For Immediate Release

VANCOUVER, CANADA – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) and Anglo American Platinum Limited (Anglo American Platinum; www.angloamericanplatinum.com), the world’s leading primary producer of platinum group metals, are working in partnership on a number of early-stage stationary and motive power applications of clean, zero-emission fuel cells in the South African market.

The companies deployed and demonstrated a 150 kilowatt fuel cell system near the 17th Conference of the Parties (COP17) to the United Nations Framework Convention on Climate Change held in Durban, South Africa in late-2011. COP17 was a high-level summit on climate change.

At that time Neville Nicolau, CEO of Anglo American Platinum said, “This demonstration highlights the importance of fuel cells to our business. Fuel cell power systems in commercial production can increase the energy efficiency of our mining operations, make efficient use of by-product hydrogen in South Africa and provide growth in global platinum demand. Fuel cells further highlight the green credentials of platinum – in this case as an enabler of energy efficiency.”

Anglo American Platinum is also beginning above ground testing of five fuel cell-powered locomotives at its Dishaba mine in Limpopo province, South Africa. The locomotives use Ballard fuel cell stacks in a system designed by Vehicle Projects Inc. of Golden, Colorado, USA and are ultimately intended for use in transporting equipment underground at mining sites. A public launch event to be hosted by Anglo American Platinum is planned for May 9 in Rustenburg, South Africa, to be followed by above ground testing over the next several months.

In addition, during 2012 Ballard and Anglo American Platinum are undertaking a market feasibility study and test of a proof-of-concept system for a small-scale electric generator that will utilize onsite propane or natural gas. The system will utilize an integrated fuel reformer to extract hydrogen from hydrocarbon fuel, which will then be channeled to a fuel cell stack. Ballard has leading expertise in Proton Exchange Membrane, or PEM, fuel cell stack technology – which utilizes platinum as a catalyst material – as well as fuel reformer technology and other components required to build a complete system. A finished product, once designed and tested, could supplement the power grid for homes and businesses in geographies where the grid is unreliable.

John Sheridan, President and CEO of Ballard Power Systems said, “We are excited to broaden our relationship with Anglo American Platinum. Our joint efforts could lead to cost-effective products for use in stationary and motive power applications at mining sites and as well as for use in broader market applications.”

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning product development activities, market adoption for our products and business development opportunities. 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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) announced that Dr. Christopher Guzy, Chief Technology Officer will present at the 11th Annual JMP Securities Research Conference in San Francisco on Wednesday, May 16th at 2pm PT.

Dr. Guzy will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets. A link to the live audio and slide webcast will be available at www.ballard.com. In addition, playback of the webcast will be available for approximately 90 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

For Immediate Release

• Fuel cell product revenue growth of 38%
• Adjusted EBITDA improvement of 23%

VANCOUVER, CANADA– Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) today announced its consolidated financial results for the first quarter ended March 31, 2012. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

John Sheridan, President and CEO said, “First quarter results show improvement in all key bottom line metrics, with a 6 point improvement in gross margin and a 23% improvement in Adjusted EBITDA. Top line revenue, which had been expected to be flat in Q1, was down by $1.8 million principally due to temporary softness in material product sales, while revenue growth in the core fuel cell products segment was strong at 38%.”

First Quarter 2012 Highlights
 
Growth (compared to Q1 2011, unless otherwise noted)

