At the dawn of the new millennium, the shares of fuel cell companies had gone through the roof. Fuel cells were thought of as the next big breakthrough technology, and it seemed as if large, new growth markets were just waiting to be exploited. But shareholders were mistaken, celebrating too early. The industry’s leading businesses stumbled over the immense cost to develop and introduce new technologies. Likewise, a lot of them were spread too thin, trying to serve too many markets with too many products at once. Instead of concentrating research on a few promising segments, some allocated resources to several – regardless of their potential.
The large increase in the number of orders placed with each one of the fuel cell businesses analyzed in this and following articles promises a very bright future for the industry. Prototypes give way to mass production. The recent stabilization of the oil price is an effective mental tool. The road to profitability is there. The shares have potential – but not everyone has realized it yet!
The conference call of Canadian-based Ballard Power Systems about the latest figures from the last quarter of 2015 – and consequentially, for all of last year – revealed some very intriguing news, comments and plans for the future. I will refrain from discussing the figures (or losses posted) and interpreting them (how the individual business fields developed). Instead, I will focus on the excellent outlook