Ballard defers FID on 3GW US hydrogen fuel cell factory until 2026

Charlie Currie | Source: H2-View | Posted 11/06/2024

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Ballard Power Systems has revealed it will defer the final investment decision (FID) on its 3GW hydrogen fuel cell factory in Texas, US, while holding onto $94m of government funding.

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Ballard Power Systems has announced the postponement of the final investment decision (FID) on its 3GW hydrogen fuel cell factory in Texas to 2026, citing the need to reassess the project based on future demand as part of an "optionality plan." Despite the delay, the company will retain the $94m in US federal funding earmarked for the factory's development.

In its latest quarterly results, Ballard reported a net loss of $204.5m, including non-cash impairment charges resulting from a recent major restructuring effort aimed at cutting costs by 30%. The restructuring program incurred a $16.1m charge, with additional non-cash impairments of approximately $147m. Despite a 45% decline in revenues year-on-year, Ballard's President and CEO, Randy MacEwen, expressed confidence that the cost-cutting measures will lead to significant annual savings by 2025.

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Ballard defers FID on 3GW US hydrogen fuel cell factory until 2026

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