#1BALLARD Investor Presentation March 2021 Nasdaq & TSX: BLDP#2BALLARD Forward-Looking Statements This presentation contains forward-looking statements, including: estimated revenue; gross margin; cash operating costs; adjusted EBITDA; product cost reductions; liquidity; market size and growth projections; customer value propositions; and expected sales and product shipments. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to our financial forecasts and expectations regarding our product development efforts, manufacturing capacity, and market demand. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different, including, general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to our most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation. All amounts are consolidated to include Ballard Power Systems Europe A/S, Ballard Unmanned Systems Inc., Guangzhou Ballard Power Systems Co., Ltd., and Ballard Fuel Cell Systems Inc. Results are in U.S. dollars, unless otherwise noted. Power to Change the World 2#3BALLARD Ballard by the Numbers 42 YEARS 900 employees PATENTED PATENTED 1,400 26 years Nasdaq 28 years TS TSX WEICHAI AngloAmerican NISSHINBO ◎ 大洋电机 BROAD-OCEAN 4 strategic shareholders patents & applications publicly listed Company Power to Change the World 1,000+ transit buses H2 H2 2,200+ trucks 5 TRAIN projects on track 6 SHIPS in development HIGH-POWER DENSITY stack development program 850 MW fuel cell products delivered >6.5million MEAS produced >75million kilometers in operation >35,000 hours operation of fuel cell stack in London buses 2030 commitment to carbon neutrality 3#44 BALLARD Sustainable Competitive Advantages Deep fuel cell expertise and talent pool ✓ Leading PEM technology and IP ✓ Comprehensive product portfolio ✓ Vertical integration ✓ Unparalleled field experience ✓ Customers and industrial partnerships ✓ Powerful brand ✓ Balance sheet strength BALLARD#5LO 5 BALLARD 49 countries with CO2 pricing initiatives Global momentum to address climate crisis Hydrogen H zero emisson 75 countries with net zero targets 32 countries with hydrogen strategies#6BALLARD Hydrogen is most competitive in heavy duty motive applications Our focus is on applications where hydrogen fuel cells have a clear advantage Power to Change the World 6#77 BALLARD Why medium- and heavy-duty motive applications? Strong value proposition Centralized depot refueling Disproportionate emissions from hard-to-abate mobility#8BALLARD Fuel Cell Trucks: The Best Zero-Emission Alternative to Diesel Electrification without impact to operation or profitability Fuel cell trucks can haul a similar payload to a diesel truck • Future fuel cell truck weight reductions through lower weight storage tanks and improved integration Fuel cell trucks are refueled quickly to maximize revenue Battery recharging downtime prevents full utilization of the truck о Refuel: 5 min longest range Refuel: 15 min minimal payload impact | long range Recharge: 3-5 Hours Battery significant payload impact | shorter range 80 Diesel Fuel Cell H₂#9BALLARD Heavy-Duty Mobility market represents a very large opportunity for Ballard Estimated Total Addressable Market over $130b (engine) with market share estimates of 55GW for FC engines by 2030 Power to Change the World $14 billion 450,000 buses & coaches 100kW/bus $100 billion 4 million MHD trucks 200kW/truck $4 billion 8,500 electric hybrid trains 600kW/train $13 billion 8,000 propulsion systems 2 MW/vessel#10Comprehensive Range of Fuel Cell BALLARD Products to Address Multiple Applications Product Line Low Fuel cell components MEAs and bipolar plates Applications All applications Products Level of integration Air and liquid Fuel cell cooled stacks stacks ㅁ 費津 from 400 W to 120 kW 00-00 Motive (buses, trucks, forklifts, cars) and critical infrastructure backup power Fuel cell Heavy duty power modules modules from 30 kW to 200 kW Stationary systems from Fuel cell stationary systems kW to MW's High Heavy duty motive (buses, trucks, trains and ships) * $4 Critical infrastructure backup power Distributed scalable power generation systems FC velocity-9SSL FCgen*-1020ACS FCgen-HPS FCgen®-LCS FCmove TM FC veloCity® FC wave™ FCgenⓇ-H2PM CLEAR Gen™ Power to Change the World nove 10#11Product Innovations Achieve Significant BALLARD Performance & Lifecycle Cost Improvements Current generation FCmove™ product improvements TCO 35% reduction in total life cycle cost LIFETIME Cnove