<SEC-DOCUMENT>0001206774-23-000679.txt : 20230509
<SEC-HEADER>0001206774-23-000679.hdr.sgml : 20230509
<ACCEPTANCE-DATETIME>20230509172608
ACCESSION NUMBER:		0001206774-23-000679
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230509
DATE AS OF CHANGE:		20230509
EFFECTIVENESS DATE:		20230509

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271785
		FILM NUMBER:		23903496

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>bldp4196651-s8.htm
<DESCRIPTION>INITIAL REGISTRATION STATEMENT
<TEXT>

<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES SECURITIES
AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549<BR>
<BR>
FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933<BR>
<BR>
Ballard Power Systems Inc.<BR>
(Exact name of registrant as specified in its charter)<BR>
<BR></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-bottom: 6pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>British Columbia, Canada<BR>
</B>(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable<BR>
</B>(I.R.S. Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0pt 0pt; text-align: center"><B>9000 Glenlyon Parkway</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: center"><B>Burnaby, British Columbia<BR>
    Canada V5J 5J8<BR>
    </B>(Address of Principal Executive Offices)</P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-bottom: 10pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Consolidated Share Option Plan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Consolidated Share Distribution Plan</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Full titles of the plans)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 98%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0pt 0pt; text-align: center"><B>Corporation Service Company (CSC)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>19 West 44<SUP>th</SUP> Street, Suite 200</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 1000510036</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: center">(Name and address of agent for service)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: center"><B>(800) 927-9800<BR>
    </B>(Telephone number, including area code, of agent for service)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">With a copy to</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Randal R. Jones</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dorsey &amp; Whitney LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>701 Fifth Avenue, Suite 6100</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Seattle, WA 98104</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(206) 903-8800</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo;
&ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large accelerated filer &#9744;</FONT></TD>
  <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated filer &#9746;</FONT></TD>
  <TD STYLE="width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated filer &#9744; (Do not check if a smaller reporting
  company)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging growth company &#9744;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>



<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 4pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><B>STATEMENT UNDER GENERAL INSTRUCTION E TO
FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Pursuant to General Instruction E of Form S-8, Ballard
Power Systems Inc. (the &ldquo;Registrant&rdquo; or the &ldquo;Company&rdquo;), is filing this Registration Statement on Form S-8 (the
&ldquo;Registration Statement&rdquo;) for the purpose of registering an additional 6,000,000 shares of the Registrant&rsquo;s common shares,
no par value (the &ldquo;Common Shares&rdquo;), that may be issued pursuant to the Registrant&rsquo;s Consolidated Share Option Plan (the
&ldquo;Option Plan&rdquo;) or the Registrant&rsquo;s Consolidated Share Distribution Plan (the &ldquo;Distribution Plan&rdquo;, and together
with the Option Plan, the &ldquo;Plans&rdquo;) pursuant to &ldquo;evergreen&rdquo; provisions contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">These additional Common Shares are securities of the
same class as other securities for which the registration statement on Form S-8 has been previously filed with the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;), which is described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">These additional Common Shares have become reserved
for issuance as a result of the operation of the &ldquo;evergreen&rdquo; provision in the Plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The Registrant&rsquo;s Form S-8 Registration Statement
filed with the Commission on June 7, 2018 (File No. 333-225494) which relates to the Plans, is incorporated herein by reference and made
a part hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><B>PART II. INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">The following documents filed by the Registrant with
the Commission are hereby incorporated in this registration statement by reference:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Annual Report on Form 40-F/A
for the year ended December 31, 2022, filed with the Commission on March 17, 2023;</FONT></TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">All other reports filed by
the Registrant under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since December
31, 2022; and</FONT></TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The description of the Registrant&rsquo;s
securities contained in the Registrant&rsquo;s registration statement on Form F-10 filed with the Commission on December 11, 2002, including
any amendment or report filed for the purpose of updating such description.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">All documents filed by the Registrant pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment that
indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this registration
statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 8. Exhibits.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 17%; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt"><B><U>Exhibit Number</U></B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 83%; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt"><B><U>Exhibit</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt"><A HREF="bldp4196651_ex5-1.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt; text-align: justify"><A HREF="bldp4196651_ex5-1.htm"><FONT STYLE="font-size: 10pt">Opinion and Consent of Stikeman Elliott LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt"><A HREF="bldp4196651_ex5-1.htm">23.1</A></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="bldp4196651_ex5-1.htm">Consent of Stikeman Elliott LLP (included in Exhibit 5.1)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt"><A HREF="bldp4196651_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt; text-align: justify"><A HREF="bldp4196651_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of KPMG LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 8pt; text-align: justify"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Power of Attorney (included in signature page)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="bldp4196651-ex107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">107</FONT></A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><A HREF="bldp4196651-ex107.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Filing fees</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><B><A NAME="a_001"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><U>The Registrant</U>. Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Burnaby, Province of British Columbia, Canada, on this 9th day of May, 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>BALLARD POWER SYSTEMS INC.</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    R. Randall MacEwen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: R. Randall MacEwen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: President &amp; Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center"><B>POWERS OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify"><B>KNOW ALL MEN BY THESE PRESENTS,</B> that
each person whose signature appears below hereby constitutes and appoints <FONT STYLE="white-space: nowrap">R. Randall</FONT> MacEwen and Paul Dobson, or either of them, as the
undersigned&rsquo;s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution for such person and in
such person&rsquo;s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments),
exhibits thereto, and other documents in connection therewith to this registration statement and any related registration statements necessary
to register additional securities and to file the same with exhibits thereto and other documents in connection therewith with the Commission,
granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary
to be done, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that
each of said attorney-in-fact and agent, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 20%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    R. Randall MacEwen</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Chief Executive Officer and Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R.
    Randall MacEwen</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Paul Dobson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President and Chief</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
    Dobson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Officer (Principal Financial</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer
    and Principal Accounting Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Douglas P. Hayhurst</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
    P. Hayhurst</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Marty Neese</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    and Authorized United States Representative</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marty
    Neese</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    James Roche</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    Roche</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Janet Woodruff</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janet
    Woodruff</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Kui Jiang</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kui
    Jiang</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Shaojun Sun</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shaojun
    Sun</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Kathleen Bayless</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kathleen
    Bayless</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Hubertus M. M&uuml;hlh&auml;user</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubertus
    M. M&uuml;hlh&auml;user</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<BR>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>bldp4196651_ex5-1.htm
<DESCRIPTION>OPINION AND CONSENT OF STIKEMAN ELLIOTT LLP
<TEXT>

<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exhibit
5.1</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.25in; padding: 12pt 5.4pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10.5pt">May 9, 2023</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10.5pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 3.25in; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.25in; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Power Systems Inc.<BR>
9000 Glenlyon Parkway<BR>
Burnaby, BC V5J 5J8<BR>
Canada</P></TD>
    <TD STYLE="width: 3.25in; padding: 6pt 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 10pt; font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-left: 0pt">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">We have acted as Canadian counsel to Ballard
Power Systems Inc. (the &quot;<B>Company</B>&quot;), a British Columbia company, in connection with the registration statement on Form
S-8 (the &quot;<B>Registration Statement</B>&quot;) filed on the date hereof with the United States Securities and Exchange Commission
under the United States <I>Securities Act of 1933</I>, as amended (the &quot;<B>Securities Act</B>&quot;), relating to the registration
