Scharfsinn86/iStock via Getty Images
Ballard Power Systems (NASDAQ:BLDP) said Thursday it was selected for two grants totaling $40M by the U.S. Department of Energy under the Clean Hydrogen Electrolysis, Manufacturing, and Recycling Program.
Ballard Power (BLDP) said the grants will support the construction and build-out of an integrated fuel cell production Gigafactory based in Rockwall, Texas.
The $40M in total grants consists of $30M for advanced proton exchange membrane electrode assemblies and automated stack assembly, and $10M for a flexible graphite bipolar plate manufacturing line.
In Phase 1, Ballard Power (BLDP) plans to spend ~$160M, net of the $40M in anticipated DoE grants, through the end of 2027 to build and commission a new manufacturing facility with annual production capacity of 8M membrane electrode assemblies, 8M bipolar plates, 20K fuel cell stacks, and up to 20K fuel cell engines, or the equivalent of 3 GW of fuel cells.
The company said it expects to make a final investment decision on the project later in 2024, pending necessary approvals and negotiation of final awards with the DoE.
Ballard Power (BLDP) stock recently sank to five-year lows after the company reported a wider Q4 loss and said its order backlog took a hit after losing a major order from a customer.