Ballard ESG Report 2019

BALLARD ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORT2019

Table of contents

Our Global Impact

2

UN Sustainable Development Goals

3

Our Corporate Commitments

4

Manufacturing to Minimize Waste

4

“Mission Carbon Zero”: Carbon Neutral by 2020

5

Monitoring and Reducing GHG Emissions

6

Continually Reducing Energy Consumption

10

Shrinking our Carbon Footprint: 2019 Initiatives

11

Fuel Cell Refurbishing and Recycling

12

Reducing Raw Materials by Design

12

Waste Management

13

Ballard People

14

A Culture of Diversity and Inclusion

17

Employee Training and Leadership Development

18

Health and Safety

18

Governance and Ethics at Ballard

19

Code of Conduct

19

Whistleblower Policy

19

Ethics and Anti-Corruption

19

Ethics and Our Supply Chain

19

Political Contributions

19

Board of Directors

20

The Ballard Board

20

We are Ballard Power Systems.

Our zero emission technology plays an increasing role in the decarbonization of the global economy. Vehicles powered by our fuel cell products emit no GHGs, NOx, SOx or particulates during operation. As the world moves toward a future of zero-emission mobility, we at Ballard are striving toward sustainability across the entire lifecycle of our products. Our company—in its management, research and development, manufacturing and shipping—is committed to becoming carbon-neutral by 2030.

About this report This report focuses on the environmental and sustainability aspects of our offices, (which include our R&D and manufacturing/ shipping facilities) in Burnaby, Canada and our European subsidiary in Hobro, Denmark. Our USA and China offices employ less than 20 people each, and are too small to have a material impact on our environmental footprint.

For any questions regarding this report or its contents please contact us at sustainability@ballard.com.

OUR GLOBAL IMPACT

Our Global Impact

Globally, Ballard is a powerful force for the environment: fuel cell electric vehicles produce lower lifetime environmental impacts than internal combustion vehicles and battery electric vehicles. When they consume ‘green’ hydrogen (produced from renewable energy) we believe they are the most environmentally sustainable mobile energy source. We are continually working to reduce the total lifecycle emissions of our fuel cell products.

“At Ballard, we recognize the growing investor and stakeholder interest in our environmental, social and corporate governance (ESG) programs and performance, and we are proud to present our first annual ESG Report. This report sets benchmarks for future ESG reports, and marks a public commitment to transparency in reporting.”

Randy MacEwen, President and CEO

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Ballard Power Systems

OUR GLOBAL IMPACT

UN Sustainable Development Goals

Guided by the United Nations’ Sustainable Development Goals, we seek to improve our performance in:

1. Affordable and clean energy

2. Industry, innovation and infrastructure

3. Responsible consumption and production

4. Climate action

FCEVs can achieve very low CO 2 emissions if the whole lifecycle is considered 1 CO 2 Emissions, 2015, g/km

Internal Combustion Engine

Battery Electric Engine

200

~185

Fuel Cell Engine

~180 135-180

115-160

110-155

150

90-135

120-130

100

65-75

60-70

50

0

Internal Combustion Engine - Gas 1

Internal Combustion

Battery Electric - China 2

Battery Electric - USA 2

Battery Electric - Germany 2

Battery Electric - Spain 2

Battery Electric - Green Electricity 2

Fuel Cell - H 2 from Steam Methane Reforming 3

Fuel Cell - Clean/ Green H 2 3

Engine - Diesel 1

Footnote: 1. Includes: tank to wheel, car manufacturing, well to tank 2. Includes: battery manufacturing, car manufacturing, well to tank 3. Includes: fuel cell manufacturing, car manufacturing, well to tank

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OUR CORPORATE COMMITMENTS

Our Environmental Commitments

Through 2020 and beyond we are committed to:

• improving our understanding of the climate impacts of our products and operations

• reducing our corporate and product carbon footprints

• reducing our waste and energy consumption

Learn more by downloading our brochure: Hydrogen Fuel Cell Vehicles for a Sustainable Future https://online.flippingbook.com/ view/165111/

• responsible production

Minimize Waste in Our Manufacturing

Our manufacturing practices are designed with sustainability as a core principle. We source our materials with care, and we apply the 3Rs, Reduce, Re-use and Recycle, to keep as much waste as possible from entering the landfill. Our proton exchange membrane (PEM) fuel cells are:

