Ballard Power Systems

 Ballard Power Systems, a fuel cell technology company with operations in Burnaby, has been restructuring and implementing layoffs to reduce expenses due to a slowdown in hydrogen infrastructure development and adoption. In September 2024, Ballard announced a restructuring plan aimed at cutting spending by over 30%. This plan included job losses, the departure of key executives, and a strategic shift in China. While the exact number of layoffs was not specified, it was mentioned that the restructuring would affect most functional areas of Ballard's global operations, excluding the Material Products Division. 

Here's a more detailed breakdown:

• Restructuring:

  Ballard initiated a global corporate restructuring to reduce operating expenses. 
• Layoffs:

  The company planned to cut jobs and streamline operations, though the exact number of layoffs wasn't specified. 
• Executive Changes:

  Paul Dobson, the CFO, and Mark Biznek, the COO, were among those leaving their positions as part of the restructuring. 
• Market Slowdown:

  The restructuring was prompted by a slowdown in hydrogen infrastructure development and the slower-than-anticipated adoption of fuel cell technology. 
• Cost Reduction:

  Ballard aimed to reduce spending by over 30% as part of the restructuring plan. 
• Long-Term Focus:

  Despite the restructuring, Ballard emphasized its commitment to its long-term competitiveness and maintaining its balance sheet strength, according to a press release. 
• 2025 Outlook:

  Ballard's CEO, in his 2024 blog post, stated that the company would focus on customers, next-generation products, and managing operations efficiently in 2025.