<SEC-DOCUMENT>0001279569-16-002764.txt : 20160225
<SEC-HEADER>0001279569-16-002764.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160225074340
ACCESSION NUMBER:		0001279569-16-002764
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150224
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ballard Power Systems Inc.
		CENTRAL INDEX KEY:			0001453015
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53543
		FILM NUMBER:		161453883

	BUSINESS ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8
		BUSINESS PHONE:		206-903-8850

	MAIL ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	7076991 Canada Inc.
		DATE OF NAME CHANGE:	20090102
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ballard6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REPORT
OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
 February 24, 2016</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commission
File Number: 000-25270</FONT></P>

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<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Ballard
    Power Systems Inc.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><br>
    <FONT STYLE="font-size: 7.5pt">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</FONT></FONT></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Translation
    of registrant&rsquo;s name into English)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Canada<br>
    <FONT STYLE="font-size: 7.5pt">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</FONT></FONT></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Jurisdiction
    of incorporation or organization)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9000
    Glenlyon Parkway<br>
    Burnaby, BC<br>
    V5J 5J8<br>
    Canada</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><br>
    <FONT STYLE="font-size: 10pt">(Address of principal executive office)</FONT></FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
    by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;<BR>
&#9744;
    &nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&#9746; &nbsp;Form 40-F</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check
    mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;&#9744;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check
    mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;&#9744;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check
    mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
    to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;&#9744;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;No</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
    &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<U>&nbsp;n/a&nbsp;</U></FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<HR SIZE="3" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: gray">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

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    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant to the
    requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
    by the undersigned, thereunto duly authorized.</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 53%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ballard Power Systems Inc.</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:    February 24, 2016</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
                                         Tony Guglielmin</FONT><FONT STYLE="font-size: 10pt"><br clear="all"></FONT></P>

</td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tony Guglielmin</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT&nbsp;INDEX
</B></FONT></P>

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    <TD NOWRAP STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><br clear="all">
    <B>Exhibit No.</B></FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="width: 91%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><hr size="1" noshade align="center" style="width: 100%; color: gray"></FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><hr size="1" noshade align="left" style="width: 88%; color: gray"></FONT></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1 </FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News
    Release Dated February 24, 2016 - </FONT>Ballard Reports Q4, Full Year 2015 Results &amp; 2016 Outlook</td></tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 24, 2016
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Ballard Reports Q4, Full Year 2015 Results &amp; 2016 Outlook</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9.75pt 0"><IMG SRC="image_001.jpg" ALT="Photo_Asset_1" STYLE="height: 408px; width: 500px"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Record order book sets up strong 2016 growth</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Feb. 24, 2016 /CNW/ -&nbsp;Ballard Power Systems
(NASDAQ: BLDP; TSX: BLD) today announced consolidated financial results for the fourth quarter ended December 31, 2015 and full
year 2015. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial
Reporting Standards (IFRS).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Randy MacEwen, President and CEO said, &quot;Our 2015 financial
results were broadly in-line with expectations, with the exception of another challenging year in Telecom Backup Power. We also
delivered a number of landmark achievements in 2015, including closing an $80 million Technology Solutions deal with Volkswagen
Group, acquiring Protonex Technology Corporation, signing $17 million and $10 million transactions in China to support deployment
of over 300 fuel cell buses, signing $9 million of new business for the development of fuel cell tram engines in China, and further
fortifying our balance sheet to end 2015 with $40 million in cash reserves.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. MacEwen continued, &quot;In 2016, we expect to grow revenue,
improve gross margin and rationalize certain operating costs. On revenue scaling, our current 2016 order book of $58 million is
the largest in Ballard's history, already exceeding last year's revenue. We expect to see growth in our Heavy Duty Motive business
as well as a full-year contribution from our Portable Power business. On gross margin improvement, we will continue to be disciplined
in our pricing, generate further product cost reductions and improve operating efficiencies while realizing benefits from an expected
increase in volumes and improved product mix, including important contributions from Portable Power, Technology Solutions and Heavy
Duty Motive. Finally, on operating costs, we have initiated a review of strategic alternatives for our Telecom Backup Power business
and will rationalize our Telecom Backup Power and executive team cost structures in 2016. This rationalization initiative is expected