• Made from ethically sourced materials

• Made without any hazardous, banned or toxic substances

• Manufactured in a sustainable manner, considering factors such as energy efficiency and ethical labour

• Packaged as minimally as possible, using environmentally friendly materials

• Built for a long service life – our current generation of products are designed to exceed 30,000 hours of operation

• Refurbished and recycled at the end of life: to minimize waste, we rebuild and refurbish fuel cells to recover valuable precious metals

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Ballard Power Systems

OUR CORPORATE COMMITMENTS

“Mission Carbon Zero”: Carbon Neutral by 2030

In 2019, we launched our “Mission Carbon Zero” initiative to evaluate and steadily reduce the environmental impact of our organization and our products with the goal of being carbon neutral by 2030. We are engaging in:

• an inventory of corporate emissions, to evaluate and track our annual carbon footprint

• Life-Cycle Assessments of our fuel cell stacks and heavy-duty power modules, to measure their carbon footprint “from cradle to gate” (until they leave our loading dock). As we proceed, we are committed to informing our customers about the results of our Life-Cycle Assessments, and our progress toward Carbon Zero—and to defining long-term strategies to reduce and offset our emissions and other impacts.

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OUR CORPORATE COMMITMENTS

Monitoring and Reducing GHG Emissions

GHG Inventory

1 st

In 2019, we conducted our first corporate greenhouse gas (GHG) inventory, which assessed the emissions generated by our business activities in Burnaby, Canada and Hobro, Denmark. The inventory, which was conducted by Offsetters Climate Solutions (an independent consultant firm specialized in carbon-management solutions), calculated the GHGs generated in our facilities, including the consumption of natural gas and electricity in our buildings; diesel and gasoline in company vehicles; and other emissions generated by commuting, air travel, shipping, and hydrogen use for our R&D and production activities. The assessment, which adhered to the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard , covered 2017 and 2018. It provides us with baseline data which helps us understand our climate impacts and identify opportunities for improvement. In future ESG reports, we expect to provide year- on-year metrics that include each previous year. Now that we have quantified our corporate emissions, we can address our climate impacts, and will prioritize reducing the largest sources first. Ballard Canada’s 2017 & 2018 GHG Emissions Intensity 2017 (tCO 2 e/ employee) 2018 (tCO 2 e/ employee) Reduction Trends %

In 2019 we conducted our first corporate greenhouse gas (GHG) inventory. Now that we have quantified our corporate emissions, we can address our climate impacts,

16%

Scope 1 Natural Gas

2.82

2.01

29% 28% 29%

Gasoline

0.0015

0.001

Total greenhouse gas emissions per- employee are down 16% from 2017 to 2018

Subtotal

2.82

2.01

Scope 2 Electricity

0.56 0.56

0.38 0.38

32% 32%

Subtotal

Scope 3 Air Travel

2.03 1.18 0.05 0.03 0.02 3.04

2.12 1.15 0.04 0.02 0.01 2.14

-4% 3%

Employee Commute

30% 30% 30% 20% 20% 20%

Paper Water Waste

Hydrogen

CO 2 Purchased

0.025

0.017

Hotels

0.05 1.25 7.69

0.04 1.34 6.87

-7%

Shipping

11%

Subtotal

16%

11.08

9.27

Total GHG emissions

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Ballard Power Systems

OUR CORPORATE COMMITMENTS

Overall, our carbon footprint increased by 19% from 2017 to 2018—but this should be seen in light of changes in our business mix and growth in our operation. While overall numbers increased, our per-employee emissions fell by 16%. Moving forward, we intend to report our environmental impacts to the CDP (formerly the Carbon Disclosure Project), an international non-profit organization that has compiled the world’s largest, most comprehensive database of corporate climate impacts, risks and opportunities. The CDP shares its information to encourage corporate transparency and create momentum in tackling the climate crisis, and issues of deforestation and water security.

In future ESG reports, we hope to provide year-on-year metrics that include each previous year.

