The Globe and Mail reports in its Saturday edition that Ballard Power Systems, a dot-com darling of the late-1990s whose stock soared to $210 on the promise of an automotive hydrogen future, is back in the good graces of investors. The Globe's Brent Jang writes that in 2008, Daimler and Ford spun off Ballard's automotive-related fuel cell business, then pretty much gave up on it. Ballard's share price eventually sank below $1 in 2012. Yet, the company continued to meander along, slowly climbing toward $100-million (U.S.) in annual revenue by selling fuel cell stacks in use in several thousand buses, trucks and warehouse forklifts around the world. Along the way, Ballard amassed more than 1,400 patents and patent applications. A lot of investors are now very excited about the prospects for hydrogen fuel cells again. Not as excited as they are about Elon Musk's battery-powered automaker, Tesla Inc., which recently passed $550-billion (U.S.) in stock market cap, but Ballard is definitely on a roll. Since early 2019, Ballard's share price has soared more than six-fold, from less than $4 to $25 for a $7-billion market value. While Ballard is still relatively small, it is the world's leading producer of fuel cells.
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