Mr. Seungsoo Jung reports

CPKC PLACES FOLLOW-ON ORDER FOR 2.4 MW OF BALLARD FUEL CELL ENGINES FOR ACTIVE SERVICE LOCOMOTIVES

Ballard Power Systems Inc. has received an order for 2.4 megawatts of additional fuel cell engines from Canadian Pacific Kansas City (CPKC). These 12, 200-kilowatt fuel cell engines are planned for delivery in 2023 and will support the development of CPKC's additional hydrogen-powered locomotives planned for regular switching and local freight service applications in Alberta.

The additional locomotives will be partially funded through the Emissions Reduction Alberta ("ERA") program that helps the province deliver on its environmental and economic goals and will in turn support the decarbonization of rail transport by funding hydrogen production and refueling infrastructure along with hydrogen-powered locomotives.

Over the past two years, Ballard has supplied CPKC with 38 fuel cell engines for use in its hydrogen locomotives, with combined fuel cell power of 7.6 MW. The additional locomotives are expected to enter service in late 2024.

"Our hydrogen locomotive program demonstrates our commitment to reduce greenhouse gas emissions and we are pleased to continue to work with the team at Ballard to implement effective alternative fuel solutions," said Dr. Kyle Mulligan, CPKC AVP Operations Technology.

"We are excited by CPKC's vision and action plan to demonstrate and validate the use of hydrogen-powered locomotives to decarbonize their locomotive fleet," said Seungsoo Jung, Ballard's Vice President of Rail & Emerging Markets. "This latest order demonstrates CPKC's continued progress against this vision and plan, while also serving as another proof point for the enabling role of Ballard's fuel cell engines in the electrification of locomotive rail applications in North America."

About Ballard Power Systems

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

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