Ballard 2017 & 2018 GHG Emissions Intensity

6000

Scope 3

Scope 2

5000

Scope 1

4000

3000

2000

1000

0

Canada 2017

Canada 2018

Europe 2018

20,000,000

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OUR CORPORATE COMMITMENTS

CASE STUDY

The Life Cycle of a Ballard Fuel Cell

It is important to quantify, and where possible, minimize the greenhouse emissions (GHGs) associated with the production of hydrogen fuel cell technologies. To this end, we have completed Life Cycle Assessments (LCA) on some of our core products. We started our assessment with “cradle-to-gate”, that is covering a fuel cell module’s GHG profile from raw materials until it leaves our shipping dock.

RAW MATERIALS

PRODUCT LIFECYCLE

RECYCLING

MANUFACTURING

PRODUCT USE

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Ballard Power Systems

OUR CORPORATE COMMITMENTS

Life Cycle Assessment and Comparison

The Life Cycle Assessment for our FCveloCity®-HD85 fuel cell power module (the 85kW capacity module required for a fuel cell electric transit bus) determined that each module generates 6 tons of CO 2 (GHG emissions) during its production. GHG Emissions Required to Produce Fuel Cell and Battery System for a Transit Bus Based on average of 150kg of CO 2 e per kWh for batteries (2) and 70kg of CO 2 per kW for FC system

13.5 tons of CO 2 GHG emissions to produce 50kWh battery with 85kW Fuel Cell system

52.2 tonnes of CO 2 GHG emissions to produce a 350kWh battery

In summary: there are 75% less emissions generated in the production of a fuel cell power train.

The highest GHG impacts arise in producing the metals—especially the aluminum and the platinum catalyst—arise for the membrane electrode assembly (MEA) and other components. The aluminum and platinum represent 68% of total embodied emissions. When the power stack reaches end-of-life, we recycle 95% of the platinum catalyst. This is not factored into the LCA, but it would drastically reduce the overall GHG profile in a full “cradle-to-grave” assessment.

In 2020, we will undertake a limited study that compares life-cycle emissions from fossil-fuel powered vehicles to Ballard fuel cell powered vehicles.

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OUR CORPORATE COMMITMENTS

Continually Reducing Energy Consumption

42

Throughout our facilities, we are committed to eliminating wasted energy, without negatively affecting our product development, testing, or manufacturing capacity.

Working with BC Hydro (our provincial electrical utility) and others, we developed a target list of 42 initiatives for reducing our energy use. In 2017 and 2018, we focused on implementing those initiatives that would have the greatest impact. As a result, we reduced our electricity consumption by 2.4MWh—enough electricity to power 225 typical BC homes for an entire year. In 2019, company growth resulted in a total increase in electric consumption. However our ongoing work on energy-conservation initiatives reduced our per- employee electrical consumption by 19%, compared to 2018.

We developed a target list of 42 initiatives for reducing our energy use.

Power Consumption per Employee in kWh

50000

We reduced our electricity consumption by 2.4MWh—enough electricity to power 225 typical BC homes for an entire year.

40000

30000

20000

10000

0

2017

2018

2019

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Ballard Power Systems

OUR CORPORATE COMMITMENTS

Shrinking our Carbon Footprint: 2019 Initiatives

Through a series of initiatives we are reducing our carbon footprint across the company:

• Reduced commuting: we are promoting work-from-home, carpooling, and bike-to-work initiatives to reduce commuting and associated emissions.

• Promoting zero-emission vehicles among staff: to accelerate the adoption of ZEVs for daily use, we recently installed level 2 electric charging stations in our car park, and collaborated with Toyota to offer Ballard employees the opportunity to purchase Toyota’s hydrogen fuel cell cars. There are now 10 zero emission fuel cell cars among Ballard staff. • Saving energy on lighting: in our Burnaby facilities, we support the BC Hydro Lights Off campaign. In Denmark, our facilities have converted from conventional fluorescent lamps to LED lights. • Recirculating hydrogen in fuel stack testing: into our fuel cell stack test stations we have begun recirculating the hydrogen used in factory acceptance tests, making our fuel cell testing more sustainable. • Reducing electrical use in testing: our fuel cell test stations now use regenerative load banks that feed electricity to our internal microgrid, which reduces our consumption of external electricity.

