Mr. Marty Neese reports

BALLARD CLOSES ACQUISITION OF GEOPURA, BECOMING AN INTEGRATED HYDROGEN ENERGY SOLUTIONS PROVIDER

Ballard Power Systems Inc. has closed the acquisition of GeoPura Ltd., a leading United Kingdom-based provider of zero-emission, hydrogen-based power solutions.

Founded in 2019, GeoPura's mission is to deliver reliable, zero-emission power where and when it is required. The company designs, manufactures and operates its category-defining hydrogen power unit, or HPU, that offers clean, low-noise, off-grid power with 6-9 reliability. Utilizing Ballard fuel cell modules at their core, these advanced systems convert hydrogen into clean electricity. GeoPura also produces green hydrogen, generated through electrolysis, at its dedicated production facilities and transports it with the U.K.'s largest compressed hydrogen distribution fleet.

The acquisition transforms Ballard into an integrated hydrogen energy solution provider. The combination of GeoPura's HPU platform, fuel production and logistics with Ballard's advanced fuel cell technology creates a turnkey energy-as-a-service solution enabling Ballard to serve customers as a one-stop zero-emission energy solution provider. This end-to-end capability strengthens Ballard's market presence across Europe offers new commercial opportunities into North America while reinforcing its long-term path toward sustainable profitability and accelerated growth.

"Today marks a pivotal milestone in Ballard's evolution as we officially welcome GeoPura to our organization," said Marty Neese, chief executive officer of Ballard. "By bringing GeoPura's clean power generation platform together with Ballard's fuel cell stack engineering under one roof, we provide our customers with a single, integrated source for reliable zero-emission power. This strategic combination enhances our competitive advantage across Europe and North America, and positions Ballard to capture value across the entire hydrogen ecosystem."

Andrew Cunningham, who now takes the role of Ballard's president, added: "Uniting with Ballard creates a stronger, more resilient partner for customers facing increasingly complex energy challenges. Together, we combine world-leading fuel cell technology with proven hydrogen power production and infrastructure expertise to deliver reliable, zero-emission energy where and when it's needed. From replacing fossil fuel generation and overcoming grid constraints to strengthening energy security and protecting local air quality, we provide a practical solution to some of the most pressing power challenges facing businesses today. I'm energized to lead our combined team as we take these capabilities to more customers and markets around the world and execute on our shared growth vision."

The transaction agreement includes total upfront consideration of 275.0 million pounds sterling, comprising 82.5 million pounds sterling in cash, 49,584,212 newly issued Ballard common shares and restricted share units, which will be settled in 12 months for an additional 1,084,540 Ballard common shares. On a pro forma basis, former GeoPura shareholders hold approximately 14.1 per cent of Ballard's outstanding common shares. Ballard may pay up to 27.5 million pounds sterling in additional contingent consideration upon GeoPura's achievement of specified postclosing financial milestones.

Effective with closing, Mr. Cunningham has assumed the role of president of Ballard, reporting directly to chief executive officer Mr. Neese. In addition, Mr. Cunningham and Lord Richard Harrington, former U.K. business and industry minister and chairman of GeoPura, have joined Ballard's board of directors as nominees designated by the former GeoPura shareholders.

About Ballard Power Systems Inc.

Ballard Power Systems is a global leader in zero-emission hydrogen energy solutions and an integrated energy-as-a-service provider. Together, with its wholly owned subsidiary, GeoPura, Ballard delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refuelling, zero-emission fuel cell engines and stationary hydrogen power units.

Ballard powers critical off-grid, stationary applications -- including construction, events, film sets, health care, defence and temporary power infrastructure -- and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail and marine. With an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide.

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