• Decline in total revenue of $1.8 million to $13.5 million versus expectations for flat revenue growth in Q1.
  • The difference to plan was principally related to temporary softness in material product sales, which are expected to strengthen through the remainder of 2012.
  •  In addition, the contract automotive business wound down in Q3 2011.
  • These two factors more than offset 38% growth in fuel cell product revenue.
• Fuel cell stack shipments of 550 units, a 10% increase.
• Twelve-month rolling order book of $41.1 million.
• Recent commercial developments:
  • Signing of a non-binding MOU with a major energy company for deployment of a 1MW CLEARgen™ distributed generation fuel cell system in Europe, with shipment expected in 2013.
  • Continued development of a multifaceted partnership with Anglo American, including fuel cell solutions for backup power and locomotives in mining applications and, most recently, small-scale fuel cell systems for home power generation in rural South Africa.
  • Signing of a non-binding MOU with Tata Motors for 12 FCvelocityTM-1100 fuel cell stacks to be delivered in 2012 and 2013 for use in Indian clean energy buses.
  • Signing of a non-binding MOU with WEG Industries for collaboration on product and market development activities in Brazil.
  • Announcement that 30 DBX2000 backup power systems, which had been sold to Delta Solutions (India), are being deployed in Idea Cellular’s India network in 2012.
  •  Anticipation of a strategic tender from Motorola Solutions for backup power systems capable of providing extended runtime in Norway’s nationwide TETRA Nodnett emergency services network. 

Path to Profitability (compared to Q1 2011, unless otherwise noted)

• Gross margin improvement of 6 points to 22%.
• Cash operating cost1 improvement of 9%.
• Adjusted EBITDA2 improvement of 23%.
• Net income improvement of 20% to ($8.4) million or ($0.10) per share. Cash operating loss improved by $2.9 million, which was offset by an increase in working capital of $3.8 million, resulting in a $0.9 million increase in cash used by operating activities.
• Cash reserves of $36.5 million, or $27.1 million net of $9.5 million outstanding on the company’s bank operating line.

First Quarter 2012 Financial Highlights 

* Includes bus modules, and stacks for use in automotive & distributed generation

2012 Business Outlook

Ballard confirmed its guidance on revenue and Adjusted EBITDA for the full year of 2012.  The outlook for aggressive growth in fuel cell products is expected to drive full-year total revenue to approximately $100 million. Ballard also continues to expect Adjusted EBITDA2 to be approximately breakeven in 2012.

In addition, the Company notes that it expects to generate positive cash flow in the second half of 2012 and end the year with net cash of approximately $30 million. 

For a more detailed discussion of Ballard Power Systems’ first quarter 2012 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Thursday, May 3rd, 2012 at 8:00 a.m. PST (11:00 a.m. EST) to review its first quarter 2012 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. 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 statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include 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. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

Endnotes: 
1 Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, restructuring charges and acquisition costs.
2 EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding finance (or interest) expense, income tax expense or recovery, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income and acquisition costs.

Note that Cash Operating Costs, EBITDA and Adjusted EBITDA, are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard’s operating performance and liquidity. These measures should be used in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA and Adjusted EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis.

For Immediate Release

VANCOUVER, CANADA – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) has announced filing of a preliminary short form base shelf prospectus (Prospectus), which provides the flexibility to make offerings of securities during the effective period of the Prospectus.

In management’s view, Ballard has sufficient liquidity to reach profitability without need for additional public market financing, however, management may choose to access additional capital under circumstances advantageous to Ballard’s shareholders and the filing of this Prospectus would facilitate such action.

The Prospectus has been filed in each of the provinces and territories of Canada, except Quebec, and a corresponding shelf registration statement on Form F-10 (Registration Statement) was also filed with the United States Securities and Exchange Commission (SEC). These filings, when made final, will enable offerings of securities up to an aggregate initial offering price of US$75M at any time during the 25-month period that the Prospectus remains effective.
 
The Registration Statement has been filed with the SEC, but is not yet effective. Securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. After the Registration Statement becomes effective, a copy of the Registration Statement and a copy of the Prospectus contained therein can be obtained by contacting Ballard at 9000 Glenlyon Parkway, Burnaby, British Columbia, V5J 5J8, Attention: Kerry Hillier, Corporate Secretary. Copies of the Prospectus and the Registration Statement are also available at www.sedar.com and www.sec.gov, respectively.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

If any securities are offered under this Registration Statement, the terms of any such securities and the intended use of the net proceeds resulting from such offering would be established at the time of any offering and would be described in a Prospectus supplement filed with the SEC at the time of such an offering and would be made available by Ballard at the above address.