H2

Toward a Circular Economy

Ballard is a supporter of the circular economy, an economy that builds economic, natural, and social capital by designing out waste and pollution, and keeping products and materials in use. We work to reduce waste in our operations, and to reuse the materials in our products when the products reach end-of-life.

Manufacturing

Raw Materials

Design

Distribution

Circular Economy

Recycling

Product Use

Collecting

Ballard Environmental, Social and Governance (ESG) Report 2019

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OUR CORPORATE COMMITMENTS

Fuel Cell Refurbishing and Recycling

RE USE RE DUCE RE CYCLE

We seek to keep every Ballard fuel cell in use for as long as possible. When they ultimately reach end-of-life, we seek to keep them out of the landfill. Every year, we recycle and refurbish thousands of fuel cell stacks. Each fuel cell stack is refurbished, re-using components as much as possible, to achieve the same performance specifications as new stacks. They are then shipped back to our customers.

Thanks to the use of carbon bipolar plates in our stack design, we can reuse each plate several times

• During the refurbishing process, we integrate a new membrane electrode assembly (MEA) with the re-used bipolar plates and hardware.

• Thanks to the use of carbon bipolar plates in our stack design, we can reuse each plate several times.

95% Pt

• Used MEAs are sent to a specialized facility that reclaims 95% of the platinum.

Used MEAs are sent to a specialized facility that reclaims 95% of the platinum

Reducing Raw Materials By Design

With every new generation of products, we seek to reduce the number of components, and the total weight of the fuel cell system. Our new FCmove™ heavy-duty fuel cell module is designed with 50% fewer components than earlier generations.

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Ballard Power Systems

OUR CORPORATE COMMITMENTS

Waste Management

We are continuously improving our efforts to identify reusables and recyclables and minimize landfill waste. While our total waste increases as our business expands, our employees’ ongoing efforts to reduce waste (and to separate waste from recyclables) have been successful. In 2019, the waste per person dropped by 20%, and the non-recyclable solid waste per person dropped by 7% compared to 2018.

20%

Waste

2017 2018 2019

In 2019, the non-recycled waste per person dropped by 20%

353554 511107 933002

Total waste (kg)

93160 98639 75796

Cardboard/other material waste* (kg)

83%

70%

83%

% of waste that is recycled

1%

1%

4%

% of waste that is hazardous**

Recycling and Recovery by Material (kg) in 2019 – Ballard Canada

54% Waste Water Waste

17% 7% 6% 5% 4%

Cardboard (OCC) / Paper Wood (Bin/Pallets)

Glass, Metal, Plastics - from Ofce Metal - from Industrial Processes Hazardous Waste / Dangerous Goods Organics Other Material

4% 2% 1%

* We do not segregate our waste by process (i.e. packaging waste), we segregate it by recyclability class: i.e. wood, cardboard, hard plastic, soft plastic etc. **For hazardous material removal, water treatment, and recycling, treatment and disposal, we engage Sumas Environmental, a licensed waste removal and treatment company.

Ballard Environmental, Social and Governance (ESG) Report 2019

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BALLARD PEOPLE

Ballard People

Our people drive our success and contribute to our distinctive Ballard corporate culture. We strive to continually strengthen our employee value proposition, and focus on making this a great place to work. We are committed to a work environment of mutual trust and respect, where diversity and inclusion are valued, and where every employee:

We conduct an annual employee survey to measure our progress on employee engagement indicators, including ethics, safety, quality, leadership, communication, collaboration, performance management, innovation and compensation. 95% of our employees complete the survey and provide feedback and suggestions. The results provide us with actionable insight on employee views and engagement. The word cloud below is a visual representation of employee responses to “What do I like about working at Ballard?” It highlights a purpose-driven organization with engaged employees and high retention.

• knows what is expected of them in their job

• is supported in their career development

• is recognized and competitively rewarded for their performance

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Ballard Power Systems

BALLARD PEOPLE

We employ people in such diverse disciplines as electrochemistry, polymer chemistry, chemical, mechanical, electronic and electrical engineering, manufacturing, marketing, sales, business development, legal, finance, human resources, information technology and business management. None of our employees in Canada, the United States, Denmark, or China are represented by labour unions. Each employee must agree to confidentiality provisions as part of the terms of his or her employment, and certain employees have also executed non-competition agreements.

