{
  "docId": "019dd923-622c-750b-8b98-56362394aa64",
  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 60,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses red flag icons to denote critical findings or 'red flags' in the investigation.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-56362394aa64/42",
  "deckHref": "/decks/019dd923-622c-750b-8b98-56362394aa64",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-56362394aa64.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-56362394aa64#slide-42",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Industry insiders stated that they believe the Synergy Ballard joint venture is only able to produce a few hundred fuel cell stacks per year",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea7-5f3a9c274c61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.195
      },
      "kind": "list",
      "text": "Investigators saw a total of 5 demonstration buses in the park and only two had license plates. Three were 11-meter hydrogen fuel cell buses... Two were 8.5-meter buses... None had a number plate.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08c13b02-435c-4396-8149-717eea37f5bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.86
      },
      "kind": "list",
      "text": "A government official clearly stated if there were a cheaper domestic MEA (fuel cell membranes) then they would prefer to use that over Ballard's MEA. He pointed out the domestic MEA produced by Sunrise Power does not currently perform as well as Ballard.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c881d0c-cd5c-46b9-b359-f008d5a55923",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.41
      },
      "kind": "list",
      "text": "Industry insiders make reference that Synergy Ballard JV may have less annual stack capacity than publicly stated. The development zone plans to produce 1,000 buses and 1,000 logistics trucks next year. Industry insiders stated that they believe the Synergy Ballard joint venture is only able to produce a few hundred fuel cell stacks per year.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47c33805-8666-46f7-9e88-941e12f16a6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.595
      },
      "kind": "list",
      "text": "Our Investigators were shown the Synergy JV display room and informed backup power machines have had poor sales. A Ballard fuel cell engine with 6 fuel cell stacks and a Shanghai Re-Fire fuel cell engine with 2 fuel cell stacks were displayed. The Shanghai Re-Fire fuel cell motor is much smaller and used to power the 8.5-meter buses. The Ballard fuel cell motor powers the 11-meter bus. Investigators were shown one of the Ballard power back-up machines and told the back-up machines are four times the cost of comparable back-up machine and sales have been poor.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8897628e-6d7b-4eee-90ee-c12abba5d2e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Key Takeaways From Investigators Visit To Yunfu Technology Park Visit",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d81d06cb-a375-49cb-b991-bacd6ed490d5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 44,
      "from": 40,
      "beatId": "eca90a56-871c-47c5-b6ed-6bd919233892",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Key Takeaways",
      "beatSlug": null,
      "evidence": "The document presents key takeaways from investigative research in China, highlighting concerns about Ballard's partnerships and business model.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}