Hydrogen stocks tumble as Ballard Power hits monthly lows despite BMWâs âŹ273M bet
Shares in Ballard Power and BMW have taken a dip this week, with Ballard's stock market plummeting to a month's low. The hydrogen industry, while promising, faces hurdles in profitability and acceptance. Ballard Power's stock market has been volatile, dropping 7% on Thursday and another 10% in pre-market trading today. This follows a weak order intake, with new orders totalling $19 million, leading to a 9% decrease in the backlog to $132.8 million. Despite a 120% revenue surge in the past quarter, the company still reported a loss per share of $0.09. BMW, however, has secured public funding of âŹ273 million for its hydrogen-powered X5 project, set to launch by 2028. The automaker's stock market slipped 1.4% to âŹ87.52, following the broader market trend. Meanwhile, Nel ASA's shares fell 3.6% to âŹ0.207, nearing a critical support level and all-time low. The hydrogen industry's potential is evident, with BMW's investment and Energiequelle GmbH receiving state subsidies for windpark projects contributing to green hydrogen production. However, Ballard Power's recent stock market performance highlights the challenges in turning a profit and gaining widespread acceptance.