to yield annualized cost savings in excess of $4 million, lowering breakeven revenue by more than $20 million.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mr. MacEwen concluded, &quot;With our 2015 accomplishments
and sustainability initiatives for 2016, we are well positioned to move the Company toward our longer-term growth and profitability
objectives.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Q4 2015 Financial Highlights</B><BR>
<I>(all comparisons are to Q4 2014 unless otherwise noted)</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total revenue was $20.0 million, a 28% improvement.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Power Products revenue was $13.1 million, up 37% and
reflecting $3.4 million from the acquisition of Protonex Technology Corporation (&quot;Protonex&quot;) on October 1, <I>and</I>
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Technology Solutions revenue was $6.8 million, up
12% despite the impact of a lower Canadian dollar on the Volkswagen Group contract. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross margin was 19%, up 38-points or $6.9 million,
due to the increased proportion of revenue from high-margin Heavy Duty Motive and Portable Power and the absence of certain 2014
charges. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash operating costs<SUP>2</SUP> were $7.7 million,
a 1% improvement due primarily to lower research and product development operating costs. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA<SUP>2</SUP> improved 82% to ($2.9)
million, due to the increase in revenue and gross margin. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income (loss)<SUP>3</SUP> was ($1.4) million or
($0.01) per share, improvements of 92% and 91%, respectively. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash used by operating activities was ($10.6) million,
a 29% increase reflecting cash operating loss of ($4.6) million and working capital of ($5.9) million. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Full Year 2015 Financial Highlights </B><BR>
<I>(all comparisons are to full year 2014 unless otherwise noted)</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total revenue was $56.5 million, down 18%. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Power Products revenue increased 5%, reflecting the
impact of Ballard's acquisition of Protonex; <I>and</I> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Technology Solutions revenue was down 38%, due primarily
to 2014 revenue having included $8.7 million in China licensing contracts that Ballard subsequently terminated, together with a
$2.3 million Canadian dollar exchange rate impact on the Volkswagen Group contract in 2015. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross margin was up 3-points to 18% and would have
been higher if not for the significant reduction in high-margin Technology Solutions revenue. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash operating costs<SUP>2</SUP> were $29.1 million,
an increase of 10% which was driven by significantly higher research and product development operating costs and by slightly higher
sales and marketing operating costs as well as the inclusion of Protonex operating costs in the fourth quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA<SUP>2</SUP> improved 18% to ($15.3)
million, due primarily to lower impairment losses on trade receivables included in other operating expenses of $7.1 million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income (loss)<SUP>3</SUP> was ($5.8) million or
($0.04) per share, improvements of 79% and 80%, respectively. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash used by operating activities was ($25.4) million,
up 23% reflecting cash operating loss of ($19.3) million and use in working capital of ($6.0) million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash reserves were $40.0 million at December 31, including
the February close of an agreement with Volkswagen Group regarding the transfer of certain automotive-related fuel cell intellectual
property (IP) with net proceeds of $29.5 million, a July equity offering with net proceeds of $13.4 million and a $5.0 million
strategic equity investment in Ballard by Nisshinbo Holdings Inc. in November. Subsequent to 2015: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In February 2016 approximately $3.3 million was received
from Superior Plus Income Fund in relation to an indemnification agreement associated with a December 2008 restructuring agreement;
<I>and</I> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By end-Q1 2016 Ballard expects to add net cash of
approximately $9.0 million as a second payment in relation to the aforementioned IP agreement with Volkswagen Group. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2015 Sales and Operations Highlights</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Power Products</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ground-breaking Heavy Duty Motive initiatives were
executed with China customers in relation to fuel cell-powered buses: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An order for 8 next-generation FCvelocity<SUP>&reg;</SUP>-HD7
modules was received and shipments were made in 2015; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A $17 million long-term license and supply agreement
was signed with Guangdong Synergy Hydrogen Power Technology Co., Ltd. (&quot;Synergy&quot;) to provide fuel cell Power Products
and Technology Solutions in support of approximately 300 buses for the cities of Foshan and Yunfu &ndash; a landmark transaction
in the fuel cell industry. Products are expected to ship in 2016 and 2017; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10 million license and supply agreements were signed
with Nantong Zehe New Energy Technology Co., Ltd. and Synergy to provide Power Products and Technology Solutions to support an
initial 33 buses in two cities. Products are expected to ship in 2016; <I>and</I> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A Strategic Collaboration Agreement was signed with
Xiamen King Long United Automotive Industry Co., Ltd., a leading global bus manufacturer, to design and deploy fuel cell-powered
buses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Heavy Duty Motive progress was achieved in Europe
and North America in relation to fuel cell-powered buses: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ballard customer Van Hool NV won European Union funding
for deployment of 21 buses under the 3Emotion program. Ballard will provide FCvelocity<SUP>&reg;</SUP> fuel cell modules, which
are expected to ship in 2016 and 2017; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An agreement was signed with Transport for London
(TfL) to extend operation of 8 buses in London, U.K., all powered by FCvelocity<SUP>&reg;</SUP> modules, for 5 more years; <I>and