Globally, Ballard has a total of 703 employees in 4 regions 703

Total Number of Employees*

Canada Europe United States

China

Total

610

60

18

15

703

*As of December 31, 2019

Workforce by Gender

Leadership by Gender

Female

Male

22%

Board

78%

76% Male Female 24%

33%

67%

Executive

18%

82%

Senior Leadership Team

20%

Management Level

80%

Employees by Age

Employee by Generation

3% Less than 20 20 - 29 30 - 39 40 - 49 16% 23% 27%

40% Generation X Millennial Boomer Generation Z 36% 22% 3%

25% 9%

50 - 59 60 - 69

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Ballard Power Systems

A Culture of Diversity and Inclusion

We are committed to an equal opportunity workplace with policies, procedures and practices that are without systemic barriers. We believe that all kinds of diversity, including age, gender, cultural background, etc. make for a stronger organization and that diversity partnered with inclusion provides a significant foundation to both attract and retain top talent. In 2018, we released our Diversity & Inclusion Policy which helps to promote a working environment where differences are valued and respected, where everyone is treated equitably, fairly and with respect. We foster a culture of inclusion where there is a foundation of trust and respect and each member of the team feels psychologically safe to take risks, raise problems, ask questions, disagree and make mistakes. Ballard has recently been named in the Globe & Mail “Women Lead Here” list, which identifies 73 Canadian companies at the forefront of women in leadership positions.

BALLARD PEOPLE

Employee Training and Leadership Development

Engaging and developing our people is a top priority. We see career growth and developmental opportunities as cornerstones of employee engagement. We encourage our employees to continue to learn and develop. Each employee has regular career meetings with their manager. They create and follow their personal Development Goals and commit to continuous learning and innovation. We provide training programs in person and online, along with experiential learning, to help our employees expand and diversify their skills. To build future leaders and develop leadership capability across the organization, we offer a leadership development program and “emerging leader” workshops. At Ballard, we embrace our responsibility to operate in a manner that protects the health, safety and well-being of our employees, contractors, visitors, and those in the communities where we operate. We engage, communicate regularly and listen to our employees concerns, we actively identify hazards and develop effective control measures. We are committed to continuously improving our H&S performance through a management system that aims to safeguard our people, our product and the public. Safety and health is part of our global commitment to doing business the right way, and we work to achieve a workplace culture in which safety and health are embraced by all.

In 2019 we had 3 LTIs (lost time incidents)

The injury frequency (TRIFR) among R&D and manufacturing technicians was .5

Health and Safety

Our strong safety culture has delivered consistent results:

• in 2019 we had 3 LTIs (lost time incidents)

• the injury frequency (TRIFR) among R&D and manufacturing technicians was .5

• We set specific targets each year. We monitor and report on them regularly.

* TRIFR (Total Reportable Injury Frequency) is the number of injuries requiring treatment by a medical professional per 200,000 hours worked

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Ballard Power Systems

Our Vision

We deliver fuel cell power for a sustainable planet.

Our Mission We use our fuel cell expertise to deliver valuable and innovative solutions to our customers globally, create rewarding opportunities for our team, provide extraordinary value to our shareholders and power the hydrogen society.

Our Values

Listen and Deliver

We listen to our customers, understand their business and deliver valuable and innovative solutions for lasting partnerships.

Quality Always

We deliver quality in everything we do.

Inspire Excellence

We live with integrity, passion, urgency, agility and humility.

Row Together

We achieve success through respect, trust and collaboration.

Own It

We step up, take ownership for our results and trust others to do the same.

GOVERNANCE AND ETHICS AT BALLARD

Governance and Ethics at Ballard

Code of Conduct

Ethics and Our Supply Chain We ensure that we procure products and services through suppliers that share our core values. All suppliers must comply with our statement of Supplier Conduct Principles. This document lays out our supplier requirements in health and safety, respect and dignity, forced or involuntary labour, child labour, hours of work and wages/benefits, non-discrimination, freedom of association, environmental protection, anti-corruption, business ethics, and compliance with applicable laws and regulations. We consider these principles in the supplier selection process, and ask suppliers to submit a declaration of compliance on an annual basis. Our statement of Supplier Conduct Principles is available on our website: https://www.ballard.com/ about-ballard/suppliers . Political Contributions Ballard does not make financial contributions to political causes. We may engage in lobbying activities to provide policymakers with data and insights to inform their decision-making regarding a sustainable clean energy sector and fuel cell business. Any lobbying activities must be conducted based on our corporate values of transparency, honesty, integrity and are conducted within the laws or guidelines of the relevant jurisdiction.

