VANCOUVER, BC and HYDERABAD, India , Sept. 6,
2022 /CNW/ - Ballard Power Systems (NASDAQ:
BLDP) (TSX: BLDP) today announced a fuel cell module order from
Medha Servo Drives, a leading rail system integrator, who has been
contracted by Indian Railways to develop India's first hydrogen powered
trains.
The two retrofitted diesel-electric commuter trains will
integrate 8 units of 100 kW FCmoveTM-HD+, Ballard's
latest fuel cell technology, which offers improved efficiency and
power density than previous module generations.
The contract to provide the hydrogen-powered trains was
awarded to Medha as a first step in Indian Railways' path to
achieve their net zero ambitions. The fuel cell modules are
expected to be shipped in 2023, with trains scheduled to go into
service in 2024, with potential for additional retrofits following
the initial deployment.
Indian Railways estimate their investment in the hydrogen
fuel cell project to have a payback of less than two years as the
cost of hydrogen is now less than diesel. These conversions are not
only expected to be more economic than their diesel counterpart,
but also reduce annual carbon dioxide emissions by over 11 metric
tons and eliminate nearly a metric ton particulate matter per
year.
"We are thrilled to be partnering with Ballard in the
development of India's first
hydrogen powered trains. Rail transportation is a critical piece of
infrastructure across India and we
are proud to be taking the first steps to decarbonize this facet of
our economy. With leading technology and strong project economics,
we are optimistic about the future of zero emission rail
transport," said Mr. Kasyap Reddy, Managing Director of Medha Servo
Drives.
"Our progress in decarbonizing the rail market is just
beginning, as we work with leading rolling stock manufacturers,
integrators and operators globally. This announcement with Medha
exemplifies the growing need and progress being made to decarbonize
global mobility. We are excited to grow our fuel cell business in
India, and to power the first
hydrogen powered, zero emission passenger trains in the Indian
market," said David Mucciacciaro,
Ballard Chief Commercial Officer.
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, and stationary power. 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.
About Medha Servo Drives
Pvt.Ltd.
Medha is an R&D focused company dedicated to design,
development, manufacture, supply and service of Railway products.
It has been established in 1984 and has been supplying various
products to Indian Railways since 1990. Medha has designed and
manufactured various world-class high-tech electronics products for
application on locomotives, trainsets, coaches, railway stations
and yards. Medha's strength lies in designing, customizing and
integrating systems that involve multiple functional domains such
as control electronics, power electronics, fail safety and
mechanical construction.
Further Information
Ballard Power Systems:
Kate Charlton – VP Corporate Finance &
Investor Relations +1.604.453.3939 or
investors@ballard.com
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SOURCE Ballard Power Systems Inc.