</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ballard will supply 10 FCvelocity<SUP>&reg; </SUP>fuel
cell modules to power buses as part of two projects awarded funding by the U.S. Federal Transit Administration (FTA) under the
Low and No Emission (LoNo) Vehicle Deployment Program, with shipments expected in 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Momentum was established in relation to Heavy Duty
Motive fuel cell-powered trams in China: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Successful demonstration of the world's first hydrogen
fuel cell-powered fixed rail electric tram at the testing facility of CSR Qingdao Sifang Company, a Chinese rolling stock manufacturer
based in Qingdao, Shandong province; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$6 million joint development and supply agreements
were signed with CRRC Sifang for development and commercialization of an FCvelocity<SUP>&reg; </SUP>fuel cell engine designed for
integration into low floor trams; <I>and</I> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A $3 million definitive agreement was signed with
Tangshan Railway Vehicle Company for design of a new FCvelocity<SUP>&reg; </SUP>module to power trams.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Protonex received a $2.8 million follow-on order in
Q4 from the U.S. Army for more than 400 Squad Power Manager (SPM-622) Special Operations Kits. These products &ndash; reported
in the Portable Power segment &ndash; are expected to ship in 2016. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Received purchase orders from Reliance Jio Infocomm
Limited (RJIL) for 100 ElectraGen&trade;-ME systems and from Aditya Birla Group for 50 ElectraGen&trade;-H2 systems, to be deployed
in the India telecom networks of RJIL and Idea Cellular, respectively, to provide Telecom Backup Power. All systems were shipped
in 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Technology Solutions</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A Technology Solutions contract was entered into with
Volkswagen Group for an aggregate amount of approximately $80 million related to the transfer of certain automotive-related fuel
cell intellectual property and a two-year extension to an engineering services contract, through March 2019. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An agreement to provide a 1 megawatt (1MW) ClearGen&trade;
fuel cell distributed generation system for Hydrog&egrave;ne de France (HDF) was signed. The system will be deployed at an AkzoNobel
sodium chlorate chemical plant in Bordeaux M&eacute;tropole, France, with the first phase of the Technology Solutions work targeted
for completion by mid-2016.&nbsp; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contracts were signed with several new customers,
including Ardica Technologies and an unnamed global automotive OEM.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2015 Corporate Platform Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquired Protonex Technology Corporation, a Southborough,
MA leading designer and manufacturer of advanced power management products and portable fuel cell solutions, in October. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Launched the next-generation FCvelocity<SUP>&reg;</SUP>-HD7
power module and also introduced new 30kW and 60kW configurations for use in smaller buses and to provide range extension solutions.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Held an &quot;Investor and Analyst Day&quot; on October
1&nbsp;in New York City, hosting numerous investors and research analysts in person and online through a webcast.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2016 Outlook</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Given the early stage of fuel cell market development and
adoption rate, and consistent with 2015, the Company has decided not to provide specific revenue and Adjusted EBITDA guidance for
2016. The Company provides the following 2016 Outlook:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Power Products</B><BR>
The Company anticipates growth in Power Products in 2016 supported by sales and shipments of Heavy Duty Motive products, particularly
for use in China bus and tram applications, and a full year of operating results for Portable Power &ndash;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Key initiatives in 2015 in China are expected to drive
record shipments of Heavy Duty Motive products in 2016, specifically FCvelocity<SUP>&reg;</SUP> modules, parts kits as well as
fuel cell stacks. In addition, discussions are currently ongoing with respect to incremental orders to support bus and tram deployments
in various Chinese cities; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In 2016 the Company expects to ship FCvelocity<SUP>&reg;
</SUP>modules to bus OEM partner Van Hool in Belgium for deployment in European buses under the 3Emotion program as well as to
the U.S. market for deployment in buses under the LoNo program; <I>and </I>&nbsp; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Protonex is expected to generate full-year revenue
in 2016 in the range of $20 million. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Technology Solutions</B><BR>
The Company is continuing its successful engineering services contract work with Volkswagen Group (Volkswagen AG and Audi AG),
which is now in the third year of a six-year contract term that runs to March 2019, with a potential optional 2-year extension
beyond that time. In addition, Technology Solutions work continues with a number of other global automotive OEMs as well as with
customers in the aerospace, military and rail sectors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Executive Rationalization and Renewal</B><BR>
As part of the Company's rationalization and renewal initiatives, Ballard announces that three executives &ndash; Paul Cass, COO,
Dr. Christopher Guzy, CTO, and Steve Karaffa, CCO &ndash; will be departing from the Company by March 31, 2016. Responsibilities
of the departing executives have now been assumed by internal personnel: David Whyte has been promoted from Director, Operations
to VP, Operations, flattening and eliminating duplication in the Operations reporting structure; Dr. Kevin Colbow is now VP, Technology
and Product Development, also retaining his current responsibility for Technology Solutions; and Karim Kassam is now VP, Commercial,
also retaining his current responsibility for Business and Corporate Development.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">These senior management changes eliminate three C-level positions
through rationalization and consolidation, while providing an opportunity for new approaches in these roles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Q4 &amp; Full Year 2015 Financial Summary</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</td>
