Ballard Power Systems is launching a sweeping internal overhaul — including workforce reductions, significant cost-cutting, and a strategic pivot away from aspirational growth — in a bid to stabilize financially.
The Vancouver-based fuel-cell manufacturer announced the move in a July 30 release, describing it as a “bold strategic realignment” aimed at achieving cash-flow positivity by the end of 2027.
“Today’s plan is not about waiting for a market to emerge — it’s about focusing on the market that is,” said new CEO Marty Neese, who took over earlier this month. Neese succeeded Randy MacEwen, who served as President and CEO for 11 years.
This is Ballard’s second major restructuring in less than a year, underscoring growing pressure in the clean energy sector amid slower-than-expected hydrogen adoption and capital market constraints.
Ballard said it will cut annualized operating costs by at least 30% by 2026 (relative to the first half of 2025), through a mix of:
The company said the moves will enable “disciplined growth, sharper market execution, and stronger financial performance in line with current commercial realities.”
If you’re fired or let go from Ballard...
The offshore world has always attracted strong opinions. It’s complex, global, and full of moving parts that most people don’t fully understand. Mix that with online anonymity and you suddenly hav...