Ballard Power Q2 24 revenue rises 4% on strong fuel cell product sales

16 Aug 2024 CW Team

Ballard Power Systems reported a 4% year-over-year (YoY) increase in revenue for the second quarter (Q2) of 2024, reaching $16 million. This growth was primarily driven by a significant 48% YoY surge in fuel cell product sales, which made up 84% of the company?s total revenue, compared to 59% in Q2 2023. Despite the revenue growth, Ballard posted a net loss of $31.46 million for the quarter, a 4.5% increase from the $30.1 million loss reported in the same period last year. Adjusted EBITDA also saw a modest YoY increase of 3%, rising to $35.4 million from $34.2 million. While the company had a strong start to the year with nearly $130 million in new orders during the first half, Q2 saw a lower net order intake of just $5 million, as some customers deferred orders to the latter half of the year. In response to slower market adoption, Ballard revised its 2024 capital expenditure guidance from an initial range of $50-70 million to $25-40 million, opting to defer certain planned investments. Cash operating costs remained stable compared to Q2 2023, and Ballard maintained a robust cash position of $678 million. Ballard made significant strides in its technology and product offerings during Q2. The company launched its 9th generation PEM fuel cell engine, the ?FCmove-XD?, designed to enhance performance in heavy-duty mobility applications. Additionally, Ballard is advancing 'Project Forge', an initiative aimed at scaling up bipolar plate production by tenfold and cutting costs by 70%, thereby improving manufacturing efficiency. The company also announced a strategic technology partnership with Vertiv to explore hydrogen-powered fuel cell backup power solutions for data centres, a rapidly growing market segment. Earlier in the year, Ballard partnered with Adani Enterprises and Ashok Leyland to launch a pilot project for developing a hydrogen fuel cell electric truck, further solidifying its position in the emerging hydrogen economy. (Mercom)

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..