Mr. Jim Roche reports

BALLARD ANNOUNCES LEADERSHIP TRANSITION

Ballard Power Systems Inc. is planning a leadership transition. After more than a decade of transformative leadership, Randy MacEwen will step down as president and chief executive officer, with Marty Neese assuming the position effective July 7, 2025.

"It has been a true privilege to lead Ballard for the past 11 years during a dynamic period for the company and hydrogen industry," said Mr. MacEwen. "We have built a strong foundation that has positioned the company as an industry leader. Given changing industry dynamics, including a focus on product cost reduction, it is the right time for a new leader with a strong operational background to guide Ballard into the future."

The board of directors has appointed Mr. Neese as president and CEO following a succession planning process. A seasoned executive with a deep background in operations, Mr. Neese has extensive experience in product standardization, product cost reduction, volume production and gross margin optimization. Mr. Neese has served on Ballard's board of directors over the past 10 years and as the CEO of Verdagy, an innovative electrolysis and green hydrogen company, over the past four years. Earlier in his career, he served as the chief operating officer of SunPower and Flex. With his background and experience, Mr. Neese is uniquely qualified to drive the company's next phase of growth and operational efficiency.

"Marty is the right leader for Ballard as the fuel cell industry undergoes a period of rationalization and competitive realignment," said Jim Roche, chair of the board of directors. "His proven track record in operational excellence, product innovation and commercialization, and cost management will ensure Ballard not only adapts to this new environment but thrives in it."

"The fuel cell industry is entering a new phase and Ballard is taking decisive steps to position itself for long-term sustainable success," said Mr. Neese. "I am honoured to step into this role at a company with such a strong brand, and a leading track record for safety, technology and proven field performance in our target markets. We have a fortress balance sheet with no requirements for near-term or midterm financings. Working alongside our talented team, I look forward to building on this solid foundation, optimizing our operations, accelerating innovation and unlocking long-term value for our stakeholders."

The leadership transition has been carefully planned to ensure a seamless and orderly handover. Mr. MacEwen will continue to serve as the CEO until Mr. Neese's start date and then will remain available in an advisory capacity through Sept. 30, 2025.

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 enable electrification of mobility, including buses, commercial trucks, trains, marine vessels and stationary power.

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