Investor Presentaiton

SIEMENS Siemens¹ History: Development agreement signed in 2017 to develop a 200kW fuel cell module for integration into Siemens' new Mireo passenger train platform. Fuel cells can enable electrification with range, without requiring costly catenary wire infrastructure. Development / Status: The production of the purpose-built 400kW Mireo Plus H train is completed and began operational testing on rail in 2022, and is expected to enter demonstration service in Bavaria, Germany in 2024. Siemens has signed an LOI for 40MW of fuel cells to date, including a firm order for 23MW for expected delivery in 2023 - 2027, supporting development and deployment of the Mireo Plus H train in Europe. Structure: Ballard is responsible for delivering the fuel cell system and DC/DC converter. Siemens is the leading rail OEM & largest industrial manufacturing company in Europe, headquartered in Munich, Germany. Siemens has more than 300,000 employees worldwide and the Company generated revenue in excess of €80 billion in 2022. 34 Mireo Plus H H₂ 72 Piger bwegt. на **bwegt Mobot für Bodies Württemberg 563 101 1, 2 See Slide Notes BALLARD TM

View entire presentation