Page 1 The Fuel Cell Clean Energy Alternative

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1 Page 1 The Fuel Cell Clean Energy Alternative Octber 15, 2015

2 Page 2 Presentatin Tpics Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

3 Page 3 The Need fr Clean Energy MACRO DRIVERS Air Quality Climate Change Severe Weather Energy Security EMERGING NEEDS Clean Energy Distributed Generatin & Energy Strage Smart Grids & Micrgrids Grid Stability Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

4 Page 4 Clean Energy Alternatives Tidal Bifuels Wind Hydrelectric Slar Fuel Cells Gethermal Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

5 Page 5 Prtn Exchange Membrane (PEM) Fuel Cells Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

6 Page 6 Ballard Pwer Systems Prfile Histry 30+ years f experience in PEM fuel cells Fcus Pwer Prducts and Technlgy Slutins Scale 2014 revenue f ~$69M Emplyees Intellectual Prperty Facilities Public Listings Strategic Investrs ~450 including glbal sales team and 22 PhDs ~200 patents & patent applicatins; access t ~1,500 additinal patents & patent applicatins Vancuver, Bend OR, Suthbrugh MA, Denmark & Mexic Nasdaq BLDP; TSX BLD United Technlgies Crpratin, Angl American Platinum Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

7 Ballard Fuel Cell Prduct Prtfli Cmplete Range f Pwer Prducts Page 7 Fuel Cell Stacks 500W-2kW Up t 8k hrs 2-8kW Up t 30k hrs 4-20kW Up t 12k hrs 100kW > 10k hrs Fuel Cell Mdules kW Up t 20k hurs 100 kw Up t 20k hurs Cmplete Fuel Cell Systems 2kW & 5kW Direct hydrgen Indr (rackmuntable) & utdr use 2.5kW & 5kW Methanl fuelled Outdr use Multi-MW pwer Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

8 Telecm Backup Pwer: Market Drivers Page 8 Unreliable Electricity Grids Regular even daily utages Includes gegraphies such as Asia, Africa, Latin America Grid utages can interrupt wireless telecm service batteries & diesel generatrs nt always able t prvide necessary run time ElectraGen TM systems are reliable and deliver extended duratin run time Crisis Situatins Cncern ver ptential grid utages ver extended perids Includes gegraphies that can experience extreme weather, flds, earthquakes, ptential security breaches Benefits f ElectraGen TM are being demnstrated in the Caribbean and in Japan with NSN Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

9 Pwer Prducts: Telecm Backup Pwer Page 9 >2,900 systems (~12.6 MW s) shipped t date Market driven by 2 distinct needs: Unreliable electricity grids; and Crisis situatins Cmpelling lifecycle cst vs. traditinal diesel generatr r lead-acid battery slutins Ballard ElectraGen TM -ME methanl system is the first fuel cell prduct t receive cnditinal apprval in NYC Ballard ElectraGen -ME fuel cell system rftp installatin in the Philippines Ballard wrking nw with the carrier t meet all cnditins specified by NYFD ElectraGen -ME fuel cell system installatin in the Caribbean Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

10 Pwer Prducts: Material Handling Page 10 >6,000 fuel cell stacks shipped t date with 20M hurs f runtime Increases prductivity vs. lead-acid battery frklifts LTSA with Plug Pwer Ballard FCvelcity -9SSL Liquid-Cled Fuel Cell Stack Ballard FCgen -1020ACS Air-Cled Fuel Cell Stack Plug Pwer 2H 2014 GenDrive shipments included the fllwing endcustmers BMW Walmart (U.S. & Canada) Prctr & Gamble Mercedes Benz Krger Stihl United Natural Fds Vlkswagen Plug Pwer GenDrive systems pwered by Ballard fuel cell stacks in a Central Grcers facility Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

