Ballard Power Secures Major European Bus Deals as Top Shareholder Trims Stake

Ballard Power Systems has landed two high-profile European bus manufacturers as customers for its ninth-generation fuel-cell engine, even as the company’s largest shareholder seizes on the stock’s recent rally to offload millions of shares. The contrasting moves underscore the tension between improving operational momentum and lingering investor skepticism around hydrogen’s commercial rollout.

Within a matter of days, Solaris Bus & Coach and UK double-decker specialist Wrightbus each nominated Ballard’s FCmove-SC powerplant for their next vehicle platforms — the first binding commercial commitments from European OEMs for this new drive unit. Wrightbus will integrate the engine into its StreetDeck Hydroliner Gen 3.0, with series production slated for 2027. Solaris, meanwhile, will deploy the FCmove-SC on its Generation?2 FCEV platform and has extended its existing long-term service agreement with Ballard through 2029.

The FCmove-SC represents a step-change in design: component count has fallen by more than 40%, simplifying installation and maintenance, while peak output of 75?kW targets the long-haul, high?utilisation routes where hydrogen buses can out?compete battery?electric rivals. Every engine sold comes with a service contract, bolstering Ballard’s push toward recurring revenue. The company now aims to offer fleet partners a 98% availability guarantee, underpinned by operating data from more than 300 million kilometres.

The commercial wins arrive as Ballard’s financial picture brightens. First?quarter 2026 revenue climbed 26% year?on?year to US$19.4 million, while gross margin turned positive for the third consecutive quarter, reaching 14%. Operating expenses fell 36%, and the adjusted EBITDA loss narrowed to US$11.4 million. Year?to?date, the stock has surged roughly 57%, though it remains about 12% below its early?May peak.

Should investors sell immediately? Or is it worth buying Ballard Power?

Yet that rally has prompted the company’s biggest investor to exit. Over just three trading days, Weichai Power sold more than 4.5 million Ballard shares, netting approximately 26 million Canadian dollars. The sales came shortly after the stock touched a 52?week high of €4.07. Weichai now holds roughly 41.6 million shares, worth about C$239 million at Tuesday’s closing price of €3.59.

The sell?down carries strategic consequences. Weichai’s right to appoint two unpaid directors to Ballard’s board is contingent on maintaining a 15% stake. That threshold is now at risk, meaning the balance of power could shift at the upcoming annual general meeting on 3 June 2026, where shareholders will vote on eight board seats.

Operationally, Ballard is simultaneously racing to cut costs and scale production. The internally?dubbed “Project Forge” — a fully automated bipolar?plate manufacturing line — is on track to begin operations in the second half of 2026 and is seen as a critical lever for lowering unit costs and boosting capacity. By contrast, the planned “Giga?1” factory in Texas has seen its final investment decision pushed back to end?2026, with management citing policy uncertainty and sluggish heavy?truck demand.

Ballard Power at a turning point? This analysis reveals what investors need to know now.

At the close of the quarter, Ballard held a cash position of roughly US$517 million, providing ample runway. The company will host its Capital Markets Day on 22 October, where executives are expected to outline concrete milestones on the path to profitability — a narrative that, for now, is being written amid both deal?flow optimism and a major shareholder’s retreat.

Ad

Ballard Power Stock: New Analysis - 13 May

Fresh Ballard Power information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Ballard Power analysis...

en | CA0585861085 | BALLARD | boerse | 69325525 |