FBR Affirms Ballard Power (BLDP) at 'Outperform'; New Solaris Agreement Validates Model
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Analyst Carter Driscoll commented,
After the market close today, November 29, BLDP announced it had signed Solaris Bus & Coach, a Poland-based but pan-European manufacturer of a variety of buses and trams, to a long-term sales agreement. Under an initial order, BLDP will supply Solaris with 85 kW heavy-duty (HD) fuel cell modules for 10 trolley buses to extend range. We estimate an ASP of ~$200,000 per module or $2 million in revenue. BLDP expects to deliver the majority, if not all, of the modules in 2017, depending on how fast Solaris can deliver the trolley model, for deployment in Latvia. Solaris is an experienced OEM serving more than 30 European countries and manufacturing over 15,000 vehicles to date. BLDP's 85 kW HD module is deployed in other European cities such as London, so we see little risk to this initial order.
We view the agreement as (1) continued validation that OEMs are increasingly incorporating BLDP's fuel cells into commercial electric vehicles in Europe and (2) market adoption of HD electric vehicles beyond China.
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