Ballard Announces Orders for 31 Fuel Cell Engines to a Leading Global Construction, Electric Power & Off-road Equipment Manufacturer

Ballard Power Systems (NASDAQ: BLDP ) (TSX: BLDP) is pleased to announce orders for 31 modules, totaling 3 MW of hydrogen fuel cell power, to a leading global construction, electric power, and off-road equipment manufacturer for testing and deployment in a variety of end-use applications. The modules are expected to be delivered in 2022 and 2023 to match planned integration, testing, and deployment schedules.

"We are thrilled to be partnering with this important strategic account where we are able to offer Ballard's portfolio of leading fuel cell engines across a variety of off-road and stationary power applications," stated Randy MacEwen, Ballard's President & CEO.  "We see significant leverage in our business model where we use the same core competencies, the same core fuel cell technology, and, in some cases, the same fuel cell engines across different business verticals and geographic markets."

The orders include the supply of Ballard's new FCmove ™ -HD+ engines, marking an important commercial milestone for Ballard's latest fuel cell engine which was launched late last year. The FCmove ™ -HD+ is more compact and efficient than previous generations, with an expected lower total cost of ownership, making it a competitive, zero-emission solution for broad-reaching medium and heavy-duty applications.

Mr. MacEwen continued, "Our latest FCmove ™ -HD+ demonstrates a significant improvement in our technology and highlights the pace at which our fuel cells are advancing and supporting the market need for zero-emission solutions. We are excited with increased customer and end-user engagement to decarbonize heavy-duty off-road mobility applications, such as mining equipment, as well as stationary power applications, such as critical back-up for data centers. We are well positioned to support decarbonization of various hard-to-abate applications."