Ballard Power Systems has announced a strategic shift under new Chief Executive Marty Neese, aiming to achieve profitability by narrowing its product focus and cutting costs.
The Canadian hydrogen fuel cell maker said it will prioritise “proven applications” in active markets over longer-term projects, with the goal of reaching positive cash flow by the end of 2027. Planned measures include a reduction of operating costs by at least 30% in 2026 through workforce adjustments, tighter portfolio integration and streamlined operations. The company will also discontinue non-core programs, limit capital expenditure and manage cash more strictly.
As of June 30, Ballard held $550 million in cash and cash equivalents, which it said will fund its refocused strategy. The company has not disclosed which projects will be cut but reiterated its commitment to hydrogen’s role in decarbonising mobility. Its fuel cells are used in buses, trains, trucks, marine vessels and stationary power systems.
“We remain steadfast in our belief that hydrogen and fuel cells are essential to decarbonising global mobility,” Neese said. “This realignment ensures we can lead in this transition – not with hope in a future market, but with discipline, readiness, and focus.”