R 40% reduction in product volume Power to Change the World >30,000 hr operating lifetime fuel cell stack is recyclable $ 50% reduction in number of components -25°C freeze start capability KG 35% reduction in product weight 11#12BALLARD We are powering thousands of heavy- duty vehicles 1,000+ transit buses globally. Power to Change the World H2 2,200+ 4 TRAIN trucks projects on track EMBSKS ZERO HORN CARGO T TRANSRI KENNORTH H2 5 SHIPS in development 12#1313 BALLARD Proven field performance in various duty cycles, operating conditions and weather conditions wwwwww 75+ million km cumulative kms driven 35,000+ hours proven field durability 97% uptime high availability rate in 2020#14BALLARD LAUNCHES FCgenⓇ-LCS BALLARD C C#15BALLARD LAUNCHES FCmoveTM FCmove TM BALLARD#16BALLARD PARTNERS WITH NEW FLYER NEW FLYER ZERO EMISSIONS FUEL CELL ELECTRIC HYDROGEN POWERED SR 1925#17BALLARD PARTNERS WITH WRIGHTBUS WRIGHT#18BALLARD PARTNERS WITH VAN HOOL BUS HQUETS FLAMATION VANHOOL FL-516-LY FUS LIB#19BALLARD PARTNERS WITH SOLARIS 10 SOLARIS Urbino 12 hydrogen HYDROGEN Ti#20BALLARD PROJECT WITH KENWORTH IN ZERO E EMISSICS C CARGO T TRANSIRT KENWORTH Carrier ENERGY BAE SYSTEMS TTS BALLARD B KENWORTH 565945 TAML#21BALLARD PROJECT WITH DONGFENG ST NË 400 0500 588 PERC#22BALLARD POWERS UPS TRUCKS Worldwide Services DS Fuel Cell Electric Vehicle 144662#23BALLARD POWERS AZETEC PROJECT 99605 Bison TRANSPORT 37555 000 PCN 004#24BALLARD POWERS FIRST COMMERCIAL TRAM LINE A#25BALLARD PARTNERS WITH SIEMENS DEMENT Mireo +#26BALLARD POWERS HYDROFLEX TRAIN 799001 H HYDROFLEX 9#27HYDROGEN LOCOMOTIVE PROJECT CP will employ Ballard fuel cells in its Hydrogen Locomotive Project LEARN MORE#2828 BALLARD IMO phasing-out GHG +50% by 2050 Zero-emission requirements are coming to the marine industry Norway protecting heritage fjords 100% zero-emission by 2026 Europe EMSA to cut CO2 50% by 2050#29BALLARD Ballard is Investing in the Emerging Marine Market FCwave™ 200KW - expected to be first fuel cell module that is Type Approved 29 29 Marine Center of Excellence established in Denmark Estimated 2,000 MW opportunity by 2030 BALLARD FC wave#3030 BALLARD Gaining marine experience & building partnerships Development of MW scale systems for cruise ships with ABB HySeas III, the world's first sea-going renewables-powered ferry H2PORTS project to facilitate hydrogen power at Europe's ports FLAGSHIPS project to power: • Norled ferry in Norway • River barge in France (ABB) Norled Hjelmeland liquid hydrogen ferry ELEKTRA fuel cell river barges in Germany CARONA Elektra NORLEDE C Caledonian MacBrayne CATRONA LH#31BALLARD Weichai Ballard Hy-Energy Technologies Co. Ltd. (WBJV) Located at Weifang, China GIGA SHANDONG ONE Floor space: 225,000 sq ft. 。 Certification: IATF 16949; LC720161 。 Capacity: 34,000 stacks (2GW equivalent) 20,000 modules Exclusive licensed manufacturer of LCS fuel cell stacks and LCS-based modules in China 180 employees as of August 2020 Power to Change the World 31#3232 BALLARD MAHLE Development in Europe Collaboration agreement with MAHLE International signed October 1st 2020, to focus on $100B annual truck engine market, initially in Europe . MAHLE is a major Tier 1 supplier with €12B in sales Components in 50% of all vehicles • 10+ years experience in fuel cell component supply Ballard is responsible for fuel cell system and stack sub- system.... MAHLE's scope of work includes BoP, thermal mgmt., power electronics, system assembly#33BALLARD Ballard '3x3' Cost Reduction Plan Stack Hardware Labour Plates '3x3' fuel cell STACK cost reduction project targeting >70% reduction Engineering Design delivering MEA and Plate, performance and lifetime improvements with lower cost materials IDEA Supply Chain developing suppliers and agreements for volume supply Advanced Manufacturing minimising waste (materials and labour) and developing high volume automated manufacturing solutions providing high yield Contribution to Cost Reduction 41% 24% 35% '3 x 3' plan expected to deliver 70%+ cost reduction by 2024 for the stack in 3 key functional areas Power to Change the World Based on 2020 LCS-M1 195-cell stack MEAS 33#34System Cost Reduction BALLARD Expected impact of BoP cost reduction Major BoP component (Air compressor, HRB, Humidifier, Coolant Pump) cost reduction based on partnerships with Tier 1 suppliers, leveraging bus and passenger car volumes Air Compressor Cost Reduction Other Stack BoP Humidifier BOP