of an additional 6,000,000 common shares without par value in the capital of the Company (the &quot;<B>Plan Shares</B>&quot;), which may
be issued to participants pursuant to awards granted or that may be granted under (i) the Company's Consolidated Share Option Plan (the
&quot;<B>Option Plan</B>&quot;) and (ii) the Company's Consolidated Share Distribution Plan (the &quot;<B>Share Distribution Plan</B>&quot;,
and together with the Option Plan, the &quot;<B>Plans</B>&quot;).</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">We understand that the Company has issued
options under the Option Plan entitling the holders thereof to acquire certain Plan Shares (the &quot;<B>Outstanding Plan Shares</B>&quot;)
and that the Company may issue additional options or deferred share units or performance share units under the Plans to acquire additional
Plan Shares (the &quot;<B>Available Plan Shares</B>&quot;).</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">For the purposes of this opinion, we have
examined originals or copies, certified or otherwise identified to our satisfaction, of the Registration Statement, the Plans, the form
of grant agreement representing the options issued under the Option Plan (the &quot;<B>Certificates</B>&quot;). We have assumed that the
actual agreements representing the options issued under the Option Plan are in the same form as the forms provided to us for review referenced
above. For the purposes of this opinion, we have also relied upon the certificate of an officer of the Company as to factual matters (the
&quot;<B>Officer's Certificate</B>&quot;) and certifying among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10.5pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">the certificate of incorporation, articles and notice of articles of the
Company; and </FONT></TD></TR></TABLE>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10.5pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">certain resolutions passed by the Board and the compensation committee
of the Company relating to the Registration Statement, the Plans, and the options issued under the Option Plan;</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">and have reviewed such other documents, and
have considered such questions of law, as we have deemed relevant and necessary as a basis for the opinions hereinafter expressed.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">We have relied upon the Registration Statement,
the Plans, the Certificates and the Officer's Certificate without independent investigation of the matters provided for therein for the
purpose of providing our opinions expressed below. We have not conducted any independent enquiries or investigations in respect of the
opinions provided hereunder.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">In examining the Officer's Certificate and
in providing our opinions below we have assumed that: all individuals had the requisite legal capacity; all signatures are genuine; all
documents submitted to us as originals are complete and authentic and all photostatic, certified, telecopied, notarial or other copies
conform to the originals; all facts set forth in the official public records, certificates and documents supplied by public officials
or otherwise conveyed to us by public officials are complete, true and accurate; all facts set forth in the Officer's Certificate are
complete, true and accurate.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">Our opinions are expressed only with respect
to the laws of the Province of British Columbia and the laws of Canada applicable therein. We express no opinion as to any effect of U.S.
federal, state, municipal or other laws. Our opinions are expressed with respect to the laws in effect on the date of this opinion and
we do not accept any responsibility to take into account or inform the addressee, or any other person authorized to rely on this opinion,
of any changes in law, facts or other developments subsequent to this date that do or may affect the opinions we express, nor do we have
any obligation to advise you of any other change in any matter addressed in this opinion or to consider whether it would be appropriate
for any other person other than the addressee to rely on our opinion.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">Where our opinion below refers to the Plan
Shares as being &quot;fully-paid and non-assessable&quot;, such opinion assumes that all required consideration (in whatever form) has
been or will be paid to or provided to the Company. No opinion is expressed as to the adequacy of any consideration received.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">Based upon and subject to the foregoing and
to the qualifications set forth herein, we are of the opinion that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10.5pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">The issuance of the Outstanding Plan Shares has been duly and properly
authorized, and the Outstanding Plan Shares will, upon the due and proper exercise of options in accordance with the terms of the Option
Plan, be validly issued as fully paid and non-assessable common shares of the Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10.5pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">The Available Plan Shares will, upon:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10.5pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">the grant of one or more options under the Plans, the allotment for issuance
of Available Plan Shares under such options, and the fixing of a price for such Available Plan Shares in accordance with the applicable
Plans, by the board of directors of the Company (the &quot;<B>Board</B>&quot;) and receipt by the Company of payment in full for each
such Available Plan Share to be issued and the issuance of such Available Plan Shares in accordance with the terms of the applicable Plans;
and/or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10.5pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10.5pt">the grant of one or more deferred share units or performance share units
under the Plans, the allotment for issuance of Available Plan Shares pursuant to such deferred share units or performance share units
