Ballard Power Systems, Inc. (NASDAQ:BLDP) shares are trading lower on Tuesday.
Ballard revealed several purchase orders for 70 FCmove-HD hydrogen fuel cell engines from Wrightbus, a U.K.-based bus manufacturer, for hydrogen-powered buses in the U.K. and Europe.
"We are pleased to strengthen our relationship with Wrightbus and support their deployment of an increasing volume of hydrogen-powered transit buses across the UK and Europe," said Oben Uluc, Vice President, Sales & Marketing, EMEA.
Ballard expects delivery of the fuel cell engines to occur in 2024, and the buses to enter into service in 2025.
The hydrogen fuel cell engines will power single- and double-decker buses in the U.K. and Germany.
"We are seeing broader market acceptance of fuel cell buses by European transit operators seeking to decarbonize their operations with a technology approach that enables long range, fast refueling, and scalable refueling infrastructure," Uluc added.
According to Benzinga Pro, BLDP stock has lost over 45% in the past year. Investors can gain exposure to the stock via WisdomTree Trust WisdomTree Battery Value Chain And Innovation Fund (BATS:WBAT).
Earlier this month, the company disclosed winning the largest order of fuel cell engines in its history.
Notably, the company inked a Long Term Supply Agreement (LTSA) with its customer Solaris Bus & Coach sp. z o.o. for supplying 1,000 hydrogen fuel cell engines through 2027 for the European transit bus market.
The LTSA consolidates existing orders for around 300 fuel cell engines, with a new supply commitment for an incremental around 700 fuel cell engines and related after-market extended warranty services.
Price Action: BLDP shares are trading lower by 1.61% to $2.74 on the last check Tuesday.