- Fuel cell solutions offer a compelling value proposition for
trucks
VANCOUVER, BC, June 29, 2020 /PRNewswire/ - Ballard Power
Systems (NASDAQ: BLDP) (TSX: BLDP) today recognized the landmark
Advanced Clean Truck Regulation passed by the California Air
Resources Board (CARB), requiring the scaled adoption of
zero-emission commercial trucks in California.
On June 25, 2020 CARB adopted a
first-in-the-world regulation requiring truck manufacturers to
transition from diesel trucks and vans (for Class 2b through Class 8) to electric zero-emission
trucks, with a plan for every new truck sold in California to be zero-emission by 2045.
Manufacturers who certify medium- and heavy-duty chassis or
complete vehicles with combustion engines are now required to sell
zero-emission trucks as an increasing percentage of their annual
sales in California, starting in
2024. For model year 2024, 9% of all on-road Class 4-8 truck sales
must be zero-emission vehicles, incrementally scaling up to 50% for
2030, and 75% for 2035 and beyond. Similarly, for Class 7-8
tractors the requirements are 5% for 2024, 30% for 2030, and 40%
for 2035.
Sales requirements for Class 7-8 tractors under this regulation
create alignment with the Clean Air Action Plan encompassing
the Ports of Los Angeles and
Long Beach, which has a goal of
reducing pollution from every source at the ports. Sources include
ships, trains, harbor craft, cargo-handling equipment, along with
16,000 Class 8 drayage trucks currently operating at these
ports.
"This bold zero-emission trucks regulation recognizes that,
although trucks represent just 7% of all registered vehicles in
California, they are responsible
for 70% of the state's smog-causing pollution and 80% of
carcinogenic diesel soot," said Randy
MacEwen, Ballard President
and CEO. "The Advanced Clean Truck Regulation puts
California on an aggressive path
toward implementation of clean energy transportation solutions for
medium and heavy-duty trucks – market segments for which emissions
abatement has previously proven difficult to achieve. We believe
hydrogen-powered fuel cells will uniquely enable the
decarbonization of heavy and long-range commercial trucks, with
clear range and refueling advantages over battery electric trucks
and without compromises to payload."
Tim Sasseen, Ballard's Business
Development Manager for California
stated, "We commend CARB for its continued strong leadership in
reducing emissions and improving air quality. At Ballard, we are
dedicated to offering a compelling portfolio of fuel cell products
to accelerate the commercialization of fuel cell trucks in
California. We are initially
focused on market segments that feature heavy trucks with long
daily range requirements and a return-to-base depot refueling
model, with longer-term markets that feature corridor refueling. We
are making progress on current and planned fuel cell truck
demonstration programs to support California in meetings its zero-emission
trucks mandates."
Ballard's industry leading fuel cell technology currently
supports the operation of over 2,200 commercial trucks, primarily
in China. Ballard estimates the
total global addressable market for fuel cell engines in commercial
trucks at more than $120 billion
annually.
About Ballard Power Systems
Ballard Power Systems'
(NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for
a sustainable planet. Ballard zero-emission PEM fuel cells are
enabling electrification of mobility, including buses, commercial
trucks, trains, marine vessels, passenger cars, forklift trucks and
UAVs. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements concerning
anticipated product performance and other characteristics, product
deliveries and deployments. These forward-looking statements
reflect Ballard's current expectations as contemplated under
section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Any such
forward-looking statements are based on Ballard's assumptions
relating to its financial forecasts and expectations regarding its
product development efforts, manufacturing capacity, and market
demand.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including
general economic and regulatory changes, detrimental reliance on
third parties, successfully achieving our business plans and
achieving and sustaining profitability. For a detailed discussion
of these and other risk factors that could affect Ballard's future
performance, please refer to Ballard's most recent Annual
Information Form. Readers should not place undue reliance on
Ballard's forward-looking statements and Ballard assumes no
obligation to update or release any revisions to these forward
looking statements, other than as required under applicable
legislation.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Ballard
Common Shares have not been registered under the United States
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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SOURCE Ballard Power Systems Inc.