by the Board and the issuance of such Available Plan Shares in accordance with the terms of the applicable Plans,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 10pt; font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0pt; margin-left: 0.5in; text-align: justify">will be duly and properly authorized
and be validly issued as fully paid and non-assessable common shares of the Company.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">We hereby consent to the filing of this opinion
letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not agree that we come within the category of persons
whose consent is required by the Securities Act or the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify">Yours truly,</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0; text-align: justify"><I>/s/ Stikeman Elliott LLP</I></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Black 1pt solid"><P STYLE="margin-right: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>bldp4196651_ex23-2.htm
<DESCRIPTION>CONSENT OF KPMG LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
23.2</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Board of Directors</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ballard Power Systems Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We, consent to the use of our report dated March&nbsp;16, 2023, on the consolidated financial statements of Ballard Power Systems Inc., which
comprise the consolidated statements of financial position as at December&nbsp;31, 2022 and December&nbsp;31, 2021, the related consolidated statements
of loss and comprehensive income (loss), changes in equity and cash flows for each of the years in the two-year period ended December&nbsp;31, 2022, and the related notes, and our report dated March 16, 2023 on the effectiveness of internal control over financial reporting
as of December&nbsp;31, 2022 which are incorporated by reference in the Registration Statement on Form S-8 dated May&nbsp;9, 2023 of Ballard Power
Systems Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0pt; margin-top: 16pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ KPMG LLP</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May 9, 2023<BR>
Vancouver, Canada</FONT></P>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>bldp4196651-ex107.htm
<DESCRIPTION>FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: right; background-color: white"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: center; background-color: white"><B>Calculation of Filing Fee
Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U>Form S-8</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 6pt; text-align: center; background-color: white">(Form Type)</P>

<P STYLE="margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt; text-align: center; background-color: white"><B><U>Ballard
Power Systems Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 6pt; margin-right: 0pt; margin-left: 0pt; text-align: center; background-color: white"><B></B>(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table1 &ndash; Newly Registered Securities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Security Type</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Security<BR>
 Class<BR>
 Title</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Fee<BR>
 Calculation<BR>
 Rule</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Amount<BR>
 Registered<FONT STYLE="font-size: 12.5pt"><SUP>(1)</SUP></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Proposed<BR>
 Maximum<BR>
 Offering Price<BR>
 per Unit<FONT STYLE="font-size: 12.5pt"><SUP>(2)</SUP></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Maximum<BR>
 Aggregate<BR>
 Offering<BR>
 Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Fee Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Amount of<BR>
 Registration<BR>
 Fee</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 10%; font: 10pt Times New Roman, Times, Serif"><B>Equity</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; font: 10pt Times New Roman, Times, Serif">Common Shares (no par value) <FONT STYLE="font-size: 12.5pt"><B><SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: center">Rule 457(c) and Rule 457(h)<FONT STYLE="font-size: 12.5pt"><B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000(3)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; font: 10pt Times New Roman, Times, Serif">$4.50</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">$110.20 per $1,000,000</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,975.40</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Total Offering Amounts</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">$110.20 per $1,000,000</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,975.40</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Total Fee Offsets</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Net Fee Due</B></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><B>$</B></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,975.40</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  </TABLE><BR>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">(1)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this registration statement also covers any additional securities that may be offered or issued in connection with any stock split, stock dividend or similar transaction.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h)(1) and 457(c).&nbsp;&nbsp;The proposed maximum aggregate offering price is based upon (a) the exercise prices for outstanding options under the Consolidated Share Option Plan (the &ldquo;Option Plan&rdquo;) and (b) the average of the high and low prices of the common shares reported on NASDAQ on May&nbsp;5, 2023 for common shares reserved for future option issuances under the Option Plan and for common shares reserved for issuance under the Consolidated Share Distribution Plan (the &ldquo;Distribution Plan&rdquo;).</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(3)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents common shares, without par value, issuable pursuant to the Option Plan and the Distribution Plan.</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