    <td colspan="3" style="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</td>
    <td colspan="3" style="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>(Millions of U.S. dollars)</i></font></td>
    <td colspan="3" style="padding: 1.5pt; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>&nbsp;Three months ended December 31,</b></font></td>
    <td colspan="3" style="padding: 1.5pt; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Twelve months ended December 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>2015</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Improvement</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>2015</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Improvement</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b><i>REVENUE</i></b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel Cell Products &amp; Services:<sup>1</sup></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heavy Duty Motive</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$4.1</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.1</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92%</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$12.0</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.1</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portable Power</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$3.4</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A&nbsp;&nbsp; </font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$3.4</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A&nbsp;&nbsp; </font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Material Handling</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$4.1</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.3</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-6%</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$12.7</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14.0</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-9%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom Backup Power</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$1.6</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.1</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-48%</font></td>
    <td style="padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$5.7</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.2</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-57%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>Sub-Total</i></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b><i>$13.1</i></b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>$9.6</i></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>37%</i></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b><i>$33.8</i></b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>$32.2</i></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>5%</i></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Technology Solutions</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$6.8</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.1</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$22.6</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$36.4</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-38%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell Products &amp; Services Revenue </font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$20.0</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$15.6</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$56.5</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$68.7</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-18%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>PROFITABILITY</i></b></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Gross Margin $</P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$3.8</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($3.0)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">226%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$10.0</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.2</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-3%</font></td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin %</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>19%</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19%)</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38-points</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>18%</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15%</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3-points</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs<sup>2</sup></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$7.7</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7.8</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$29.1</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$26.4</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-10%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<sup>2</sup></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($2.9)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($16.1)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($15.3)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($18.6)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Income (Loss) </font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($1.4)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($17.5)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($5.8)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($28.2)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings Per Share</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($0.01)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.13)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($0.04)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.22)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Normalized Net Loss<sup>2</sup></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($5.9)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($11.3)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($24.8)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($21.8)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-14%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Normalized Net Loss Per Share<sup>2</sup></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($0.04)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.09)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($0.18)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.17)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-3%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b><i>CASH</i></b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Used by Operating Activities:</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Income (Loss)</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($4.6)</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($10.8)</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57%</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($19.3)</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($15.7)</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-23%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Working Capital Changes</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($5.9)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.6</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-325%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($6.0)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($5.0)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-21%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Used By Operating Activities</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($10.6)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($8.2)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-29%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>($25.4)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($20.7)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-23%</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Reserves</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>$40.0</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23.7</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69%</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">For a more detailed discussion of Ballard Power Systems Q4
and full year 2015 results, please see the Company's financial statements and management's discussion &amp; analysis, which are
available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Conference Call</B><BR>
Ballard will hold a conference call on Thursday, February 25, 2016 at 8:00 a.m. PDT (11:00 a.m. EDT) to review its Q4 and full
year 2015 operating results and Outlook for 2016. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live
audio and PowerPoint slide webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call,
the audio webcast will be archived in the 'Quarterly Earnings' area of the 'Investors' section of the Company's website (www.ballard.com/investors).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>About Ballard Power Systems</B><BR>
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean energy products that reduce customer costs and risks, and helps customers
solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Important Cautions Regarding Forward-Looking Statements
</B><BR>
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted
EBITDA, cash operating expenses and product sales. 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 &amp; 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&nbsp;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>-----------------------------------------------------------------------------------------------------</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><U>Endnotes</U>: </B><BR>
<SUP>1 </SUP>We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and
Services segment consists of the sale and service of fuel cell products for our power product markets of Heavy Duty Motive (consisting
of bus and tram applications), Portable Power, Material Handling and Telecom Backup Power, as well as the delivery of Technology
Solutions including engineering services and the license and sale of our extensive intellectual property portfolio and fundamental
knowledge for a variety of fuel cell applications.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">We made changes to the composition of revenues in our Fuel
Cell Products and Services segment in 2015. As a result, licensing revenues of nil for the fourth quarter of 2014 and $6.3 million
for fiscal 2014 previously recorded as either Heavy Duty Motive revenues, Material Handling revenues, or Telecom Backup Power revenues
have been retroactively reclassified as Technology Solutions revenues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><SUP>2</SUP> Note that Cash Operating Costs, EBITDA, Adjusted
EBITDA and Normalized Net Loss, are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP
and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating
Costs, EBITDA, Adjusted EBITDA and Normalized Net Loss assist investors in assessing Ballard's operating performance and liquidity.
These measures should be used in addition to, and not as a substitute for, net income, cash flows and other measures of financial
performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA
and Normalized Net Loss to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion &amp; Analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Cash Operating Costs measures operating expenses excluding
stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring
charges, acquisition costs and financing charges. EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding
finance expense, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment
charges. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment
charges, finance and other income, and acquisition costs. Normalized Net Loss measures net loss attributable to Ballard from continuing
operations, excluding impairment losses or recoveries on trade receivables, transactional gains and losses, asset impairment charges,
and acquisition costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><SUP>3 </SUP>Includes gain of $5.4 million in the fourth quarter
of 2015 and a gain of $19.6 million in fiscal 2015 on sale of intellectual property to Volkswagen Group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">-----------------------------------------------------------------------------------------------------</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE Ballard Power Systems Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9.75pt 0"><IMG SRC="image_002.jpg" ALT="Photo_Asset_2" STYLE="height: 155px; width: 500px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Image with caption: &quot;Ballard Power Systems Full Year
2015 Financial Highlights (CNW Group/Ballard Power Systems Inc.)&quot;. Image available at: http://photos.newswire.ca/images/download/20160224_C2777_PHOTO_EN_629032.jpg</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Image with caption: &quot;Ballard Power Systems Q4 2015 Financial
Highlights (CNW Group/Ballard Power Systems Inc.)&quot;. Image available at: http://photos.newswire.ca/images/download/20160224_C2777_PHOTO_EN_629034.jpg</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">%CIK: 0001453015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> Guy McAree +1.604.412.7919, investors@ballard.com
or media@ballard.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Ballard Power Systems Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 22:55e 24-FEB-16</P>



<P STYLE="margin: 0; text-align: right"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
