Ballard Power Secures Major Fuel Cell Engine Order from Transit Bus Manufacturer

Ballard Power wins a substantial order for 500 fuel cell engines from New Flyer, with deliveries starting in 2026, boosting its North American transit presence and order backlog.

Ballard Power Systems has strengthened its position in the North American public transport sector by securing a substantial new order from New Flyer of America. The deal involves a significant volume of hardware and includes a clear delivery timeline, marking another step in the fuel cell technology provider's market expansion.

Order Details and Strategic Services

The agreement covers the supply of 500 FCmove®-HD+ fuel cell engines, representing a total power capacity of 50 MW. These units are destined for integration into New Flyer's Xcelsior CHARGE FC™ hydrogen fuel cell buses, with deliveries scheduled to commence in 2026.

Beyond the core hardware, the contract's scope encompasses comprehensive fleet services. These include training programs, performance monitoring, and ongoing technical support for the operator. Ballard-powered vehicle fleets globally now exceed 2,200 buses, which have collectively logged over 250 million kilometers of operation. The company reports an average fleet availability rate of 98%.

Financial Performance and Market Outlook

This contract announcement follows the release of Ballard's Q4 2025 financial results on March 12, 2026. During the subsequent analyst call, CEO Randy MacEwen indicated that further details regarding the company's expansion into the locomotive sector and into stationary power solutions—specifically for data centers—would be provided in the coming months.

On the markets, shares of Ballard Power have advanced approximately 27% over the past seven trading sessions, a move that has pushed the stock back above its 200-day moving average. Despite this recent strength, the share price remains considerably below its 52-week high of €3.42, which was recorded in October 2025.

Analyst firm ATB Cormark recently maintained its "Hold" rating on the stock while setting a price target of C$4.83 (US$3.50). Short interest in the company stood at under 8% as of the end of February.

The company's long-term strategy emphasizes building a stable order backlog through multi-year agreements with established partners like New Flyer. This approach is designed to provide operational predictability as the industry progresses toward key milestones expected around 2027.