Investor Presentaiton

Ballard has extensive experience & is the leader in PEM fuel cells for medium & heavy-duty mobility 40+ year evolution of Ballard's fuel cell technology Translating over ~150 million kilometers of in-service experience into Ballard's 13th generation stack & 9th generation fuel cell module¹ Stack Power Output Power Density 20111 20 kW 2.0 kW/L 6 Est. Lifetime 15,000 hr (~250 500k km) Freeze Start >0°C 5X power output 2X power density ~70% durability 20221 > 100 kW 4.3 kW/L >25,000 hr (~400 800k km) -30°C 1, 2 See Slide Notes Continuing to invest in next-gen technology POTENTIAL FUTURE TARGETS² > 150 kW up to 5.3 kW/L up to 50,000 hr (~800 1,600k km) < -30°C BALLARD™

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