Ballard Power's Dual Push: Romanian Rail Contract and a British Hydrogen Supply Deal

Ballard Power's Siemens Mobility order covers 24 FCrail modules for Romania, while subsidiary GeoPura secures long-term green hydrogen from Hygen.

Ballard Power Systems has locked in two separate agreements that extend its reach on both sides of the Atlantic, pairing a European rail contract with a long-term fuel supply arrangement in the United Kingdom.

On the rail side, Siemens Mobility has placed an order for 24 FCrail modules, each rated at 200 kilowatts, destined for Mireo Plus H regional trains being built for Romania's railway reform authority. The combined capacity of the order comes to 4.8 megawatts. According to Ballard's Wednesday announcement, deliveries are scheduled across 2027 and 2028, with regular passenger service slated to begin in 2029. The contract builds on a partnership between the two companies dating back to 2022, and the trains are expected to run on routes such as Bucharest–Pite?ti.

That multi-year timeline underscores a broader reality in the sector: planning and approval cycles for European rail projects stretch out over years, meaning new orders take considerable time to show up in a company's books. For Ballard, though, the deal serves as a significant reference point in rail, where hydrogen is viewed as an emissions-free propulsion option for routes lacking overhead catenary lines.

Meanwhile, Ballard subsidiary GeoPura has secured long-term fuel volumes to run its mobile power generators. The company agreed to offtake green hydrogen from developer Hygen's project in Bradford, England. The planned production facility is set to carry 35 megawatts of electrolysis capacity, with Hygen projecting daily output of 15 tonnes at the site.

Under the terms, GeoPura takes roughly one-seventh of that volume in the first contract year, rising to three tonnes per day in the second. Production is targeted to start in 2028. The project has yet to reach a final investment decision, but it holds a 15-year subsidy under the UK's HAR 1 support programme. Ballard president Andy Cunningham described the arrangement as a long-term supplementary supply for the company's generator fleet, a move that anchors Ballard's systems more firmly in regional infrastructure.

Away from rail and hydrogen supply, Ballard is expanding its commercial vehicle offerings in North America. On October 1, the company introduced Fleet360, a lifecycle programme tied to sales of its FCmove-HD+ fuel cell modules. A core element is FCcare+, which provides a performance guarantee covering up to 250,000 miles of operation — a pitch aimed at commercial fleet operators who prioritise dependable uptime and predictable costs. The programme was showcased at the APTA EXPO 2026 industry trade fair.

These initiatives follow a string of recent activity in heavy-duty applications. About a month ago, Ballard unveiled the FCmove-XD fuel cell engine. Roughly three weeks later came a hydrogen truck project with Toll Group, along with the company's participation at the IAA TRANSPORTATION trade show.

Investors, however, remain cautious. Ballard shares closed yesterday at EUR 1.73, hovering just above the 52-week low of EUR 1.66. The Siemens news gave the stock a modest lift of 1.5% to EUR 1.75 during today's session, leaving it 5.8% above that low — still a depressed level overall. The gap between fleet construction and the start of regular operations, often spanning several years, means shareholders must factor in that fresh contracts will only gradually feed into the financial statements.