Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Ballard Power Systems (BLDP) and its stock are certainly not for the faint of heart. Ballard Power soared to attention in the 1990s when it was believed that hydrogen fuel cells were the green automotive solution of the future. In 1993, the same year that Ballard completed its IPO at $6 per share, the company demonstrated the world's first zero-emission, fuel cell bus.
The promise of Ballard's technology seemed both limitless and inevitable. It was reflected in the company's share price. By 1997, the stock had soared to $82 as the company reached deals with Daimler Chrysler and Ford (F).
Ballard made a name for itself as maker of fuel cell powered buses and rose high on hopes for its automotive fuel cell business. However, the technology failed to catch on fast enough, forcing Ballard to sell its automotive fuel cell business to Daimler AG and Ford in 2008. After that, the company shifted its focus to its core commercial markets of buses, forklifts, and backup power.
The stock has rebounded this year as management is making the right moves in the clean energy vehicle market. For those investors that love Tesla Motors (TSLA), it pays to look at Ballard Power Systems.
Background
Ballard Power Systems was founded in 1979 in Burnaby, Canada. The company is involved in the development and commercialization of proton exchange membrane fuel cells worldwide. Its fuel cell products are geared towards the motive power (material handling and buses) and stationary power (back-up power and distributed generation). The company is at the forefront of proton exchange membrane (PEM) fuel cell development and commercialization.