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Some of the statements contained in this release are forward-looking statements regarding Ballard’s liquidity and financing requirements, within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws, such as statements that describe the anticipated offering of securities under the Company's Prospectus and Registration Statement, the future effectiveness of the Company's Registration Statement, the anticipated use of proceeds from any offering made under the Company's Prospectus and Registration Statement, and other statements. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond the Company's ability to control or predict. Actual events, results and developments may differ materially from those contemplated by such forward-looking statements. Material factors that could cause actual events to differ materially from those described in such forwarding-looking statements include risks related to the Company's Registration Statement not becoming effective, risks related to the Company's condition requiring anticipated use of proceeds to change, timing of, and ability to obtain, required regulatory approvals, and general economic and regulatory changes.
 
These forward-looking statements represent the Company's views as of the date of this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on any forward-looking statements.

Further Information -
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced a one-year extension of its Equipment Supply Agreement with IdaTech (www.idatech.com), through 2013. IdaTech is a system integrator focused on extended run backup power solutions for the telecommunications industry.

Ballard will support IdaTech’s projected need for 2,500 fuel cell stacks through the end of 2013 with FCgen®-1020ACS fuel cell stacks, each having a power level of up to 3-kilowatts. Ballard fuel cell stacks are integrated by IdaTech into its line of ElectraGenTM ME systems, which operate using reformed methanol fuel, and its ElectraGenTM H2-I systems, which operate using direct hydrogen fuel.

IdaTech’s systems are installed as an alternative to traditional power generators – such as lead-acid batteries and diesel generators – at telecom network sites, including wireless network base stations. In the event of a grid power failure, the reliability and rapid start-up of fuel cell-powered ElectraGenTM systems ensures seamless, uninterrupted service to telecom end-customers.

Larry Stapleton, Ballard’s Vice President of Sales said, “This agreement is a positive reflection of demand for fuel cell backup power solutions. And, the deal helps build our competitive position in comparison to lead acid batteries and diesel gensets. We look forward to the ongoing success of our relationship with IdaTech in growing the adoption of our products for use in backup power applications.” 

More than 350 IdaTech ElectraGenTM systems, using Ballard fuel cell stacks, have been sold to leading telecom network and service providers in Asia, Africa, North America and Central America.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products contain proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, included projected product cost savings, product volume forecasts and market demand for our products.  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.

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.

Further Information
Media:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com

• Continued progress in 2011, building on 2010 achievements
• Revenue of approximately $100M expected in 2012
• Adjusted EBITDA of approximately breakeven expected in 2012

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) today announced its consolidated financial results for the fourth quarter and year ended December 31, 2011, and provided an outlook for 2012. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).1

Summary of 2011 Results & 2012 Outlook

Full year 2011 results reflect continued progress in all key financial metrics, top line and bottom line, including 17% revenue growth, 2 point gain in gross margin, 7% cash operating cost reduction and 15% Adjusted EBITDA3 improvement.

The extent of progress in revenue and Adjusted EBITDA, however, was less than the Company’s original full year guidance. This was related to risk factors identified with the release of Q3 2011 results, specifically delays in the timing of major bus orders – affecting both revenue and Adjusted EBITDA – and the added impacts on Adjusted EBITDA of negative foreign exchange movements and restructuring charges. While these delays in timing of bus module shipments negatively impacted 2011 results, they had a positive impact on the 12 month order book, which was $45.3 million at year end.

This strong order book is an underpinning to the Company’s outlook for 2012, together with cumulative progress Ballard has posted over the past 2 years, including 63% revenue growth and 43% Adjusted EBITDA improvement over the 2009-2011 period. 

This positioning, and signs of increasing market momentum, support management’s strong outlook for 2012, with expectations for:

• Revenue of approximately $100 million; and
• Adjusted EBITDA3 of approximately breakeven.

