Contact us (415) 233-7093 x 401 or

Ballard Power Systems Inc.

Ballard Power Systems Inc.

ETI Insight

Ballard Power Systems Inc. engages in the development and commercialization of proton exchange membrane fuel cells worldwide. The company is primarily involved in the design, development, manufacture, sale, and service of fuel cell stacks, modules, and systems for various applications. It also develops methanol and hydrogen fueled clean energy backup power systems, as well as provides engineering services for various fuel cell applications. The company offers its products and services for telecom backup power and material handling, as well as bus and distributed generation markets. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.

Ask the ETI Research Team a Question


Ask a Question

Submit Your Question Here

Your Name (required)

Your Email (required)

Your Message

Company Overview


Ballard is recognized as a world leader in proton exchange membrane (“PEM”) fuel cell development and commercialization. Ballard’s business strategy is a two-pronged approach to build shareholder value through the sale and service of Power Products and the delivery of Technology Solutions.

Ballard uses an Integrated Management System registered to ISO 9001 and ISO 14001 standards, as well as robust internal practices in the areas of automotive core tools, environment, health and safety that conform to the requirements of ISO/TS 16949 and OHSAS 18001. Ballard strives for continuous manufacturing improvement through practices such as Lean Manufacturing, 5-S and advocacy of Six Sigma.

Key Financial Metrics

Provided by Yahoo Finance

Company Stock Performance

Statistic Value
Enterprise Value/Revenue
Return on Assets
Return on Equity
Enterprise Value
Total Cash
50-Day Moving Average
200-Day Moving Average
Market Cap
5 Year Average Dividend Yield
50-Day Moving Average
52-Week Change
52-Week High
52-Week Low
% Held by Insiders
% Held by Institutions
Avg Vol
Fiscal Year Ends
Statistic Value
Forward Annual Dividend Rate
Forward Annual Dividend Yield
Book Value Per Share
Current Ratio
Diluted EPS
Dividend Date
Enterprise Value/EBITDA
Enterprise Value/Revenue
Ex-Dividend Date
Forward P/E
Gross Profit
Last Split Date
Last Split Factor
Levered Free Cash Flow
Most Recent Quarter
Net Income Avl to Common
Operating Cash Flow
Operating Margin
Statistic Value
PEG Ratio
Payout Ratio
Profit Margin
Qtrly Earnings Growth
Qtrly Revenue Growth
S&P500 52-Week Change
Shares Outstanding
Shares Short
Short % of Float
Short Ratio
Total Cash Per Share
Total Debt
Total Debt/Equity
Trailing Annual Dividend Yield
Trailing P/E

Randall MacEwen, President and Chief Executive Officer

Mr. MacEwen has extensive executive-level experience leading a range of clean energy organizations, including involvement in the hydrogen and fuel cell sector. He possesses strengths in a broad range of key areas, including: corporate governance, international B-to-B sales, product development, manufacturing, engineering services, M&A and corporate finance.  Mr. MacEwen was Founder and Managing Director of NextCleanTech LLC, a cleantech consulting firm. He provided strategic planning, interim/consultant CEO, corporate finance advisory and M&A advisory services to clean technology companies. Mr. MacEwen previously served as President & CEO of Solar Integrated Technologies, Inc., a commercial rooftop solar company, and was Executive Vice President, Corporate Development of Stuart Energy Systems Corporation, a supplier of hydrogen generation systems. Mr. MacEwen began his career as an associate at Torys LLP, a leading business law firm, specializing in corporate finance and M&A.  Mr. MacEwen holds a Bachelor of Arts degree from York University, a Bachelor of Law degree from the University of Western Ontario and was called to the Bar of the Law Society of Upper Canada in 1997.

Tony Guglielmin, Vice President, Chief Financial Officer

Tony Guglielmin joined Ballard as Vice President and Chief Financial Officer in June 2010. Mr. Guglielmin previously served as SVP Finance and Chief Financial Officer of Canada Line Rapid Transit Inc. (CLCO), a $2 billion rapid transit project connecting the Vancouver International Airport, City of Richmond and downtown Vancouver. Prior to joining CLCO, Mr. Guglielmin held senior management roles in treasury, investor relations, corporate development and strategic planning at Finning International Inc. in Vancouver; was Corporate Treasurer of British Columbia Hydro; and held various management positions with The Bank of Nova Scotia in Toronto. Mr. Guglielmin holds a BA in Economics and Political Science and an MBA from McGill University. He also holds the Chartered Financial Analyst designation and belongs to a number of professional organizations including the Financial Executives Institute. He serves on the Board of a number of private companies as well as the VGH & UBC Hospital Foundation (where he also serves as Treasurer and Chair of the Investment, Finance and Audit Committee).

