Specialist
Former manager at Ballard Power Systems Inc
Agenda
- Ballard Power (NASDAQ: BLDP) business model overview
- Product applications, end market opportunity and analysis
- Partnership and JV assessment with financial implications
- Technology comparisons and competitive advantages
Questions
1.
Could you give a brief overview of Ballard, what it does and the business model it is pursuing?
2.
Have there been any recent developments that have allowed Ballard Power to attack these truck and bus applications that you identified?
3.
What trends have you noticed in penetration recently in the passenger vehicle market or on trucks and buses? What has been the feedback on the Ballard products in those markets?
4.
With the growth potential in the fuel cell market broadly and these partnerships, why have orders and backlogs struggled? Backlog is half of what it was in mid-2019. What has to happen to regain that traction?
5.
How did the Weichai and China venture come about? How did Ballard get selected, and how is it able to get its estimated market share?
6.
Why, in vehicles, do you want to go with the PEM [proton-exchange membrane] fuel cell?
7.
We know China is a big market for everything, and Weichai sells lots of engines. When does this relationship start to gain traction, do you think, in China? When should we expect the commercialisation of fuel cell vehicles there?
8.
Could you expand on the Mahle venture? How complex is this 240-kilowatt prototype engine, and what should we seek in this technology?
9.
I know Ballard is working with Siemens Mobility on trains in Europe. What are your thoughts on the end market? Why pursue this one? Is it easier to apply the technologies here, and it’s just one more application?
10.
When would you expect fuel cell-powered trains in North America? Is this kind of programme realistic in North America, or more of an experiment? I know Canadian Pacific is in the news today, and there is a programme with Ballard.
11.
It seems there have been a lot more companies and investors interested in fuel cells. How does a company such as Ballard keep up with all the capital being invested here? What do you identify as Ballard’s key competitive advantages?
12.
How would you compare Ballard’s products against competitors? You gave us the engineering personnel as one way to assess it.
13.
How do you expect the path to Ballard to generate some EBITDA? To your earlier point on how long the company could go without making a profit, what’s the path for Ballard financially?
14.
Are there other potential partnerships in the industry, whether Ballard wants to pursue them or other fuel cell companies?
15.
Are there any milestones or events you are assessing for Ballard in 2021, or for the industry, that we should monitor?
16.
How would you summarise the outlook for Ballard in the face of all the job vacancies it needs to fill and increased competition, along with all these partnerships?
