<SEC-DOCUMENT>0001279569-22-000752.txt : 20220509
<SEC-HEADER>0001279569-22-000752.hdr.sgml : 20220509
<ACCEPTANCE-DATETIME>20220509092034
ACCESSION NUMBER:		0001279569-22-000752
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220509
FILED AS OF DATE:		20220509
DATE AS OF CHANGE:		20220509

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:		22903478

	BUSINESS ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8
		BUSINESS PHONE:		604-454-0900

	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
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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>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
        For the month of May 2022</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commission
File Number: 000-53543</FONT></P>

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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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<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>
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    <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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    <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>
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    <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>
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    <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: 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>
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    <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>
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    <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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    <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: May 9, 2022</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/
                                         Paul Dobson</FONT><FONT STYLE="font-size: 10pt"><br clear="all"></FONT></P>

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    <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">Paul Dobson</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>
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    <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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;INDEX
</B></FONT></P>

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    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br clear="all">
    <B>Exhibit No.</B></FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 91%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></td></tr>
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    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">99.1</A>    </FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News
    Release Dated May 9, 2022 - Ballard Reports Q1 2022 Results</FONT></A></td></tr>
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<DESCRIPTION>NEWS RELEASE DATED MAY 9, 2022
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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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;&nbsp;</B></FONT></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Reports Q1 2022 Results</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, May 9, 2022 /CNW/ -&nbsp;Ballard Power
Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2022. 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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;The converging macro drivers of energy security
and climate crisis have irreversibly shifted global views on the need to accelerate our energy transition,&quot; said Mr. Randy MacEwen,
President and CEO. &quot;This is the context as Ballard continues to build a valuable business that will help to decarbonize medium- and
heavy-duty motive applications, including certain bus, truck, rail and marine market segments. We continue to focus on our customer relationships
and achieve platform wins where Ballard's leading fuel cell technology offers a future zero-emission value proposition based on range,
payload, rapid refueling, and attractive total cost of ownership.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Mr. MacEwen remarked, &quot;In the first quarter,
we achieved revenue of $21.0 million, a 19% increase from Q1 2021, while also securing new orders totaling $27.8 million, driven primarily
by European customers. Our gross margin compression is consistent with our 2022 plan, reflecting expected changes in our revenue mix,
selling prices, and cost structure. On revenue mix, we have a heavier weighting of module product sales, including new modules in early
volume production. On selling prices, we have been pricing certain low-volume customer pilot projects to secure platform wins with strategic
accounts. On costs, fixed overhead costs are elevated as we invested in advanced manufacturing and production capacity expansion. Like
others, we have also seen some inflationary cost pressures in our supply chain and freight. While we expect compressed gross margin in
the near term, we are confident in margin expansion in the mid- to long-term driven by higher production volumes as customers transition
from pilot projects to commercial deployment and as we continue to progress on our product cost reduction program.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We ended the quarter with strong cash reserves
of $1.1 billion, which enables us to execute our growth strategy. Our escalated investment is consistent with our outlook as we increase
our spending on talent, technology, products, capabilities, and customer experience. We are confident investing ahead of the curve will
position the company for significant market share as the adoption of hydrogen accelerates over the coming years,&quot; Mr. MacEwen added.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Q1 2022 Financial Highlights</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>(all comparisons are to Q1 2021 unless otherwise
noted) </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Total revenue was $21.0 million in the quarter, up 19% year-over-year.
This increase was driven by growth in Power Product sales, more than offsetting the decline in Technology Solutions revenue.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Power Products generated revenue of $13.3 million in the
quarter, an increase of 41%, driven by higher shipments of fuel cell products.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Stationary Power Generation revenues of $4.1 million increased
447%, supported by an increase in sales of stationary power generation fuel cell modules, stacks, products and service revenues.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Heavy-Duty revenues of $6.9 million increased by a nominal
amount.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Material Handling revenues of $2.2 million increased 28%,
primarily as a result of higher shipments to Plug Power.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Technology Solutions generated revenue of $7.8 million in
the quarter, a decrease of 5% due primarily to variance in timing of underlying program requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Gross margin was (1)% in the quarter, a decrease of 16-points,
driven by a combination of higher fixed overhead costs, a shift in revenue mix, and increased labor, supply, and freight expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Operating Expenses and Cash Operating Costs were $30.3 million
and $26.1 million in the quarter, respectively, an increase of 69% and 82%, respectively. Increases were driven primarily by higher expenditure
on research, technology and product development activities, including the development of next-generation fuel cell stacks and engines
for target markets, as well as increased continuation engineering investments in existing fuel cell products. &nbsp;Costs were also higher
as a result of increased general and administrative expenses and sales and marketing expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Adjusted EBITDA was ($27.5) million, compared to ($14.0)
million in Q1 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Ballard received approximately $27.8 million of new orders
in Q1, and delivered orders valued at $21.0 million, resulting in an Order Backlog of approximately $99.8 million at end-Q1.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">The 12-month Order Book was $65.8 million at end-Q1, a decrease
of $1.6 million from the end of Q4 2021.</FONT></TD></TR></TABLE>

