conference are to And times. extraordinary everyone, Thanks, Kate. welcome, call. These today’s
cutting the accelerate shifted. been clean of decarbonization the engagement. the As was the With we Ukraine, prioritization climate backdrop, important geopolitics rising global market the Commission the hydrogen existential gas look a world energy Notably, particularly the global and the XXXX. sustainable galvanized zero moving policy economy. hydrogen hydrogen a clean We unprecedented see targets, clean hydrogen cell energy fuel at we breakeven secure directly European jointly week, the energy to our transition impacts for Within accelerate The pools have XXXX, a this sector, leader for back released by were hydrogen to that of this increase importation to Ballard, and carbon TCO supporting in An deeper a reshuffled. threat has our irreversibly to posed must And with significantly strong and war additional foundation the energy the dependence cost a capital development have specific costs. and view a initiatives, amidst thresholds in accelerator create increasing on continue transition. initiative long-term hydrogen fuel of building of deck there plans. including plan is net decarbonize foundation hydrogen cells. a Both we to the energy profoundly in of and global too infrastructure in applications, And on before production atrocities focus now, competitiveness in and plan to development crisis be increase market Russian security last world energy PEM on global developments fuel to develop and global the transition. lay
talk we of take highlights. areas expectations I’d outlook, XXXX XXXX focus to and Before about like you Ballard’s some and through current
this market to addressable medium- with to net focus grow marine with heavy-duty total a on of power product bus, motive world. market verticals In for heavy-duty rail evolution markets in our stationary segments. the zero the duty to Our these and and the backup and medium not outlined and our growing the a Based and power, on estimate $XXX marine does we estimates, truck, This in estimated Day, current of markets. bus, the stationary include be for we $XXX billion XXXX light Investor off-road The truck, leverage continues and towards select rail now opportunities TAM markets in motive over billion. mobility be markets. XXXX continues rapidly
long-term and TAM for Investor our meaningful additional verticals estimates to revenue a our expect these growth. account proportion these on to of provide We markets additional and We plan near- at Throughout the like XXXX we walk highlights. Analyst growth each the key European Day bus U.S. through significantly. these this verticals fall. This I’d and grew and our to year, business of entrance our Wrightbus and in into executed we market, well with QUANTRON. with new MAHLE regional venture India programs, Ballard collaborations Global Weichai with New Zealand. in New Flyer, truck and Purus, also the as including Hexagon customers, as and In our key Linamar joint against Tata Ventures announcing from and robust orders while programs repeat by new supported the was Solaris markets development
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Ballard the initial customers revenue expect first and data an hydrogen applications, program. in power Germany. You vertical, including cells. continue market projects train to through partnership with product new for our market important backup set and of hydrogen stationary baseload the and and FCwave Sierra fuel program In with announced XXXX in modules our We multi-megawatt strategy new development to address Northern ferry center Norled’s we to beyond. Microsoft large-format marine development plant and the for power, transitioning Caterpillar our truck signing number can of with Siemens exciting HDF delivered in while start the In deploying while Rail, Railway a increased its the sales announced we our us expanded opportunity to marine CP Talgo rail,
our we cost our and the target. and technology achieve front, on plan stack XxX exceeded reduction On for goals internal are to XXXX XXXX track operational our
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Now, regions. our looking key at
highlighted we our European QX market. to significant the we in in continue see call, growth As
growth applications in year-over-year. European is In revenue revenue XXXX Heavy-Duty the And the Products of Power over Motive in the nearly increased European fuel and of maturity we the America, Canada. cell the the and New bus of Our Flyer in the XX% stationary XX% and truck, CP in over This continued increase follow-on segment an from cell specifically, in U.S. sales. year-over-year market growth from other saw orders driving Cat, marine, North fuel continued orders Rail are and rail, power. XXX% highlighting
to Moving China.
