Mr. Guy McAree reports

BALLARD AND AUDI SIGN DEFINITIVE AGREEMENTS REGARDING USE OF INDUSTRY-LEADING HIGH-POWER DENSITY FUEL CELL STACK FOR VEHICLE PROPULSION

Ballard Power Systems Inc. has signed definitive agreements -- in the form of amendments to the existing technology development agreement and a patent licence agreement -- with Audi AG related to the non-binding memorandum of understanding previously announced in a press release on Sept. 14, 2020, thereby expanding Ballard's right to use the FC-gen-HPS product, a high performance, zero-emission, proton exchange membrane (PEM) fuel cell stack in all applications, including commercial trucks and passenger cars.

The FC-gen-HPS fuel cell stack provides propulsion for a range of light-, medium- and heavy-duty vehicles in an industry-leading volumetric high-power density of 4.3 kilowatts per litre (4.3 kW/L). This marks another power density milestone for Ballard over the company's decades of PEM fuel cell product innovation. The FC-gen-HPS was fully designed and developed by Ballard to stringent automotive standards in the company's technology solutions program with Audi AG.

In addition to its leading high-power density, the FC-gen-HPS delivers a combination of impressive performance metrics, including:

• High power output: up to 140 kW maximum power level, with scalability to multiple power blocks;
• High operating temperature: up to 95 degrees maximum operating temperature, which allows for more efficient and smaller cooling systems; and
• Rugged cold weather capabilities: negative-28-degree freeze start capability with fast power ramp.

About Ballard Power Systems Inc.

Ballard Power Systems' 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, passenger cars and forklift trucks.

We seek Safe Harbor.