Ballard Power Systems announced a commercial agreement with New Flyer, a subsidiary of NFI Group, for 500 FCmove‑HD+ fuel cell engines that will deliver a total of 50 MW of power. Deliveries are scheduled to begin in 2026 and will power New Flyer’s Xcelsior CHARGE FC hydrogen fuel‑cell buses across North America. The order is the largest single commitment New Flyer has made to Ballard to date.
The deal deepens a decade‑long partnership between the two companies and expands Ballard’s installed base to more than 2,200 buses worldwide. New Flyer’s prior orders of 100 modules in January 2024 and 200 modules in November 2024 illustrate a clear growth trend in the use of Ballard’s technology. By securing 500 engines, the agreement signals strong confidence in Ballard’s PEM fuel‑cell platform and positions the company as a leading provider in the zero‑emission bus market.
Hydrogen fuel‑cell buses are gaining traction because they offer longer range and rapid refueling compared with battery‑electric buses, making them attractive for transit agencies and long‑haul operators. The market is expanding as regulatory pressure and corporate sustainability goals push fleets toward zero‑emission solutions, and the size of this order reflects that broader demand trend.
Ballard’s financial outlook remains cautious. The company is expected to report a loss of $0.07 per share for Q4 2025, and its stock has shown volatility as it focuses on cost reductions and strategic alliances. The new deal, however, is expected to strengthen Ballard’s revenue base and support its long‑term growth strategy.
"We are proud that New Flyer continues to place their trust in Ballard as their long‑term technology partner, building on a relationship that spans more than a decade. Our fuel cell engines, backed by additional fleet services, deliver the range, rapid refueling, and reliable performance New Flyer's fleets require," said Oben Uluc, Ballard’s Vice President of Sales & Marketing. "This agreement is the next step in our long‑standing partnership with Ballard and a key component in advancing our leading fuel cell bus offerings. With growing demand for fuel cell buses, we are excited to continue this partnership as we support the transition to zero‑emission transportation," added David White, Executive Vice President of Supply Management at New Flyer.
The announcement was met with a strong market reaction, with analysts highlighting the deal’s size and its implications for Ballard’s growth prospects. The order’s status as the largest single commitment from New Flyer and its alignment with the expanding hydrogen‑fuel‑cell bus market were cited as key drivers of the positive response.
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