Despite shipping a record number of fuel cell engines in 2024, Ballard Power Systems saw revenues slump by 32% amid a downturn in hydrogen project development.
The Canadian firm’s revenues fell by 20% across its heavy-duty mobility segment, with rail seeing the biggest loss of 86%. This was followed by Trucks at 66% and marine losing 61%.
Buses, however, saw a significant increase of 51% to $44.2m over the year.
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