HRB Others >200 sub components Air Com +. Inverter Air Compressor Cost /kW XD 200kW FCmoveTM 100kW Truck 150kW Transition to D sample 74% Reduction FCmove TM 70kW -56% 10 100 1,000 10,000 System Volumes System cost breakdown based on 2020 FCmove 70 kW, low volume, including warranty. Other includes DL for assembly, VOH, Delivery Major BoP component costs expected to reduce by >70% as Tier 1's transition to 'series' production Power to Change the World 34#35BALLARD Global Manufacturing Capacity Vancouver Capacity 2019 2020+ ~2025* MEAS 1.0m 6.0m 10.2m Gigawatt Equivalent 0.24 1.66 2.90 Vehicle Equivalent* 2k 12k 20k Stack Assembly 2.6k 27k 27k Hobro HD Capacity FCmove TM Module Assembly 2019 2020 2023* 50 100 Gigawatt Equivalent 0.24 1.66 1.66 HD Module Assembly 0.2k 5k 10k Ballard Power Systems Ballard Europe MEA Manufacturing Stack Assembly Module Assembly Weichai Ballard Hy-Energy JV (WBHE) WBHE Capacity 2019 2020t ~2025* Stack Assembly 34k 67k Gigawatt Equivalent 2.02 4.21 Vehicle Equivalent* 17k 34k HD Module Assembly 0.5k 20k 67k Power to Change the World † Installed capacity expected at end of 2020, based on 24hr x 7 days/week operation, 350 days/year Building infrastructure designed to accommodate additional capacity expansion within 1 year * Vehicle equivalent based on 70kW FCmove, 500 cells 35#36BALLARD ESG Commitment Published inaugural ESG Report in April 2020 Carbon neutral by 2030 BALLARD BALLARD ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORT 2019 Table of contents Our Global Impact UN Sustainable Development Goals Our Corporate Commitments Manufacturing to Minimize Waste "Mission Carbon Zero": Carbon Neutral by 2020 Monitoring and Reducing GHG Emissions Continually Reducing Energy Consumption 10 Shrinking our Carbon Footprint: 2019 Initiatives 11 Fuel Cell Refurbishing and Recycling 12 Reducing Raw Materials by Design 12 13 Waste Management Ballard People 14 A Culture of Diversity and Inclusion 17 Employee Training and Leadership Development 18 Health and Safety 18 Committed to continued enhancement of ESG reporting Power to Change the World Governance and Ethics at Ballard 19 Code of Conduct 19 Whistleblower Policy 19 Ethics and Anti-Corruption 19 Ethics and Our Supply Chain 19 Political Contributions 19 Board of Directors 20 The Ballard Board 36#37BALLARD Investment Thesis Power to Change the World 1. 7. Strong Policy Complex is Developing, Underpinned by Mega Trends Decarbonization; air quality improvement; electrification of vehicles 2. Large Attractive Addressable Markets Business model leverage & diversification with TAMS totaling >$130b 3. Global Leadership Position in PEM Fuel Cells for M/HD Motive 40 years of investment; highest market share; >75m km in the field 4. Sustainable Competitive Advantages Talent; IP; technology; product portfolio & roadmap; customers and partners 5. High Growth Trajectory Revenue scaffolding with potential for multi-billion-dollar top line by 2030 Strong Financial Position 6. Solid balance sheet; revenue ramp; GM expansion; costs leverage; capacity in-place Embedded Optionality Long-term exposure in automotive, material handling, aerospace, off-road and stationary 37#38BALLARD Q4 & Full Year 2020 Results (Millions of U.S. dollars) Power to Change the World Q4 2020 Q4 2019 % Change FY 2020 FY 2019 % Change REVENUE Fuel Cell Products & Services Revenue: Heavy Duty Motive $11.9 $21.4 -44% $47.7 $35.4 35% Material Handling $0.9 $1.9 -51% $5.3 $10.8 -51% Backup Power $2.1 $2.0 5% $5.6 $3.0 88% Sub-Total $15.0 $25.4 -41% $58.6 $49.1 19% Technology Solutions $13.6 $16.4 -17% $45.3 $56.6 -20% Total Fuel Cell Products & Services Revenue $28.6 $41.8 -32% $103.9 $105.7 -2% PROFITABILITY Gross Margin $ $5.6 $8.6 -34% $21.0 $22.3 -6% Gross Margin % 20% 21% -1-point 20% 21% -1-point Operating Expenses $19.6 $15.6 26% $60.7 $47.8 27% Cash Operating Costs $16.4 $13.1 25% $50.0 $38.8 29% Equity Gain (Loss) in JV & Associates ($4.3) ($3.0) -43% ($12.6) ($11.1) -14% Adjusted EBITDA ($14.5) ($7.0) -105% ($38.9) ($26.6) -46% Net Loss ($14.4) ($9.8) -47% ($49.5) ($35.3) -40% Earnings Per Share ($0.05) ($0.04) -28% ($0.20) ($0.15) -31% CASH Cash Provided (Used) by Operating Activities: Cash Operating Income (Loss) ($6.7) ($3.9) -72% ($25.8) ($14.1) -83% Working Capital Changes $0 $8.0 -100% ($17.1) ($0.1) -17,000% Cash Used By Operating Activities ($6.7) $4.1 -262% ($42.9) ($14.2) -202% Cash Reserves $763.4 $147.8 417% APPENDIX 38