Artificial intelligence stocks, like NVIDIA, Broadcom, and Micron Technology, rallied to exorbitant levels, making their loyal investors millionaires. While these stocks still have growth potential, the journey to becoming a millionaire could take longer. In the meantime, an upcoming clean energy technology could increase your chances of becoming a millionaire once it picks up momentum.
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This $8 stock could be your ticket to millionaire status
The biggest drawback of clean energy stocks is too much reliance on government policies and the lack of assured energy. Most renewable energy generation depends on weather conditions and may not be a reliable source 365 days a year. However, this clean energy tech could provide reliable energy and address the issue of energy security.
Ballard Power Systems (TSX:BLDP) has developed a proton exchange membrane (PEM) fuel cell power system and is now commercializing this technology. The hydrogen fuel cell powers commercial vehicles like buses, trucks, marine, rail, and stationary power. The company has hired professional management and tasked them to make it profitable.
Despite the promising returns, investors who saw the stock’s price rise in 2020 and 2021 and then fall in 2022–2024 remain cautious.
What happened in 2020?
At that time, Joe Biden, whose policies promoted clean energy, became the US President. When he won the US elections in November 2020, all renewable energy stocks skyrocketed. Ballard Power Systems’ stock jumped 143% between November 2020 and February 2021.
The expectations of order wins overvalued the stock. Too high expectations were baked in, and widespread adoption did not materialize. All clean energy stocks fell, with Ballard Power Systems’ stock falling 90% over the next three years.
Ballard Power Systems’ stock is rising once again as the US-Iran war is encouraging countries to diversify their energy sources beyond oil. The high oil price is a strong motivation to accelerate clean energy adoption as it makes the latter economically feasible.
Why is this $6 stock now trading above $8?
Recently, the stock climbed almost 30% between May 19 and 21, moving from $6 to $8 and still going up.
Behind the rally is a management shift. Let’s go back in time to November 2018, when Ballard signed the joint venture (JV) with China’s Weichai Power, wherein Weichai had a 51% controlling interest. The JV manufactured certain fuel cell products utilizing Ballard’s technology, and China held certain exclusive rights.
However, in 2024, Ballard reconsidered strategic options as the JV was underperforming due to policy and other challenges in China. Ballard impaired its equity interest in the JV for $4.6 million in the fourth quarter of 2025.
In May 2026, Weichai Power reduced its stake in Ballard Power Systems to about 10.3%. Weichai’s further stake reduction unlocked potential for Ballard, which was being pulled down by the JV’s underperformance.
When it comes to a company’s size, there are two ways a stock price can increase: one when the company expands, and one when it dissolves or spins off a loss-making business. TC Energy stock surged after it spun off its slowing oil pipeline business, which faced several project execution challenges. Bombardier’s stock surged after offloading its train manufacturing and other businesses.
The catalyst for millionaire status
This time, Ballard Power Systems’ stock is rising on the back of fundamentals. The US-Iran war has encouraged countries to diversify energy supplies. Transportation is the largest consumer of oil. If hydrogen fuel cells contribute to even 10% of the world’s transportation needs, it could make Ballard a millionaire maker.
