Mr. David Mucciacciaro of Ballard Power reports

BALLARD ANNOUNCES NEW LONG-TERM SUPPLY AGREEMENT WITH NFI AND PURCHASE ORDER FOR 100 FUEL CELL ENGINES FOR BUS DEPLOYMENTS IN NORTH AMERICA

Ballard Power Systems Inc. has signed a new long-term supply agreement (LTSA) with NFI Group Inc., a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions in North America and Europe. The agreement marks a new phase in the established partnership between Ballard and NFI, focused on deployment-level volumes of fuel-cell-powered buses across all of NFI's major brands, including New Flyer, Alexander Dennis and MCI.

As part of the LTSA, NFI has placed its first purchase order under the agreement for a minimum of 100 FCmove-HD+ modules for planned delivery in 2024. The modules will primarily be produced in Ballard's Bend, Ore., facility with Buy America compliance, and will power New Flyer's next-generation Xcelsior Charge FC hydrogen fuel cell buses for deployment across the United States and Canada, including California, Manitoba, Nevada, New York, Ohio and Pennsylvania.

"This agreement is the next step in our multidecade partnership with Ballard and a key component in advancing our leading fuel cell bus offerings," said David White, executive vice-president, supply management, NFI. "By working with Ballard across numerous bus products in multiple jurisdictions, we have been able to leverage best practices and generate design, engineering and sourcing synergies. With growing demand for fuel cell buses, we are excited to continue this partnership as we drive the transition to zero-emission transportation."

"We are proud NFI (and subsidiaries New Flyer, Alexander Dennis and MCI) has chosen Ballard as their committed partner for the next phase of growth in the fuel cell bus market," said David Mucciacciaro, Ballard chief commercial officer. "We believe New Flyer is well positioned to deliver deployment-scale volumes of fuel cell buses, particularly in the U.S. market, where operators increasingly prefer hydrogen fuel-cell-powered buses for their range, short refuelling times, high availability and cost-effective infrastructure requirements."

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, marine vessels and stationary power.

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