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  "documentTitle": "Ballard Power Systems (BLDP)",
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  "authorName": "Ben Axler",
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  "notes": "This slide serves as a critical assessment of market maturity, highlighting the gap between government targets and economic reality.",
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      "text": "Spruce Point believes that the economics of hydrogen refueling stations are so poor, 12.5 years to repay investment amount without overhead (based on Foshan refueling station economics), that they will never be built barring significant sustained subsidies from government",
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      "text": "Based on market research we expect 15 and 45 refueling stations to be operational by the end of 2018 and 2019, respectively. Assuming 50 buses can be refueled a day, this implies the infrastructure can support less than 2,250 buses in total by end of 2019",
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      "text": "Achieving 10,000 FCV in total by 2020 is possible but 2,000,000 by 2030 is in the realm of fantasy",
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      "text": "Spruce Point expects total FCVs produced by 2030 to be between 200,000 and 300,000 units",
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      "text": "Seeking clarity on certain subsidies necessary to make their operations profitable",
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      "text": "Waiting for local governments or State Owned Entities to build a network of refueling stations to make operating these vehicles viable",
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      "text": "Spruce Point believes that many plans will be postponed or scrapped until the above uncertainties are reduced",
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      "text": "Spruce Point understands that only six manufactures will be producing in 2018 and estimates total production units to be less than 1,250 vehicles",
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      "text": "The biggest challenge the Chinese fuel cell market faces is a lack of refueling station infrastructure",
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      "text": "Only two auto manufacturers have constructed production capacity for hydrogen vehicles at any scale to date. The remaining auto manufacturers have announced models and plans to establish production, but are taking a wait and see approach",
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      "text": "China Fuel Cell Market In Nascent Stages of Development (Continued)",
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