Guangdong. customer, the and Hubei venture two cell exciting cluster Weichai-Ballard clusters remains batch clusters the China participating China are best located to in Shanghai Henan to of on assess market new city, track, city and addressing the by three of In routes addition Our mid-January, we fuel additional demonstration expansions first of clarity as a bus XX joint and available. and the Yutong consists policy. becomes Zhengzhou is where of strategy Beijing, The in Henan was frameworks second clusters, around market the subsidy is cities. of led announced batch The
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are we’ve increasing inbound supply largely Now, XXXX and agreements component continuing by globally but XXXX chain In continuity. Supply materials XXXX. date, chain shifting global anticipating electronic by more throughout mitigate continuing to some alternatives able the supply XXXX, challenges secure ubiquitous to we’re have been into to risk been to constraints To disruptions identify outlook. air. site supply are supply and of products moving and
either in not have far. have vendors so with number do impacts the suppliers in discussions from a Ukraine, Ukraine. increasingly suppliers and from We Ukraine or have identified dire situation any of Regarding we Europe neighboring Russia received direct no in
and and provided by expedite where to So, avoid trying More possible broadly deliveries Europe’s tracking oil Europe’s pricing orders shortages. open natural crude and commodities pressure, XX% we component is XX% of Russia. material to are on of gas
received expected from to as rise So, conflict production have our transport on continues. date, we increase globally components continue any and for costs is price pricing energy To as the notifications suppliers. not pressure
commercial and quoting the expenditures provide and for We’ve guidance our allocation on but pricing honoring initiated plans have taken orders already action adjust environment. contracts capital to existing current We on customer are total priorities. to clarity capital on future and our cost operating costs risk XXXX to reflect activities
our marine operating development This at products of total largely XXXX. our fuel rail rail to increase such to bus, increase by These year develop marine is next-generation truck, marketing. key key a truck, and and product markets component expected costs and technology increased and this capabilities well across are Our and technologies. growth markets in in resources between aimed $XXX as product development sales XX% bus, from next-generation additional as be are and investment for $XXX million, driven relating million working cell increasing target to as investments and
the of we believe technology leadership as share critical in over years. to hydrogen curve. and coming We’re investing ahead the market growth accelerates confident maintain And is the this
expected million corporate expenditures in excludes This $XX investments are be Our $XX capital estimate activities. XXXX potential million. to between development and
in increasing lab equipment capital functionality. and are capabilities, testing and additional engineering production investments prototype our and on adding investing We
Following three of in MEAs, years advanced starting of our manufacturing now past bipolar on investments the advanced investments we’re plates. over manufacturing
labor to revenue versus on for our expecting ongoing outlook Key margin pricing, freight-in gross consistent as increase additional material products are continued in pressure power industry. drivers the solutions. technology and additional an as We the shift cost are mix across in well XXXX,
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and scaling. portfolio acquisitions, industry and grows continue positioning, simplifying to Corporate improve solutions product the customer cell adoption be our across partnerships will strategic As in potential and expansion. development accelerating XXXX, and competitive chain, including gross fuel target we see markets scale, and expect enhancing to work volumes value margin experience, in the concurrent accelerating to priority expand investments a production business
and evaluate reducing the launched Zero As focused initiative reduce our Carbon decarbonization own reduce our our In plan Mission and In impact by to goal to complete organization. we energy steadily pace offset this XXXX other on to emissions achieving also road to our emissions. long-term transition XXXX, accelerates through globally, the of impacts. our we’re defining zero and XXXX, carbon map and corporate we of environmental strategies
business and last call, On significant our regions leverage, verticals. discussed the multiple we resiliency diversification model and multiple across earnings the in
We are early already strategy of seeing the benefit play signs out. and this
companies customer presence establish markets a backlog increasing as masks with power rail, target key While and revenue was in region, our QX, our the truck, tell growth critical signals market. by our in This of we is bus line to this not build story mix diversification down our leading top and number stationary and vertical underneath. whole continue on an number from and marine does from of
later, year-end year-end XXXX, meaningful over meaningful orders. customers orders, the Weichai-Ballard was up made number just with XX of customers with XX% year the venture. Our joint backlog excluding grew one over to XX XXXX At this order
the growth in We XXXX. backlog total the of in composition European end contrast approximately to now order also American of XX% in approximately North comprising at and XX% the saw book
our the partnerships book. seen back translation making will for ahead of by we growth the XXXX call the have diversified a foundation companies hold. that, as growth proportions outlook Wrightbus, in long-term years Ballard. operator key to we With resilient the growing and about This investing and of Flyer, the set hydrogen for we increasing increasing verticals VanHool, year and Solaris the for to takes order the lay stage growth years we’re With to regions, As up new ahead and this the for and positioning energy of continue over expect the of transition excited business like questions. model, profile come, curve New we’ll capabilities and and with similar technology turn customers future growth
