Burnaby’s Ballard Power Systems has announced a global restructuring plan to cut costs due to delays in hydrogen infrastructure development and slower fuel cell adoption. The plan involves workforce reductions, consolidating operations, and cutting capital expenses, though product deliveries and customer commitments are expected to remain unaffected.
Ballard CEO Randy MacEwen stated that the restructuring will save over 30% in annual operating expenses, with significant savings realized by 2025. Earlier this year, Ballard secured its largest order to date, supplying 1,000 hydrogen fuel cell engines to Solaris Bus & Coach for the European transit market.
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