Paul Cass, Vice President and Chief Operations Officer

Paul Cass was appointed Vice President, and Chief Operations Officer in March 2009. Mr. Cass’ responsibilities include leadership for Production, Supply Chain, Manufacturing Engineering, Quality Assurance, LEDS, Maintenance, Facilities, Physical Security, and Environmental, Health and Safety. Mr. Cass joined Ballard in 1997 and his areas of responsibilities have included mechanical engineering, engineering management, product development, customer service, and market development. In January 2003, he was appointed Director, Customer Service & Applications Engineering. In August 2006, Mr. Cass took on the additional role of Director, Bus Market Segment. In February 2008 he was also assigned leadership responsibility for the Material Handling Market Segment. Prior to joining Ballard, Mr. Cass had previous experience in project management, heavy equipment design and manufacturing, forestry equipment design and manufacturing, and shipbuilding. Mr. Cass is a registered Professional Engineer with the Association of Professional Engineers & Geoscientists of British Columbia. He holds a Bachelor of Applied Science in Mechanical Engineering from the University of British Columbia and an MBA from Simon Fraser University.


Kevin Colbow, Vice President, Technology Solutions

Kevin Colbow was appointed Vice President, Technology Solutions in February 2014. Dr. Colbow’s responsibilities include the leadership of the Company’s Technology Solutions business segment, including Engineering Services and IP licensing. Dr. Colbow joined Ballard in 1994 and his areas of responsibilites have included research and development, product development, technology portfolio management and product management. He was Director of Research and Development until March 2010, when Dr. Colbow was appointed Director of Product Management with responsibility for fuel cell stack products. Following receipt of a B.Sc. in Chemical Physics from Simon Fraser University in 1986, Dr. Colbow completed a M.Sc. degree in lithium-Ion rechargeable batteries at the University of British Columbia and, in 1992, completed a Ph.D. in photoelectron and soft x-ray spectroscopy on semiconductor surfaces. Dr. Colbow has also completed the Certificate Program for Technology Management at the California Institute of Technology and has 23 patents in the area of PEM fuel cells as well as twenty-six published papers.


Christopher Guzy, Vice President and Chief Technology Officer

Christopher Guzy joined Ballard as Vice President and Chief Technology Officer in February 2005. Dr. Guzy’s areas of responsibility include product development and technology research and development. Prior to joining Ballard, Dr. Guzy was General Manager of GE Healthcare’s product development and supply chain operations in Hungary. During his 17 years at General Electric in the United States and Europe, he also held a number of other senior technology and product development leadership positions including Global General Manager of Linear Fluorescent Technology and Vice President and Director of Quality and Technology, Europe for GE Lighting. Prior to joining GE, he led a process development section at Nestlé in Switzerland. Dr. Guzy began his career as Station Director of the School of Chemical Engineering Practice and Assistant Professor of Chemical Engineering at the Massachusetts Institute of Technology from 1983 to 1986. He holds Bachelor and Master of Science degrees in Chemical Engineering from Clarkson University and a Doctorate in Chemical Engineering from the University of New Mexico.

Stefan Hockley, Vice President, Human Resources

Stefan Hockley was appointed Vice President, Human Resources in January 2015. He is responsible for the leadership of Ballard’s HR strategies and programs that optimize its workforce. Mr. Hockley joined Ballard in 2005. Prior to joining Ballard, Mr. Hockley worked with various small and medium sized public companies in the Technology and Bio-Tech sectors based in both Europe and North America, spanning a career of more than 20 years. Most recently prior to joining Ballard he was at INEX Pharmaceuticals, a Canadian publicly traded Biotech company, where he led their Staffing Services activities.  Mr. Hockley is an active contributor to several technology sector HR associations including the Human Resource Management Association and the BC HR Tech Group. Mr. Hockley holds a BA degree in Economics from Lancaster University in the United Kingdom.

