May. 21 at 6:45 PM
$BLDP So back in June 2024 they partnered with Vertiv to build a working hydrogen fuel cell backup power system for data centers. It's called the Power Module H2. It already exists, and it's been demonstrated at Vertiv's Ohio facility for almost two years.
Obviously
$BE has capitalized on the recent data center boom with their natural gas fuel cells and went from under
$10B to about
$79B market cap.
Ballard's PEM tech runs on hydrogen, so the addressable market is smaller, maybe 5-15% of total demand, but Ballard's total revenue is only
$105M, so even capturing a slice of the growing multi-billion dollar opportunity would materially change their TAM and P/S multiple.
The cherry on top is CEO Marty Neese mentioned data centers as an "area of deep exploration" on the last earnings call. Their capital Markets Day is October 22, and that's probably when they put real numbers on the pipeline.
$FCEL $PLUG
