Globe says Ballard sees Germany excited about hydrogen
The Globe and Mail reports in its Monday edition that Canada has a chance to get a leg up in the increasingly heated global race to produce and sell hydrogen, courtesy of interest from one of the world's largest emerging markets for the alternative fuel source. The Globe's Adam Radwanski and Emma Graney write that on Tuesday, the feds will sign a new agreement with Germany to work together on the clean-energy transition, including developing policies and regulations, and integrating large shares of renewables into electricity systems. Hydrogen is expected to play a central role, with Germany's ambassador to Ottawa, Sabine Sparwasser, touting her government's plan to make hydrogen a centrepiece of its decarbonization strategy. "Germany is probably the world's most interesting market for hydrogen right now, and Canada is potentially a very big power in its production," Ms. Sparwasser told The Globe. Germany may also call into question the nature of Canada's strategy to develop its hydrogen industry -- preferring "blue" hydrogen, which means producing the element from natural gas or other fossil fuels. Germany, however, is more interested in importing "green" hydrogen, which is derived from non-fossil-fuel sources.
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Globe says Juvekar maintains Ballard Power at "buy"
The Globe and Mail reports in its Saturday, March 13, edition that Citi analyst P.J. Juvekar expects slower near-term growth for Ballard Power Systems after the release of fourth quarter release that were "nothing to write home about." The Globe's David Leeder writes in the Eye On Equities column that Mr. Juvekar continues to rate the shares "buy," while trimming his share target to $33 (U.S.) from $42 (U.S.). Analysts on average target the shares at $33.22 (U.S.). Mr. Juvekar says in a note: "We caution that the real growth is back-end loaded by mid-decade. In our view, the hydrogen economy is still attractive and government policies are supportive. China is expected to announce demonstration city clusters and FCEV subsidies in short order. Bus orders continue to grow, particularly in Europe, while a 240kW heavy-duty (HD) truck prototype engine with MAHLE is expected by YE21 for customer testing. ... Our stock price target is lowered due to higher interest rates, lower terminal growth rate, and slower order intake due to COVID-19. We continue to believe that the hydrogen economy is here to stay and Ballard is well-positioned in the emerging fuel cell applications for bus, truck, rail and marine."
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