Ballard is committed to integrity and strong corporate governance, which prioritizes transparency, accountability, ethical conduct and respect in the workplace. Everyone—directors, officers and employees—is required to adhere to our corporate Code of Conduct, and to confirm their understanding and acceptance of the code annually.

The Code of Conduct is available on our website: http://ballard.com/investors/governance .

Whistleblower Policy

Our whistleblower policy allows employees to anonymously and confidentially report any concerns, and we encourage employees to report any situation that appears to involve a breach of the company’s ethical or legal obligations. We also encourage those outside our company to report any concerns. To enable anonymous and confidential reports, we maintain a reporting website and toll-free phone numbers, through a third-party vendor. Ethics and Anti-Corruption Ethical conduct is expected of every Ballard board member, executive, employee and contractor. We have zero tolerance for corrupt activities of any kind, whether committed by employees or anyone acting on the company’s behalf. All our employees and business partners must adhere at all times to our Anti-Corruption Policy and ethical, transparent business practices. Through our anti-bribery and corruption program, employees receive training in our policy and its operation.

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Ballard Power Systems

GOVERNANCE AND ETHICS AT BALLARD

Board of Directors

The Ballard Board

Our board of directors is composed of nine committed and qualified professionals, who were elected in accordance with a majority voting policy. Eight members are considered independent. The Board oversees all matters important to the successful operation of the company including determining our strategic direction, risk management and approving capital allocation.

Size of Board

9 8

Independent directors Separate Chair and CEO All committees independent

Yes Yes

M/F directors

7 M 2 F

Board diversity policy Annual director elections Individual director elections

No

Yes Yes Yes

The board operates three committees:

Majority voting policy Board interlocks (#)

None

• Audit Committee

Limit on external board service of independent directors

• Corporate Governance and Compensation Committee

Yes Yes

Annual say on pay

• Commercial Committee

Board, committee and director evaluations annually Board orientation and education program In-camera sessions at every board & committee meeting

Yes Yes

The Audit Committee is responsible for sustainability and reporting issues. More information on the board and corporate governance can be found on our website: http://ballard.com/investors/governance, and in the “Corporate Governance” section of our Management Proxy Circular.

Yes

Corporate Ownership and Structure

Ballard Power Systems Inc. (British Columbia)

Ballard Services Inc. (British Columbia)

Ballard Power Systems Europe A/S (Denmark)

BDF IP Holdings Ltd. (Canada) 34%

Ballard Power Corporation (Delaware)

Ballard Hong Kong Limited (Hong Kong)

Ballard Fuel Cell Systems Inc. (Delaware)

Ballard Unmanned Systems Inc. (Delaware)

Guandong Synergy Ballard Hydrogen Power Co., Ltd (China) 10%

Weichai Ballard Hy-Energy Technologies Co., Ltd (China) 49%

Guangzhou Ballard Power Systems Co., Ltd (China)

Unless otherwise indicated above, each entity is 100% owned. Ballard Power Systems Inc. holds all of the non-voting, participating shares of BDF IP Holdings LTD. and 34% of the voting, non-participating shares of the BDF IP Holdings Ltd., with each of Mercedes-Benz AG and Ford Motor Company holding 33% of the voting, non-participating shares of BDF IP Holdings Ltd.

References

1) Hydrogen Scaling Up report 2017 – Hydrogen Council https://hydrogencouncil.com/wp-content/uploads/2017/11/Hydrogen-scal- ing-up-Hydrogen-Council.pdf

2) ICCT 2018 Effects of battery manufacturing on electric vehicle life-cycle green- house gas emissions - https://theicct.org/sites/default/files/publications/EV-life- cycle-GHG_ICCT-Briefing_09022018_vF.pdf

Ballard Environmental, Social and Governance (ESG) Report 2019

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Ballard Power Systems Inc. 9000 Glenlyon Parkway Burnaby, BC V5J 5J8 Canada (P) +1-604-454-0900

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