It only takes getting a few stock picks right and holding them for the long-term to catapult us to millionaire status.
In our search for a millionaire-maker stock, seeking out companies that provide transformative products and/or services is a good place to start.
The world is always advancing forward with new technologies, and new problems to be solved, and any company that’s succeeding in game-changing progress aimed at finding better ways of doing things is worth consideration.
For example, if we look at companies like Microsoft Corp., which transformed the personal computer industry in the 1990s and continues to dominate the personal computer operating system industry today, we can see the incredible returns that result.
Microsoft stock has made many millionaires. We can see how buying this one stock would even make up for many bad investment decisions, and catapult investors’ portfolios into millionaire status.
Is Ballard Power Systems a millionaire-maker stock?
Ballard Power Systems Inc. (TSX:BLDP)(NYSE:BLDP) stock has soared 120% in the last year and 300% in the last five years. This, as the fuel cell has finally gained significant traction worldwide.
According to Ballard’s CEO Randy MacEwen, the company is “seeing early signs of internal combustion engine disruption in heavy and medium duty motive applications, including in bus, commercial truck, rail, and marine.”
Rapid growth expected in the next few years
According to multiple estimates released by various research organizations, including U.S. firm Statistics Market Research Consulting, the global fuel cell market was $476 million in 2017, and is forecast to grow to more than $50 billion by 2026.
This is one of many forecasts that are calling for a fuel cell market size north of $30 billion by the mid-2020s.
These are astronomical growth rates that can be understood when we appreciate the strong, global push toward clean energy solutions and the strong drive and pressure to clean up the environment.
Ballard has come a long way
One of the biggest obstacles to the fuel cell over the last two decades has been the high costs of these systems. This is no longer an obstacle, however.
In Europe, Ballard is working with the Hydrogen Bus Consortium to deploy 1,000 fuel cell electric buses plus the related infrastructure by 2023.
These buses are expected to be the most cost-effective zero-emissions buses anywhere, at a cost of 375,000 Euros for a single-decker bus.
They are also cost competitive with traditional fuel-burning buses, which is something that could not even be imagined twenty years ago.
One of the reasons that fuel cells have been gaining in popularity recently is that costs have come down big in the last decade.
Along with the fuel cell’s long range, fast fill-ups, zero emissions, and an overall cleaner drive, we can easily see why fuel cells are being so heavily invested in and so rapidly growing in popularity.
While the competitive landscape is active, Ballard has a strong lead. The company estimates that it holds approximately 70% to 80% market share of fuel-cell buses and trucks currently deployed globally.
Foolish bottom line
In closing, I would like to point out that while Ballard Power stock is not without its risks, it looks like this over 30-year-old company is finally hitting its stride as market and industry forces are all converging to make the fuel cell industry a booming one today.
The upside in this game-changing industry and in Ballard Power stock is therefore huge, making it a millionaire-maker stock.
Motley Fool Canada's market-beating team has just released a brand-new FREE report revealing 5 "dirt cheap" stocks that you can buy today for under $49 a share.
Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune.
Don't miss out! Simply click the link below to grab your free copy and discover all 5 of these stocks now.
Fool contributor Karen Thomas owns shares of BALLARD POWER.