Ballard Power Systems

In 1979, Geoffrey Ballard, Keith Prater, and Paul Howard founded Ballard Research Inc. to develop high-energy lithium batteries. A decade later, the company pivoted, shifting its focus to proton-exchange membrane (PEM) fuel cells, the technology that would come to define it. This strategic change set the stage for future developments in clean energy. The company went public on the Toronto Stock Exchange in 1993 and listed on the NASDAQ in 1995, providing capital for research and expansion. A significant step came in 1997 when Ballard formed a major alliance with Daimler-Benz and Ford to develop fuel-cell-powered vehicles. This partnership aimed to commercialize fuel cell cars and led to the deployment of the world's first fuel-cell bus in Chicago. In 2008, the company spun out its automotive fuel cell division into a new private entity called Automotive Fuel Cell Cooperation (AFCC), co-owned with Daimler AG and Ford. This allowed Ballard to concentrate on heavy-duty applications like buses, trucks, and trains. A transformative partnership emerged in 2018 when Weichai Power invested $163 million for a 19.9% stake, establishing a joint venture to access the growing Chinese market for fuel cell vehicles.