

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alphaDIRECT Advisors Discusses Ballard Power Systems and Hydrogen and Fuel Cell Solutions for Transportation with Dr. DeWoskin, Senior Advisor to Deloitte

GLOBE NEWSWIRE, 17 March 2020

alphaDIRECT Advisors, an Investor Intelligence firm, announced today that Shawn Severson, Founding Partner, conducted a review of Ballard Power Systems, Inc. (NASDAQ/TSX: BLDP) to discuss the Deloitte China and Ballard Power Systems joint paper “Fueling the Future of Mobility: Hydrogen and Fuel Cell Solutions for Transportation” with Dr. Kennet DeWoskin, Senior Advisor to Deloitte. Continue reading “Article: alphaDIRECT Advisors Discusses Ballard Power Systems and Hydrogen and Fuel Cell Solutions for Transportation with Dr. DeWoskin, Senior Advisor to Deloitte”