Ballard Power Systems and Quantron AG announce a strategic partnership for the development of hydrogen fuel cell electric trucks

• The Ballard and QUANTRON strategic partnership will bring several fuel cell electric truck platforms to market
• Highly efficient Ballard hydrogen fuel cell engines will enhance QUANTRON’s electric vehicle design with longer range, fast refuelling, and no compromise on payload
• Initially QUANTRON will integrate Ballard’s latest generation FCmove™ heavy duty fuel cell power modules into its electric truck platforms
• Initial delivery of QUANTRON fuel cell electric trucks is scheduled for the second half of 2022 in Germany

The partnership of Ballard, a global leader in fuel cell technologies, and QUANTRON, a global leader in electric vehicle integration is expected to accelerate deployment and market adoption of fuel cell technologies. The combined, complementary expertise of Ballard and QUANTRON enables broader customer access to zero emissions fuel cell electric trucks without compromising on range, payload, vehicle utilization or total cost of ownership.

Initial collaboration will focus on the integration of Ballard’s FCmove™ family of heavy-duty fuel cell power modules into QUANTRON’s electric drivetrain and vehicles. Fuel cell electric truck platforms currently in development include a 7.5t delivery truck, a 44t heavy duty truck and a municipal waste collection truck.

Initial deployment of fuel cell electric trucks is scheduled for the second half of 2022. In Europe, various government subsidies and incentives will be available to vehicle fleet operators. Specifically, Germany has recently committed to covering up to 80% of conversion costs from internal combustions engines to alternative drives through the e-mobility support program.

Key milestone in acceleration of fuel cell technology adoption for truck applications

Andreas Haller, founder and Chairman of Quantron AG: “This is another important milestone for QUANTRON’s global growth. The cooperation with Ballard enables us to bring customised hydrogen commercial vehicles with fuel cell electric drives to the market. Today we embark on a journey of joint development and production of fuel cell electric commercial vehicles”

Robert Campbell, Chief Customer Officer of Ballard Power Systems: “Ballard is looking forward to collaborating with QUANTRON to accelerate the adoption of fuel cell technology for truck applications. The combination of both companies’ expertise will deliver high performance hydrogen trucks to respond to the growing demand for zero emission vehicles from fleet operators and unlock new business opportunities for medium and heavy-duty fuel cell trucks in Germany.  Ballard is bringing its 8^th generation of heavy-duty fuel cell power module experience built upon over 85 million km’s of road service from over 3,500 buses and trucks powered by our leading PEM technology today.”

Positive impact towards zero emission transport

Heavy duty vehicles have a higher impact on emissions and air pollution in cities than any other vehicle. The critical role of hydrogen and fuel cell technologies in the decarbonization of this sector has now been recognized in many European countries’ hydrogen strategies. Hydrogen and fuel cell technologies are critical to the industry-wide decarbonization effort. The QUANTRON-Ballard collaboration will leverage the synergies between battery electric and fuel cell electric powertrains to enable a greener, faster and more cost effective decarbonization of the transportation sector.

About Ballard Power Systems

Ballard Power Systems’ vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements

This release contains forward-looking statements concerning the development and delivery of fuel cell products, and the benefits and anticipated market adoption of them. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.