John Sheridan, President and CEO said, “Given the challenges of developing new markets in a tough global economy, we are pleased with continued progress posted in 2011 and believe Ballard is well positioned to take a milestone step in 2012 on our path to profitability.”

Key 2011 Highlights 

• Revenue increased 17% on a full year basis, to $76.0 million.
  o Fuel cell product revenue grew 36% and represented 61% of total revenue.
• Gross margin declined to 20% in Q4, due to the impact on product mix resulting from lower bus module shipments, and increased to 18% for the full year.
• Cash operating costs2 were reduced to $8.6 million in Q4 and $39.3 million for the full year, improvements of 11% and 7%, respectively.
•  Full year Adjusted EBITDA was ($22.3) million, an improvement of 15%, despite a shortfall in bus module shipments, negative foreign exchange impacts of $2 million and restructuring charges of $1.4 million.
• In Q4, $3.9 million of positive cash was generated by operating activities, compared to $1.8 million in 2010. For the full year, cash used by operating activities increased by $3.9 million to ($33.2) million, driven by increased working capital requirements of ($10.2) million, which more than offset reductions in cash operating losses of $6.3 million.
•  Cash reserves were $46.2 million, or $41.6 million net of $4.6 million outstanding on the company’s bank operating line. 

2012 Business Outlook

As context for the Company’s 2012 business outlook, Ballard notes a number of signs of increasing market momentum in 2011:

• Initial order activity in the large, high growth markets of India, South Africa and Brazil.
• Establishment of partner relationships with major global companies.
• Demand for new PEM fuel cell applications in mining, waste-to-energy and large scale backup power.

• Supply agreement with Van Hool NV for FCvelocityTM-HD6 fuel cell modules in Europe.
• LOI for FCvelocityTM-HD6 fuel cell modules for Sao Paulo, Brazil.
• MOU with Tata Motors for FCvelocityTM-1100 fuel cell stacks to be used in India buses.
• Dantherm Power system sales to customers in South Africa and Europe.

As such, Ballard’s outlook is for aggressive growth in fuel cell products, which is expected to drive total revenue to approximately $100 million in 2012.

In terms of Adjusted EBITDA, during 2012 Ballard expects to make improvements in the key enablers of gross margin and cash operating costs. Significant gross margin improvement is expected to be primarily driven by an aggressive product cost reduction program and shift in product mix. A significant reduction in cash operating costs is anticipated, largely enabled by corporate streamlining undertaken in 2011 and planned SG&A reductions in 2012. In addition, the Company expects to offset an increased proportion of research and product development expenditures through third party funding, thereby decreasing associated cash operating costs. With these expected improvements in gross margin and operating costs, along with the expected growth in revenue to approximately $100 million, Ballard expects Adjusted EBITDA in 2012 to be approximately breakeven. This 2012 business outlook represents a milestone step for Ballard on its path to profitability.

The primary risks to this outlook relate to the timing of major orders and shipments for fuel cell bus modules and backup power systems.

