+1.604.412.4700 d Power Systems Phone: +1.604.453.4100 Address: Address: 9000 Glenlyon Parkway 9000 Glenlyon Burnaby, BC V5J 5J8 Parkway Canada Burnaby, BC V5J 5J8 Canada Website: Website: www.ballard.com www.ballard.com May 4, 2012  10

1. ®
NASDAQ:BLDP  TSX:BLD
Smarter Solutions for a Clean Energy Future
Investor Relations Presentation
May 4, 2012

2. Who We Are NASDAQ:BLDP  TSX:BLD
Ballard Power Systems, Inc. is a recognized
global leader in clean energy PEM fuel cells
Design, manufacturing, distribution & support
Multi-market focus
2011 revenue of $76M
440 employees
Headquarters in Burnaby, BC, Canada
May 4, 2012  2

3. Revenue Mix NASDAQ:BLDP  TSX:BLD
Fuel cell products (FCP) segment Indicative 2012 Revenue Mix
will be the primary growth engine Relative Contribution, By Segment
in 2012
Expecting growth of 50%+, driven
by all segments (motive power,
stationary power, engineering
services)
Engineering services facilitates
development of new business
opportunities … with lead customer
funding
Multi-market strategy enables higher revenue growth, driven by fuel
cell products (FCP) segment … expect FCP growth of 50%+ in 2012
May 4, 2012  3

4. Fuel Cell Products NASDAQ:BLDP  TSX:BLD
STATIONARY POWER MOTIVE POWER
Backup Power Materials Handling
$1.0B $0.8B
Extended runtime versus batteries Leveraging High productivity
Reduced weight and size Constant power availability
Competitive lifecycle cost Common Fuel Cell Minimal hydrogen refueling time
Product Platforms
Distributed Generation Bus
$3.0B $2.0B
Highly efficient Economic benefits for local partners
Scalable Decreased GHG emissions
= Total Addressable
Low lifecycle costs Decreased fuel costs
Market (TAM)
ENGINEERING SERVICES
May 4, 2012  4

5. Fuel Cell Product Portfolio NASDAQ:BLDP  TSX:BLD
Fuel Cell
Stacks
• 500W-2kW • 2-8kW • 4-20 kW •100 kW
• 2.5K-4K hrs • 20k- 30k hrs • 8k-12k hrs •>5k hrs
• ASP $650 2,600/stack* • ASP $2,800-11,200/stack* • ASP $2,000-10,000/stack* •ASP $90,000-150,000/stack*
• 75-150 kW
Fuel Cell • 12,000 hours
Modules • ASP $337,500-675,000/module*
Complete DBX2000 DBX5000
Fuel Cell
Systems
•2kW • 5kW • Multi-MW power
•ASP $8,500-10,000/system* • ASP $14,500-16,000/system* • ASP $2.5M-3.5M/MW*
* As of end 2011; dependent on power level & volume commitment
Ballard product portfolio includes industry-leading fuel cell
stacks, fuel cell modules and complete fuel cell system solutions
May 4, 2012  5

6. Backup Power Solutions NASDAQ:BLDP  TSX:BLD
Backup power for wireless telecom
Compelling value proposition driven
by extended runtime at competitive
lifecycle cost
Payback (vs. lead-acid batteries, diesel FCgen®-1020ACS
Dantherm Power DBX2000 System
Fuel Cell Stack
generators) < 2-years
Sample Customers
Progress
• Larger units, including 50kW and 150kW systems, underpinned 2011
revenue growth
• Recent strategic sales:
• 30 systems to Idea Cellular, under a collaboration agreement with
Delta Power Solutions (India)
• Agreement with Anglo American Platinum of South Africa for
market assessment related to small-scale home generator
May 4, 2012  6

7. Distributed Generation Solutions NASDAQ:BLDP  TSX:BLD
Applications with low-cost
hydrogen in markets with FIT /
government support
CLEARgen™ system “Levelized Cost
of Energy” ~$0.15 per kilowatt
FCgen®- 1300
hour * Fuel Cell Stack
CLEARgen™ System
* assumes H2 cost at lower heating value of natural gas
Progress Customers
• Commissioned the first 1MW CLEARgen™ site at
FirstEnergy in Ohio during 2011
• Establishing reference sites at Toyota and K2 Pure
Solutions in 2012 in California
• Signed non-binding MOU with major European gas
company for a 1MW CLEARgen™ system, with shipment
expected in 2013
May 4, 2012  7

8. Material Handling Solutions NASDAQ:BLDP  TSX:BLD
Battery replacement in forklift trucks at high
volume distribution centers
Value proposition driven by productivity
gains vs. battery-power
Payback < 1-year FCvelocity®-9SSL
Plug Power GenDrive® System
Exclusive stack supplier to Plug Power Fuel Cell Stack
in Crown Lift Truck
(85% market share in N/America)
Progress Sample Plug Power Customers
• Shipment growth of 29% to 1,422 units in 2011 … expect
~50% growth in 2012
• Plug Power’s announced joint-venture ‘HyPulsion’ with
Axane (subsidiary of Air Liquide) … potential enabler for
European sales
May 4, 2012  8

9. Bus Solutions NASDAQ:BLDP  TSX:BLD
Government supported zero-emission transit
programs
Product cost reductions moving fuel cell hybrid
buses to competitive position vs. diesel hybrids
400,000+ new buses manufactured / year FCvelocity®-HD6 BC Transit Fuel Cell Bus
Emerging segment of clean transit alternatives Fuel Cell Module Whistler, BC
Progress Sample Customers
• Progress towards commercialization, as evidenced by
System Integrators
recent announcements: and OEMs Transit Agencies
 Europe Supply agreement for 21 modules with Van
Hool
 India Non-binding MOU for 10 FCvelocity®-1100 stacks
to Tata Motors announced in January
 Brazil Letter of Intent for FCvelocity®-HD6 modules for
Sao Paulo
 USA Successful deployment of first ‘Buy America’ bus
for SunLine Transit
May 4, 2012  9

10. Contact Us NASDAQ:BLDP  TSX:BLD
Investor Relations Media Relations Social Media
Lori Rozali or Guy McAree Linked In: Ballard
Guy McAree Power Systems
Email:
Email: media@ballard.com Twitter: @BallardPwr
investors@ballard.com
Phone: Facebook: Ballard
Phone: +1.604.412.7919 Power Systems
+1.604.412.3195 Corporate Headquarters
You Tube: 9000 Glenlyon Parkway
BallardPowerSystems Burnaby, BC V5J 5J8
Canada
May 4, 2012  10