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  <TR>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog</B> ($M)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q4 2021</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Orders Received </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q1 2022</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Orders Delivered </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q1 2022</FONT></FONT></B></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q1 2022</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell</FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Products &amp; Services</FONT></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$93.1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$27.8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$21.0</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 2.05pt; font-size: 7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$99.8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="img1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Power Systems Q1 2022 Results (CNW Group/Ballard
Power Systems Inc.)</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Post-Quarter Commercial Update</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">On April 6, 2022, Ballard announced it received Europe's
industry first Type Approval by DNV, one of the world's leading classification and certification bodies, for its marine fuel cell module
FCwave<SUP>TM</SUP>. The Type Approval marks an important step in commercializing Ballard's fuel cell technology for marine applications
and is key to including fuel cells as part of zero-emission solutions for the marine industry.</FONT></TD></TR></TABLE>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2022 Outlook</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard's 2022 outlook remains in line with previously
stated 2022 guidance of Total Operating Expense<SUP>4</SUP> between<BR>
$140 - $160 million and Capital Expenditure<SUP>5</SUP> between $40 - $60 million.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Q1 2022 Financial Summary</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Millions of U.S. dollars, </I></FONT><I><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">except per share amounts)</FONT></FONT></I></TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap; border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Three months ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% Change</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>REVENUE</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel Cell Products &amp; Services:<SUP>1,2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Heavy Duty Motive</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$6.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Material Handling</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$2.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stationary Power Generation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$4.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">447%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&nbsp; Sub-Total</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>$13.3</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>$9.4</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>41%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Technology Solutions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$7.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell Products &amp; Services Revenue </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$21.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$17.6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><B><I>PROFITABILITY</I></B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">Gross Margin $</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($0.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(108)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin %</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1)%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15%</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16)-points</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$30.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$26.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity gain (loss) in JV &amp; Associates</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($2.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($27.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($14.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(97)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Income (Loss) from continuing operations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($40.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($17.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(127)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings Per Share</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($0.14)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.06)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(133)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>CASH</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash provided by (used in) Operating Activities:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp;Cash Operating Income (Loss)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($24.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($10.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(139)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp;Working Capital Changes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($17.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($5.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(217)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash provided by (used in) Operating Activities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($41.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($15.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(166)%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,068.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,270.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16)%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For a more detailed discussion of Ballard Power Systems'
first quarter 2022 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: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conference Call</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard will hold a conference call on Monday, May
9, 2022 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review first quarter 2022 operating results. The live call can be accessed
by dialing +1.604.638.5340.&nbsp;Alternatively, a live audio and webcast can be accessed through a link on Ballard's homepage (www.ballard.com).
Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews &amp; Presentations' area
of the 'Investors' section of Ballard's website (www.ballard.com/investors).</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Ballard Power Systems</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) 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, and stationary power. To learn more about Ballard, please visit www.ballard.com.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Important Cautions Regarding Forward-Looking Statements </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">This release contains forward-looking statements concerning
the hydrogen economy and markets for our products and the effects of governmental regulations on such markets, expected revenues, operating
expenses, capital expenditures, corporate development activities, impacts of investments in manufacturing and R&amp;D capabilities and
market growth, and our carbon emissions goals. 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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">_________________________________</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Endnotes</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUB>1 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 PEM fuel cell
products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling
and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer
and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.</SUB></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUB>2&nbsp;The UAV market has been classified as
a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market
have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for
2020 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income
as income from discontinued operations.&nbsp;</SUB></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUB>3&nbsp;Note that Cash Operating Costs, EBITDA,
and Adjusted EBITDA 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, and Adjusted
EBITDA assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute
for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation
of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below.</SUB></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUB>Cash Operating Costs measures operating expenses
excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring
charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA
measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and equipment, and
amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses,
asset impairment charges, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition
related costs.</SUB></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUB>4&nbsp;Total Operating Expenses refer to the
measure reported in accordance with IFRS.</SUB></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><SUB>5&nbsp;Capital Expenditure is defined as Additions&nbsp;to
property, plant&nbsp;and equipment&nbsp;and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash
Flows</SUB></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: black 2.25pt double; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Expressed in thousands of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: black 2.25pt double; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended March 31,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;$ Change</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,311</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,967</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,344</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,329)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,338)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Impairment recovery (losses) on trade </FONT><FONT STYLE="font-size: 8pt"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">receivables </FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(118)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(118)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Restructuring (charges) recovery</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(105)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Impact of unrealized gains (losses) on foreign</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">exchange contracts </FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>347</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(118)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">465</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Depreciation and amortization </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,102)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,087)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,015)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black medium double; white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,089</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,319</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,770</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: black 2.25pt double; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Expressed in thousands of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: black 2.25pt double; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended March 31</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss from continuing operations</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,395)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,802)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,593)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,109</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,869</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,240</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance expense</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>347</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">316</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income taxes (recovery)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(200)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(211)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37,139)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15,606)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,533)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Stock-based compensation expense</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,329</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,338</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; Acquisition related costs </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>118</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">118</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; &nbsp;Finance and other (income) loss</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,491</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(822)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,313</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; &nbsp; Impairment loss on assets</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; &nbsp; &nbsp;Impact of unrealized (gains) losses on foreign</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; exchange contracts</P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(347)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(465)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27,548)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,972)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,576)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-reports-q1-2022-results-301542496.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Ballard Power Systems Inc.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/09/c5861.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001453015</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Kate Charlton, +1.604.453.3939, investors@ballard.com
or media@ballard.com</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Ballard Power Systems Inc.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 08:00e 09-MAY-22</P>

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