(Millions of U.S. dollars)	Three months ended December 31,			Twelve months ended December 31,
	2011	2010	% Improvement	2011	2010	% Improvement
GROWTH
Revenue:
Fuel Cell Products	$16.9	$13.7	23%	$46.5	$34.2	36%
Contract Automotive	$0.1	$3.0	(97%)	$9.3	$9.8	(5%)
Material Products	$4.0	$4.4	(7%)	$20.2	$21.0	(3%)
Total Revenue	$21.0	$21.1	0%	$76.0	$65.0	17%
Fuel Cell Stack Shipments (units):
Total Fuel Cell Stack Shipments	942	1,119	(16%)	3,265	3,014	8%
Material Handling	799	345	132%	1,422	1,100	29%
Backup Power	124	654	(81%)	1,447	1,664	(13%)
12 Month Rolling Order Book	$45.3	$35.0
PROFITABILITY
Gross Margin	20%	24%		18%	16%
Cash Operating Costs2	$8.6	$9.7	11%	$39.3	$42.1	7%
Adjusted EBITDA3	($3.8)	($3.6)	5%	($22.3)	($26.2)	15%
Net Income (Loss)	($7.3)	($9.0)	19%	($33.4)	($31.5)	(6%)
EPS	($0.09)	($0.11)		($0.40)	($0.37)
Normalized Net Income (Loss)4	($5.6)	($9.0)	34%	($31.7)	($39.6)	19%
CASH
Cash Used by Operating Activities:
Cash Operating Income (Loss)	($4.8)	($5.2)	7%	($26.5)	($32.8)	19%
Working Capital Changes	$8.7	$7.0	25%	($6.7)	$3.5	(293%)
Cash Provided (Used) By Operating Activities	$3.9	$1.8	116%	($33.2)	($29.3)	(13%)
Cash Reserves	$46.2	$74.4
Cash Reserves, Net of Operating Line	$41.6	$74.4

For a more detailed discussion of Ballard Power Systems’ 2011 results and 2012 outlook, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Thursday, February 23, 2012 at 8:00 a.m. PST (11:00 a.m. EST) to review its 2011 operating results and 2012 outlook. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, gross margin and Adjusted EBITDA; and anticipated product cost reductions, reductions in cash operating expenses and projected product sales.  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 statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include 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. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

 
Endnotes: 
1 Effective January 1, 2011 Canadian publicly listed entities are required to prepare their financial statements in accordance with IFRS. Due to the requirement to present comparative financial information, the effective transition date is January 1, 2010. Please refer to Ballard’s Management Discussion & Analysis for a summary of the full impacts as a result of the conversion from former Canadian GAAP to IFRS.
2 Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, restructuring charges and acquisition costs.
3 EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding finance (or interest) expense, income tax expense or recovery, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. Adjusted EBITDA adjusts EBITDA for stock based compensation, transactional gains and losses, asset impairment charges, finance and other income and acquisition costs.
4 Normalized Net Income (Loss) measures Net Income (Loss) excluding transactional gains and losses and asset impairment charges.

Note that Cash Operating Costs, EBITDA, Adjusted EBITDA, and Normalized Net Income (Loss) are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Normalized Net Income (Loss) assist investors in assessing Ballard’s operating performance and liquidity. These measures should be used in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of EBITDA and Adjusted EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis.

• Clean power to be generated using by-product hydrogen

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) has announced that fuel cell systems manufactured by Dantherm Power, its backup power company, are being deployed in the Idea Cellular wireless telecommunications network in India. Commissioning of thirty (30) 2-kilowatt DBX2000 systems, the sale of which was announced in a Ballard press release on November 1, 2011, will be completed in March.

The Telecom Regulatory Authority of India (TRAI) issued a directive in January, 2012 requiring 50% of all rural telecom base station towers and 33% of all urban towers in the country to be powered by hybrid solutions within 5-years. Hybrid solutions involve a combination of renewable energy sources, such as hydrogen fuel cells, and grid electricity.

Anil Tandon, Chief Technology Officer at Idea Cellular said, “We intend to move quickly in complying with TRAI’s directive. Fuel cell-based power is a focus for us because of its reliability, efficiency, green attributes and our commitment to environmentally friendly technologies. We have completed our evaluation of alternative solutions and are happy to work with Dantherm Power’s product.”

Idea Cellular is part of the $35 billion multinational Aditya Birla Group and is India’s third-largest mobile services operator. The Company has more than 100 million subscribers generating in excess of one-billion minutes of communications traffic each day across its network of 70,000 cell sites.

Fuel cell systems will be deployed at cell tower locations in close proximity to an Aditya Birla Group chemical plant in the region of Nadga, Madhya Pradesh. During the production of caustic soda at the plant, hydrogen is also produced as a by-product. This hydrogen, and hydrogen produced at other Aditya Birla Group chemical plants in India, has traditionally been used in boilers or has been sold to third party vendors. However, Dantherm Power’s DBX2000 systems – which are powered by Ballard fuel cell stacks – will use this hydrogen as fuel. This will displace diesel generators that are currently required to operate on a near-daily basis, due to frequent grid power outages.  

