(Bloomberg) — Ballard Power Systems Inc., a hydrogen cell producer in global expansion mode, is considering adding debt to its balance sheet for the first time in years for acquisitions given current cheap funding costs.
“If we go into the market again to raise more capital, particularly for an M&A opportunity, absolutely the debt markets would be something we would prioritize,” Chief Financial Officer Tony Guglielmin said in an interview, adding that demand for green-labeled securities is particularly strong. “Because we fit squarely in the green area, we could access that market and it’s very attractive right now in terms of pricing.”
“If we were to look at the debt market, I would suggest it would likely be in North America, likely in U.S. dollars,” he said, though they likely will also consider the Canadian dollar market. When it comes to the type of instrument, green convertible bonds — a type of security already sold by rival Plug Power Inc. — is at the “top of the list.”