Mr. David Mucciacciaro reports

BALLARD ANNOUNCES PARTNERSHIP WITH FORD TRUCKS FOR FUEL CELL POWERED HEAVY-DUTY TRUCKS & INITIAL ORDER

Ballard Power Systems Inc. has signed a letter of intent (LOI) with Ford Trucks to supply a fuel cell system as part of the development of a hydrogen-fuel-cell-powered vehicle prototype. The partnership includes an initial purchase order for two FCmove-XD 120-kilowatt fuel cell engines that are planned to be delivered by Ballard to Ford Trucks in 2023.

Ford Trucks, the global brand of Ford Otosan, plans to develop a fuel cell electric vehicle (FCEV) F-MAX as part of the project. The 120-kilowatt FCmove-XD fuel cell engines are planned to be integrated into Ford Trucks' F-MAX 44-ton long-haul tractor truck. Ford Trucks plans to build and assemble the fuel-cell-powered F-MAX in Turkey and aims to commence European Ten-T corridor demonstrations in 2025 as part of the European Union's Horizon Europe ZEFES (Zero Emission Freight EcoSystem) project goals. As per the LOI, upon the successful completion of the development program and subject to certain other conditions, Ballard may be named as the preferred supplier for the serial production of the fuel-cell-powered F-MAX.

In the ZEFES project, four truck original equipment manufacturers, two trailer OEMs, suppliers, logistic operators and research partners will work together toward the overall goal of accelerating the integration of zero-emission vehicles for long-distance heavy transport. This work plans to focus on efficiency improvements, mass production capabilities and demonstrating the use of the technologies in daily operations. In 2025, nine different vehicle concepts (four FCEV and five BEV) are expected to run over one million kilometres across EU corridors in real daily operations, guided and validated by a digital platform (to be developed within the project). This project is expected to be a significant step forward for ZEV adoption in the freight transport ecosystem. Vehicles are expected to carry over 40 tonnes for distances up to 750 km, averaging 500 km in daily operation.

"We are thrilled to be partnering with Ford Trucks to facilitate market adoption in Europe. We look forward to validating Ballard as their preferred fuel cell supplier and to support the integration of their heavy-duty truck platform," said David Mucciacciaro, Ballard chief commercial officer. "Ford Trucks is an important 'platform' win for Ballard and a key partner for our high-growth-potential truck vertical. We are excited by their ambition towards scaled deployments of F-MAX fuel cell trucks. Our FCmove-XD is an outstanding match for the range, refuelling, payload and packaging requirements of long-haul tractor customers."

"At Ford Trucks, we invest in alternative technologies that will define the automobile industry's future in accordance with our sustainability aims. Electrification, followed by hydrogen technology, is one of our top priorities. Our first fuel cell electric-powered vehicle F-MAX, which we will develop as part of the ZEFES project, will be a significant milestone. We are thrilled to be working with Ballard on this critical project. This long-term relationship will generate enormous value in the future. We have a wide range of promising technological talents and capabilities, and our work is progressing quickly and successfully. As Ford Trucks, we will continue to pioneer future sustainable transportation technologies with R&D [research and development] investments," said Ford Trucks vice-president Emrah Duman.

About Ballard Power Systems Inc.

Ballard Power Systems' vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM (polymer electrolyte membrane) fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains and marine vessels, and stationary power.

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