Ballard Power (BLDP) To Establish Marine CoE In Denmark
Zacks Investment Research | Apr 03, 2019 09:02PM ET
Ballard Power Systems, Inc. (NASDAQ:BLDP) will establish a Marine Center of Excellence ("Marine CoE") in Hobro, Denmark to provide engineering, manufacturing and services. The facility design and manufacture heavy duty fuel cell modules. The Marine CoE will be operational by the end of 2019.
This fuel cell system manufacturing hall is expected to produce 15 megawatts (MW) of fuel cell modules annually andwill be designed to meet the European marine certification requirements.
Focus on Technology and Environment
Ballard Power will use FCgen®-LCSstack that is suited for heavy duty power modules in providing higher current density operation,longer life and wider operating pressure window. Ballard Powerfocuses on improving product durability and cost to make fuel cells the best alternative for zero emission powertrain requirements for the marine industry.
The company is trying to fulfill the United Nations International Maritime Organization’s (IMO) strategy to reduce GHG emissions from ships. The strategy includes 50% reduction in GHGs by 2050 from 2008 level. We believe, the establishment of fuel cell system manufacturing hall is in line with the rising environmental awareness and enable the company to provide clean energy solutions.
Fuel Cell Market Outlook
Per REASERCH AND MARKETS, during the 2018-2023 period, the fuel cell market is expected to witness a CAGR of more than 28.21% and reach $13.83 billion by 2023 from the base level of $3.114 billion in 2017. Currently, North America and Europe are the largest users of fuel cell in the global market. Also, the Asia Pacific region is expected to witness a high-growth rate in the upcoming six years.
The growing popularity of the technology enables fuel cell producers like FuelCell Energy, Inc. (NASDAQ:FCEL) , Bloom Energy Corporation (NYSE:BE) and Plug Power Inc (NASDAQ:PLUG) to attract investors.
Price Movement
On year-to-date basis, shares of Ballard Power have rallied 29.3% compared with the industry’s rise of 20.9%.
Zacks Rank
Ballard Power currently has a Zacks Rank #4 (Sell).
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