Steven W. Karaffa, Vice President and Chief Commercial Officer

Steven W. Karaffa joined Ballard as Vice President and Chief Commercial Officer in March 2014. Mr. Karaffa’s responsibilities include leadership of the Corporate Sales, Marketing & Product Management functions at Ballard. Mr. Karaffa joined Ballard following a long and successful career at Corning Incorporated, where he most recently served as Senior Vice President, Global Carrier Network Sales & Marketing at Corning Telecommunications. Other significant positions at Corning included President & CEO of Corning Gilbert and Vice President of Cable Product Line Management at Corning Cable Systems. Mr. Karaffa holds a BA and MBA from the University of Notre Dame and completed an international business certification, Tuck 20/20, through Dartmouth College’s Tuck School of Business.

Karim Kassam, Vice President, Business & Corporate Development

Karim Kassam was appointed Vice President, Business and Corporate Development at Ballard Power Systems in January 2013. Since joining Ballard in 2008, Mr. Kassam’s responsibilities have included leadership of the Company’s strategic initiatives in business and corporate development, as well as formation of strategic alliances and key industry partnerships. His work includes growing Ballard’s presence in developing market segments and building relationships with strategic partners in markets such as Asia and Africa. Mr. Kassam has extensive international experience, particularly in the Asia-Pacific region, across a range of sectors, including commercial real estate, government and retail. Mr. Kassam sits on the Boards of both the Chrysalix Energy Limited Partnership I and the Women’s Health Research Institute at the BC Provincial Health Services Authority. Previously, Mr. Kassam was a member of the Vancouver Economic Development Commission. He holds a Bachelor of Commerce degree from the University of Alberta, an MBA from Queens University, and is a designated CMA. He has also completed the Executive Leadership Development program at Harvard Business School.


BLDP Investor Resources

BLDP Investor Presentation Deck

BLDP Investor Presentation Deck

Please click here to download the most recent BLDP Investor Presentation Deck.

ETI BLDP Newsletter

ETI BLDP Newsletter

Click here to download the latest issue of the ETI BLDP newsletter.

ETI Snapshot Report

ETI Snapshot Report

Click here to download the latest ETI Snapshot Report.

BLDP Technology Primer

BLDP Technology Primer

Click here to download the latest BLDP Technology Primer

ETI AlphaDirect Management Series

ETI AlphaDirect Management Series

Click here to download the latest ETI AlphaDirect Management Series.

ETI Focus Report

ETI Focus Report

Click here to download the latest ETI Focus Report

Learn more about the ETI Emerging EnergyTech Sector.


Click Here

Dolor aliquet augue augue sit magnis, magna aenean aenean et! Et tempor, facilisis cursus turpis tempor odio. Diam lorem auctor sit, a a? Lundium placerat mus massa nunc habitasse.
  • Goblinus globalus fantumo tubus dia montes
  • Scelerisque cursus dignissim lopatico vutario
  • Montes vutario lacus quis preambul denlac
  • Leftomato denitro oculus softam lorum quis
  • Spiratio dodenus christmas gulleria tix digit
  • Dualo fitemus lacus quis preambul patturtul
Thank You. We will contact you as soon as possible.
Welcome to EnergyTech Investor where our focus is to help investors make intelligent decisions through better information. Please join EnergyTech Investor community to receive the latest updates and insights.
Thank You. We will contact you as soon as possible.
Increase more than 500% of Email Subscribers!
Your Information will never be shared with any third party.
Vel eros amet amet mauris a habitasse scel erisque? Vel urna dis et, placerat phasellus, diam in! Placerat nec facilisis, tortor tristique. Arcu placerat sagittis, velit lorem scelerisque egestas placerat phasellus.
Welcome to EnergyTech Investor where our focus is to help investors make intelligent decisions through better information. Subscribe and stay informed with complimentary investor news and updates from ETI.
Your Information will never be shared with any third party.
Join Now and Stay Informed!
Welcome to EnergyTech Investor where our focus is to help investors make intelligent decisions through better information. For complimentary access to all of our content, simply provide your name and email and join the ETI AlphaDirect investor network.