Ballard Power Systems has revealed plans to cut jobs, streamline operations and potentially scrap its Chinese joint venture to save over 30% in spending as it prepares to weather a slow-down in the hydrogen market.
Paul Dobson and Mark Biznek will leave their roles as Chief Financial Officer (CFO) and Chief Operating Officer (COO), as Ballard sets out on a bullish restructure.
The Canadian fuel cell firm said the measures were necessary to reduce corporate spending and maintain balance sheet strength as the adoption of hydrogen technology continues to face delays.
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