11 Page 11 Frklift OEM Interest Tday end-users buy frklift batteries frm a battery supplier. nt frm the frklift OEM Fuel cell systems are designed t replace battery packs Frklift OEMs culd change the game by designing purpsebuilt fuel cell frklift trucks This wuld eliminate end-users need t buy batteries and allw OEMs t capture mre f the value chain & margin Hyster-Yale s perating cmpany, acquired Nuvera Fuel Cells in Dec 2014 Plans t invest $40-50M in cmmercializatin ver next 2-3 years Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

12 Page 12 Why Fuel Cell Buses? Cmpletely eliminates tailpipe emissins Nx, Sx, PM Nise reductin and cmfrtable ride Imprved fuel efficiency x imprvement ver cnventinal diesel buses n an energy equivalent basis Reduced Greenhuse Gas Emissins Demnstrated n a well t wheel basis BC Transit has calculated* a WTW reductin in CO 2 emissins f 62% fr the Whistler buses Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

13 Pwer Prducts: Heavy Duty Mtive Page 13 Ballard enjys dminant glbal share f fuel cell bus market Agreement signed t pwer 33 fuel cell buses in China Landmark cntract executed t deliver 300 HD fuel cell bus mdules in China fr 2016 Cntract signed with CRRC t develp & deliver 10 HD7-200kW fuel cell mdules fr tram applicatins in China FTA annunced funding fr 10 fuel cell buses under LN Vehicle Deplyment Prgram AQIP funding annunced fr 35 fuel cell buses t be launched in Califrnia Van Hl awarded JTI funding fr 21 buses Ballard FCvelcity -HD7 Fuel Cell Mdule One f the Ballard-pwered Van Hl buses nw deplyed in Aberdeen, Sctland fuel cell bus fleet Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

14 Page 14 Other Ptential Prduct Catalysts (Cnt d) Prgress tward aut cmmercializatin Technlgy imprvements Including MEA and pwer density Imprved density f high pressure H2 tanks Fuel cell stack cst Dramatic reductin ver past 5-years High perating perfrmance Cruising range ~650 kms (400 miles) Cld start t apprx. -30 C (-22 F) Rapid refueling in apprx. 3-minutes Large pwer supply 4-t-5 times mre than electric vehicles Can pwer average husehld 1-week Psitive driving experience Quiet peratin Smth start & gd acceleratin Zer CO 2 emissins during driving Tyta Fuel Cell Car Audi h-trn quattr Fuel Cell Car Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

15 Page 15 Other Ptential Prduct Catalysts (Cnt d) Cntinuus Pwer Opprtunities at ff-grid residential & telecm sites Ballard launched a 12-mnth field trial in August 2014 with Angl American, Eskm (pwer utility) and Suth Africa s Department f Energy ElectraGen TM ME systems pwering 34-hme rural cmmunity in S.Africa, delivering 70 kw s f pwer with battery supprt there are 10M ff-grid hmes in Africa Trial bjectives: validate technical & perating requirements; understand lgistics f fuel delivery, electricity usage patterns & prduct maintenance needs Prime pwer trial system at Naledi Trust cmmunity in S.Africa Distributin f electric stves in Naledi Trust Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

16 C H A S M Page 16 PEM Fuel Cell Market Adptin Autmtive Cntinuus / Prime Pwer Material Handling Micr-Grid Bus & Tram Telecm Backup Pwer EARLY MAJORITY (Pragmatists) Distributed Generatin Cnsumer Prducts EARLY ADOPTERS (Visinaries) INNOVATORS (Technlgy Enthusiasts) PEM fuel cell prducts are at the early stage f market adptin in a hst f applicatin areas. with substantial grwth prspects Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

17 Page 17 Fuel Cell Industry Grwth Fuel Cell Industry Shipment Grwth ~40% industry shipment CAGR since ,000 ~65% f shipments are fr statinary applicatins 40,000 30,000 >90% f ttal fuel cell units shipped are PEM 20,000 10, Frecast 2014 Surce: Fuel Cell Industry Review 2014, E4tech Cnsulting, December, 2014 Statinary Prtable Transprt Clean Energy Need Fuel Cell Technlgy Ballard Pwer Applicatins Fuel Cell Industry

18 Page 18 Thank Yu Questins?