John Sheridan, Ballard President and CEO said, “There is a tremendous opportunity for clean energy solutions in the fast-growing India market. This initial deployment with Idea Cellular is an exciting step in validating the financial and environmental benefits of our fuel cell products to Idea Cellular and to prospects in India.”

Dantherm Power and Delta Power Solutions (India) [Delta] operate jointly under a 2011 collaboration agreement. Delta will integrate and install Dantherm Power’s DBX2000 systems into a hybrid power solution at Idea Cellular sites and will then provide operational support for these systems under a 10-year service agreement with Idea Cellular.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

For Immediate Release 

VANCOUVER, CANADA– Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) today announced that it has signed a non-binding Memorandum of Understanding (MOU) with WEG Industries (Brazil), a multinational corporation headquartered in Jaragua do Sul, Brazil, to collaborate on product and market development of clean energy fuel cell products.

“WEG is committed to expanding into new clean energy-related businesses,” said Mr. Umberto Gabbato, Managing Director of WEG Automation. “We see the work with Ballard as consistent with our desire to ensure the smallest impact on the environment and, furthermore, we see potential for fuel cells ranging from public transit to mining and other critical power applications.”

WEG Industries operates in the worldwide electric engineering, power and automation technology areas. The company’s 24,000 employees produce electric motors, generators, transformers, drives and coatings in 9 countries. WEG is present with plants, branches or representatives in 100 countries.

John Sheridan, Ballard’s President and CEO said, “This agreement with WEG Industries will be an important enabler for increased fuel cell product traction in the fast-growing Brazil market. There are a number of important commercial applications that we will focus on and evaluate with WEG.”

Under this agreement, the companies will work to identify and evaluate market opportunities for hydrogen fuel cell products and services in applications related to WEG’s businesses and technologies in such vertical markets as bus, rail and mining.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning potential market opportunities.  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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) will hold a conference call on Thursday, February 23, 2012 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s 2011 operating results and 2012 outlook.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

• 12 fuel cell stacks to power buses in multiple cities

For Immediate Release

VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) has announced signing of a non-binding Memorandum of Understanding (MOU) with Tata Motors (India) for 12 FCvelocity^TM-1100 fuel cell stacks. These stacks are expected to power zero-emission buses planned for demonstration in various Indian cities. Delivery to Tata Motors is planned for 2012 and 2013, in-line with that Company’s plans.

Tata Motors, one of the world’s largest bus OEM’s, displayed the first fuel cell bus built in India at “Auto Expo 2012” held in New Delhi January 6-11, 2012. The bus is powered with a Ballard FCvelocity^TM-1100 fuel cell stack, previously delivered to Tata Motors in 2011.

Mr. P.M. Telang, Managing Director (India Operations) at Tata Motors said, “We strive to be leaders in the use of technology, while maintaining very high standards of product quality. Working with technology companies such as Ballard only strengthens our ability to design and market the wheels of a greener world here in India.”

Tata Motors is part of the Tata Group, a pioneer in India’s automotive industry, and has previous bus system integration experience working with Ballard fuel cell products. Tata Motors’ plan to supply fuel cell buses for testing and demonstration in revenue service is supported by the Government of India’s Department of Scientific and Industrial Research under the Technology Development & Demonstration Programme.

John Sheridan, Ballard’s President and CEO said, “We are very pleased to have signed this MOU with India’s premier bus manufacturer for Tata’s upcoming zero-emission bus testing program. This is additional validation of the mature state of our products and of the growing global market for clean energy transit buses.”

