Investor Presentaiton
21
XO
SAM2,3
$7B
Rail1
Key Partners & Customers
Siemens (Germany), CRRC (China),
CP Rail (Canada), Sierra Northern (US),
Stadler (CH/US), Medha (India),
Scottish Rail (UK), Talgo (Spain)
Fuel Cell Size
~400-600kW passenger & shunter
~1.2-2MW freight
Deployed /
In-Development
8 / 63 trains
Value Proposition: Fuel cell trains run on existing tracks and have comparable refueling time to diesel. With long range, fast refueling, and heavy
payload, hydrogen fuel cell trains overcome technical constraints of batteries and are more economical than catenary electrification, while still
providing the environmental benefits of electrification.
Large market potential in European passenger & US freight rail
US: over 40,000 freight locomotives in North America with 15-year engine refurbishment cycle4
Europe: ~40% of European rail lines are non-electrified and are cost prohibitive
(~€1M/km) to fully electrify. ~15k diesel trains in Europe to be replaced in next 15 years
Current development:
Siemens: Development of 400kW purpose-built hydrogen powered Mireo
passenger train in demonstration; ordered 23MW of fuel cells to-date
CP Rail: Demonstration for three locomotives underway
in Canada-converting existing drive trains from diesel electric
to fuel cell electric (anticipated in-service 2023)
CRRC: five trams in Foshan City in-service 2019
Talgo: 8, 70kW modules for passenger train in Spain with expected 2023 in-service
Stadler: passenger rail project in San Bernardino, California
Sierra Northern: switching locomotive in California
PESA: shunting locomotive in Poland
Rank
Top Global Train Manufacturers¹
Company
2019 Rev ($B) Region
1
CRRC Corporation
Bombardier
Siemens Mobility
Alstom Transport
32
APAC
16
Americas
10
EMEA
9
EMEA
GE Transportation
4
Americas
Stadler Rail AG
3
EMEA
10
The Greenbrier Co
Trinity Rail Group
Hyundai Rotem
Hitachi Rail Systems
3
Americas
3
Americas
2
APAC
2
APAC
234567899
Ballard Customer
1, 2, 3, 4 See Slide Notes
BALLARD™View entire presentation