<SEC-DOCUMENT>0001279569-24-001123.txt : 20240916
<SEC-HEADER>0001279569-24-001123.hdr.sgml : 20240916
<ACCEPTANCE-DATETIME>20240916125035
ACCESSION NUMBER:		0001279569-24-001123
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240912
FILED AS OF DATE:		20240916
DATE AS OF CHANGE:		20240916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ballard Power Systems Inc.
		CENTRAL INDEX KEY:			0001453015
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		ORGANIZATION NAME:           	04 Manufacturing
		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:		241300529

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

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

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

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
        For the month of    September 2024</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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    <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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<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>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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    <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: September 12, 2024</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/
                                         Kate Igbalode</FONT><FONT STYLE="font-size: 10pt"><br clear="all"></FONT></P>

</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">Name:&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kate Igbalode</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-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>
<tr style="vertical-align: bottom">
    <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 September 12, 2024 - Ballard announces restructuring to lower total operating expenses by more than 30% to align with delayed market adoption, while maintaining
long-term competitiveness and balance sheet strength</FONT></A></td></tr>
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<DESCRIPTION>NEWS RELEASE DATED SEPTEMBER 12, 2024
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

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

<P STYLE="margin: 0; text-align: left"><IMG SRC="logo.jpg" ALT=""><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard announces restructuring to lower total
operating expenses by more than 30% to align with delayed market adoption, while maintaining long-term competitiveness and balance sheet
strength</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, Sept. 12, 2024 /CNW/ - Ballard Power
Systems (NASDAQ: BLDP) (TSX: BLDP) today announced a global corporate restructuring to reduce corporate spending and in order to maintain
balance sheet strength amid a slowdown in hydrogen infrastructure development and delayed fuel cell adoption.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">&quot;As discussed during our
recent earnings call, in the context of a challenging macroeconomic and geopolitical outlook and amid protracted policy uncertainty, we
see a multi-year push-out of the availability of low-cost, low carbon hydrogen and hydrogen refueling infrastructure.&nbsp; As this delay
represents a significant headwind to our corporate growth plan, we are implementing a cost restructuring to moderate our investment intensity
and pacing to better align with delayed market adoption,&quot; said Mr. Randy MacEwen, Ballard President and CEO. &quot;We expect our
restructuring measures to impact our global operations, yielding annualized total operating expense savings in excess of 30%, with a substantial
part of the annualized savings being realized in 2025.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">The scope of reduction measures
include a reduction in workforce, a rationalization in product development programs, operational consolidation, reduction in capital expenditures,
and certain working capital improvement initiatives. Cost reduction measures are not expected to impact product delivery and program execution
required to fulfill customer commitments.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">&quot;Given the leverage from
the $94 million in US government funding awards, we continue to carefully assess our proposed investment for long-term manufacturing capacity
expansion in Texas. We are reviewing financing optionality to extend our funding timeline, and delay material cash outlays, until we have
appropriate market adoption indicators,&quot; Mr. MacEwen noted.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Mr. MacEwen continued, &quot;With
continued challenges in the China fuel cell market and underperformance of the Weichai Ballard joint venture, we are also conducting a
strategic review of our China strategy, including all options relating to the WBJV.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">&quot;Notwithstanding the slowing
timeline for market adoption, we remain confident in the long-term value proposition of hydrogen fuel cells. While the speed of travel
has changed, we have unwavering conviction on the direction of travel, with clean hydrogen and fuel cells playing an important role in
decarbonizing heavy mobility applications,&quot; Mr. MacEwen concluded. &quot;We will continue our focus on customers and the development
of next-generation, low-cost fuel cell products for select heavy mobility and stationary power applications, while maintaining disciplined
spending and balance sheet strength for long-term competitiveness and sustainability.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">In connection with the restructuring,
the Company expects to book a restructuring charge in Q3 2024.&nbsp; The Company had $678 million of cash and cash equivalents as of June
30, 2024.&nbsp; The Company reiterates its 2024 guidance ranges of $145 million to $165 million for Total Operating Expense<SUP>1</SUP>
(excluding restructuring and related costs) and $25 million to $40 million for Capital Expenditures<SUP>2</SUP>.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">&quot;As part of the restructuring,
Paul Dobson and Mark Biznek will be departing as our Chief Financial Officer and Chief Operating Officer, respectively. Paul will be succeeded
by Kate Igbalode as our new CFO effective immediately.&nbsp; Mark will be succeeded by Lee Sweetland as our new COO effective at the end
of 2024.&nbsp; Paul and Mark will support their respective successors in an orderly transition.&nbsp; We thank both Paul and Mark for
their dedication and valued service to Ballard,&quot; said Mr. MacEwen.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Ms. Kate Igbalode was previously
serving as Ballard's Vice President Corporate Finance &amp; Strategy, enhancing our corporate strategy, management reporting and business
capabilities, leveraging her strong technical and financial experience across the energy sector in the U.S. and Canada. Prior to joining
Ballard in 2021, she most recently acted as a Director of Finance with Suncor Energy, Canada's largest integrated energy company, and
held senior engineering roles with a leading Canadian energy company, the BC Energy Regulator, and consulting firms in the US and Canada.
She holds an engineering degree from Colorado School of Mines and completed post-graduate economics curriculum from Queen's University.
She is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Dr. Lee Sweetland was previously
appointed SVP and Chief Transformation Officer in January 2024 and brings extensive project management, operations and process technology
development experience.&nbsp; Dr. Sweetland joined Ballard in 2018 and led the 6x expansion of Burnaby's operations, the 3x3 cost reduction
program and the next generation bipolar plate cost reduction and process scale up project.&nbsp; Prior to Ballard, Dr. Sweetland served
as Manufacturing Technology Director in the New Markets sector of Johnson Matthey PLC, UK.&nbsp; He spent a total of 18 years in JM, across
all sectors, with a specific focus on capital project management, continuous improvement and operations management, including 5 years
in JM's Fuel Cell business. Dr. Sweetland holds a Ph.D. in Chemical Engineering from Loughborough University.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>About Ballard Power Systems</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; 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: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">This release contains forward-looking
statements concerning market conditions, including hydrogen infrastructure development and fuel cell adoption timing, anticipated outcomes
of restructuring activities, and impacts to operating expenses and capital expenditures for 2024. 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 forward-looking statements are based on Ballard's assumptions relating to its financial forecasts
and expectations regarding its product development efforts, manufacturing capacity, and market demand.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">These statements involve risks
and uncertainties that may cause Ballard's actual results to be materially different, including 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. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to
update or release any revisions to these forward-looking statements, other than as required under applicable legislation.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.5pt 2.05pt 0.5pt 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Total Operating Expenses refer to the measure reported in accordance with IFRS.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.5pt 2.05pt 0.5pt 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP> Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows</FONT></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-announces-restructuring-to-lower-total-operating-expenses-by-more-than-30-to-align-with-delayed-market-adoption-while-maintaining-long-term-competitiveness-and-balance-sheet-strength-302247134.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-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/12/c1660.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>Further Information: Ballard Power Systems:
Sumit Kundu - Manager Investor Relations +1.604.453.3517 or investors@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 17:30e 12-SEP-24</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
