Ballard Power Systems and Anglo American Platinum Announces the Launch of A Field Trial of Methanol-Fuelled Home Generator System
Aug 6 14
Ballard Power Systems and Anglo American Platinum announced the launch of a field trial of a methanol-fuelled home generator system in an off-grid residential application. Ballard and Anglo American Platinum have partnered with Eskom, South Africa's power utility, and The Department of Energy of South Africa to conduct the 12-month field trial. The trial is being conducted in the rural community of Naledi Trust, identified by South Africa's Department of Energy as a suitable site, without access to grid power. Naledi Trust is part of the Moqhaka Local Municipality in the southern part of the Fezile Dabi District of the Free State province of South Africa. Platinum-based fuel cells provide a significant economic and environmental development opportunity for South Africa by facilitating the provision of clean, reliable and cost-effective power. As a result, last year the South African government made a commitment of investment funding to support home generator field trials, reinforcing support for that country's fuel cell industry.
Ballard Power Systems Inc. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter, Fourth Quarter and Full Year 2014
Jul 30 14
Ballard Power Systems Inc. announced consolidated earnings results for the second quarter and six months ended June 30, 2014. For the second quarter, the company’s total revenue was $18.5 million, adjusted LBITDA was $1.2 million, net loss was $4.5 million or $0.03 per share, normalized net loss was $4.5 million or $0.03 per share and cash used by operating activities was $2.9 million against total revenue of $14.6 million, adjusted LBITDA of $3.3 million, net loss of $5.2 million or $0.05 per share, normalized net loss of $4.8 million or $0.05 per share and cash used by operating activities of $4.7 million for the same period a year ago. The second quarter results improved on a year-over-year basis, including 27% revenue growth, 3-point improvement in gross margin, 5% reduction in cash OpEx, and 63% improvement in adjusted EBITDA. In terms of cash used by operating activities, the company drove an improvement of 37% in second quarter to negative $2.9 million. This reflects a 28% improvement in cash operating loss to negative $2.3 million and a $600,000 increase in working capital, driven by timing of revenue and customer collections.
For the six months, the company’s total revenue was $32.5 million, adjusted LBITDA was $3.0 million, net loss was $8.3 million or $0.7 per share, normalized net loss was $8.1 million or $0.7 per share and cash used by operating activities was $9.6 million against total revenue of $26.9 million, adjusted LBITDA of $7.5 million, net loss of $13.1 million or $0.14 per share, normalized net loss of $11.6 million or $0.12 per share and cash used by operating activities of $11.7 million for the same period a year ago.
The company expects to be adjusted EBITDA positive in both third quarter and fourth quarter of 2014.
The company has confirmed its full year 2014 guidance for revenue growth of approximately 30% and approximately break-even adjusted EBITDA.
Ballard Power Systems Inc. to Supply New Flyer Industries with Next Generation Power Module for U.S. Fuel Cell Bus
Jul 22 14
Ballard Power Systems Inc. has received a purchase order from New Flyer Industries for the delivery of Ballard's first next-generation FCvelocity(R) -HD7 fuel cell power module to a North American bus manufacturer. Delivery of the power module to New Flyer Industries is planned for later this year. The module will be utilized in a next generation New Flyer Industries fuel cell bus that will be sent to Altoona, Pennsylvania for testing and qualification prior to being deployed into revenue service under the U.S. Federal Transit Administration (FTA) National Fuel Cell Bus Program. The project will be administered by CALSTART, a member-supported organization dedicated to clean transportation alternatives. New Flyer Industries is the leading manufacturer of heavy-duty transit buses in North America and the industry technology leader offering the broadest product line, including drive systems powered by fuel cells, clean diesel, natural gas and electric trolley as well as energy-efficient diesel-electric hybrid vehicles.