Ms. Kate Igbalode reports

BALLARD PUBLISHES ITS 2023 ESG REPORT

Ballard Power Systems Inc. has released its 2023 environmental, social and governance (ESG) report, highlighting progress across Ballard's 2023 ESG performance, and articulating a continuing commitment to transparency and environmental leadership in the fuel cell industry.

The report captures performance metrics in the pursuit of Ballard's sustainability commitments and supporting initiatives. Related information regarding Ballard's ESG governance, risk management, and performance are also outlined within this report.

Highlights from the 2023 ESG Report include:

• 98% of global buildings use renewable electricity
• 33% reduction in building emissions directly related to reducing natural gas consumption
• 37% estimated decrease in energy intensity per employee
• Conducted our first global diversity census and inclusivity survey
• Launched DEI Council to support advancing a more inclusive workplace culture
• Increased female representation at the senior leadership level to 43%1
• Expanded our greenhouse gas emissions inventory to include direct material purchases
• Outline of the Company's plan to be carbon neutral by 2030, including key goals for driving decarbonization of corporate emissions

"At Ballard, we are commercialzing innovative solutions that put hydrogen-powered fuel cell products into the hands of our customers, aiding in the global transition to clean and secure energy. While we are excited to be an enabler for customers to realize their decarbonization plans, we are also steadfast in our commitment to sustainability in our own operations," stated Randy MacEwen, Ballard's President & CEO.

Ballard is committed to ESG reporting best practices. For its 2023 report, Ballard continued to align its disclosures to the internationally recognized ESG reporting standards of the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) under the sector standard for 'Fuel Cell and Industrial Batteries'.

To view Ballard's 2023 ESG Report, and for more information regarding the Company's sustainability commitments, please visit the company's website.

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.

1 Senior leadership is defined as Director and Vice President level employees

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