Ballard FCvelocity^TM-1100 fuel cell stacks are based on a design that is ideal for use in heavy duty vehicles. FCvelocity^TM-1100 fuel cell stack technology is at the heart of the Company’s FCvelocity^TM-HD6 fuel cell module, a “plug and play” power solution used by bus OEM’s around the world.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning market adoption for our products.  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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

• Adds to momentum in global adoption of fuel cell buses

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) confirmed that, as per its press release of November 2, 2011, the Company successfully shipped 3 of its 150-kilowatt FCvelocity^TM-HD6 fuel cell power modules to TuttoTrasporti (TUTTO) of Brazil in December 2011.

TUTTO, the largest Brazilian integrator of hybrid transit buses, will be deploying the modules in buses as part of a UNDP-EMTU (United Nations Development Programme - Empresa Metropolitana de Transportes Urbanos) bus program. Under the program, United Nations funding is being provided to EMTU, which services the transportation needs of Sao Paulo, a city with a population of 11-million people. The new fuel cell-powered buses are expected to go into service in 2012.

In Sao Paulo, Brazil’s largest city, 3-million tons of greenhouse gases are emitted annually, 85% coming from vehicles. As a result, clean energy transportation is a high priority under the country’s National Plan on Climate Change.

Under Brazil’s National Plan on Climate Change – a set of inter-ministerial programs designed to cut emissions in the transportation, forestry, industrial and energy sectors – the government has committed to significant use of zero-emission transit technology. Initiatives will be implemented during the lead-up to the 2014 World Cup and 2016 Summer Olympic Games being held in that country, and beyond.  

Larry Stapleton, Ballard’s Vice President of Sales said, “The UNDP-EMTU program is another important step toward a tipping point in the global volume of fuel cell bus orders. In combination with other recent announcements regarding growing fuel cell bus activities in North America, Europe as well as Brazil, 2012 will be a key year as we move toward fuel cell bus commercialization.”
 
About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated sales volumes.  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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will present at BOCEMb, Noble Financial Capital Markets’ Eighth Annual Equity Conference at the Hard Rock Hotel in Hollywood, Florida, on Wednesday, January 18, 2012 at 9:30am ET.

Tony Guglielmin will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets.

A link to the live audio and high-definition video webcast of the presentation will be available at www.ballard.com, or through the Noble Financial websites: www.noblefcm.com, or www.BOCEM2012.com. A Microsoft SilverLight viewer is needed to participate, and is available as a free download from the presentation link. Ballard recommends registering at least 10 minutes prior to the start of the presentation to ensure timely access. 

The webcast will also be archived at www.ballard.com for 90 days following the event.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

About Noble Financial
Noble Financial Capital Markets was established in 1984 and is an equity research driven, full-service, investment banking boutique focused on small-cap, emerging growth companies. The company has offices in New York, Boston, New Jersey, Philadelphia, Los Angles, St Louis, and Boca Raton. In addition to non-deal road shows and sector-specific conferences throughout the year, Noble Financial hosts its large format annual equity conference in January in South Florida featuring 120 – 150 presenting companies from across North America and total attendance of close to 600. For more information: www.noblefcm.com

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA – Ballard Power Systems has signed a Letter of Intent (LOI) with The City of Sao Paulo, Brazil for 25 FCvelocityTM-HD6 fuel cell modules to power 25 buses in that city. Delivery of the modules is planned for 2012. A final agreement with The City of Sao Paulo is now in negotiation.   

Silvano Pozzi, Ballard’s Director – Brazil Market Development said, “We are very pleased with The City of Sao Paulo’s intention to deploy an initial fleet of 25 clean energy buses.”

John Sheridan, the Company’s President and CEO added, “In combination with our recently announced supply agreement for 21 modules to power buses in Europe, this points to significant progress toward commercialization of zero-emission fuel cell buses in 2012.”

Brazil’s National Plan on Climate Change is a set of inter-ministerial programs designed to cut emissions in the transportation, forestry, industrial and energy sectors. Under the plan the Brazilian government has committed to significant use of zero-emission transit technology. Initiatives will be implemented during the lead-up to the 2014 World Cup and 2016 Summer Olympic Games being held in that country, and beyond.

