Investor Presentaiton
Key Messages
Energy transition
pace is
accelerating
Ballard is the
leader in PEM fuel
cell technology
Flexible business
model across
multiple verticals
Establishing
key partnerships
& customer
relationships
Tracking
towards
mid & long
term targets³
3
Accelerating policy
momentum to decarbonize
& ensure energy security
US at H2 policy forefront
with uncapped $3/kg tax
credit for green H₂ under
IRA, $10B funding for
hydrogen hubs & $5B
LowNo funding from DOT
EU policies beginning
to materialize,
€10B IPCEI projects
approved & beginning to
fund, part of ~€85-125B1
identified REPowerEU
investment & first (~€1B)
auction of green H₂
subsidies in 2023 under
Net Zero Industry Act
40+ years of market
leadership in PEM fuel
cells, ideal for heavy duty
mobility applications
Own design & development
of all sub-components,
maintaining industry
leading KPIs against
peers & new entrants
Expanding powertrain
integration capabilities to
accelerate adoption
Ballard products have
driven >150M km²,
significantly more
than competitors
Ballard MEA, stack & module
technology is foundational
& transferable across key
verticals of bus, truck, rail,
marine & stationary power
Leading fuel cell technology
platform allows for market
flexibility & revenue
diversification
Product standardization
expected to increase
economies of scale &
manufacturing
& supply chain efficiency
1, 2, 3 See Slide Notes
Partnerships focused
on industry leading
Tier 1 suppliers
as channel to
global OEMs
Working with vehicle
integrators to accelerate
demand by bringing early-
stage fleets to market
Customer centric
organization, standing
by products & helping
customers achieve
carbon reduction goals
Revenue, cost and supply
proof points on track to
give confidence as
market shifts from
demonstration scale into
serial production
Expect increasing
order book,
partnerships
& revenue
Tracking toward 70%
stack cost reduction plan
& developing roadmap to
achieving 2030
'Mission Carbon Zero'
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