Sao Paulo is Brazil’s largest city, generating significant emissions of particulate matter together with 3 million tons of greenhouse gases annually, 85% of which are created by vehicles. As a result, clean energy transportation is a high priority for the city, which has established a goal of reducing fossil fuel use within the bus fleet by at least 10% annually over the next several years.

Ballard’s sixth generation FCvelocityTM-HD6 fuel cell module features a control unit which interfaces with a system controller to make it a “plug-and-play” product for any fuel cell or hybrid fuel cell bus platform. The module also offers significant advances in durability, power density and fuel efficiency compared to earlier generation products.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated government funding, customer commitments and product shipments.  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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

• First-ever fuel cell bus fleet to achieve this milestone 

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that the 20-bus fleet operated by BC Transit in the Resort Municipality of Whistler, British Columbia and powered by Ballard FCvelocityTM-HD6 fuel cell modules recently surpassed 1-million miles (1.6-million kilometers) of revenue service.

The BC Transit fleet has been the largest hydrogen fuel cell-powered bus fleet in operation anywhere since it went into service approximately 2-years ago and is the first hydrogen fuel cell bus fleet to achieve the 1-million mile revenue service mark. The buses went into service in January, 2010 prior to the 2010 Olympic and Paralympic Winter Games, and have been an effective showcase for clean transportation alternatives.  

Paul Cass, Ballard’s Vice-President of Operations said, “We are pleased with the continued improvement in overall bus fleet performance over time and are delighted with BC Transit’s ongoing support of this important initiative. Many decision-makers in the global bus market are following the Whistler experience closely and will be interested in the results to date.” 

By end-November 2011 a number of important results had been achieved:

• The 20-bus fleet had operated a total of 80,000 hours;
• More than 9,600 safe refuellings had been completed, by which 220,000 kilograms of hydrogen was dispensed to the fleet’s buses; and
• 2,200 tons of greenhouse gas (GHG) emissions were avoided, in comparison to diesel buses, which is equivalent to removing approximately 400 passenger vehicles from the roads.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

• Second sale to Van Hool, strengthening relationship with one of Europe’s largest original equipment manufacturers of buses
• 21 FCvelocityTM-HD6 modules to power zero-emission buses  

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that it has signed an equipment supply agreement with Van Hool NV, Europe’s fourth largest bus manufacturer, for 21 of the company’s latest-generation FCvelocityTM-HD6 fuel cell power modules.

The 21 FCvelocityTM-HD6 modules will power zero-emission buses to be deployed in several European cities, which will be named following completion of the associated contracts between Van Hool and public transit authorities in these cities. It is expected that the majority of the modules will be shipped in 2012.

Van Hool is a Belgian-based independent bus, coach and industrial vehicle OEM with a long history of innovation in bus manufacturing. The company previously engineered and produced five hybrid fuel cell buses, using Ballard power modules, for deployment in Oslo, Norway.

Mr. Leopold Van Hool, Managing Director of the company said, “We are very pleased to be utilizing Ballard fuel cell modules, building on its proven track record of reliability and durability. These modules are compact and offer integration flexibility, while delivering the high performance required for heavy duty city buses. Ballard’s commitment to the European fuel cell bus market is second to none.”

These bus deployments are being supported by European Joint Technology Initiative (JTI) funding provided under the Fuel Cells and Hydrogen Joint Undertaking (FCHJU) program, which is a part of Europe’s Sustainable Energy Technology (SET) Plan. The SET Plan provides a framework to accelerate development and deployment of cost-effective low carbon and zero-emission technologies.

John Sheridan, Ballard’s President and CEO added, “This agreement represents an important step toward fuel cell bus commercialization and strengthens our position with Van Hool in the fuel cell bus market. Moreover, it is a strong indicator of positive growth potential for clean fuel cell-powered buses within the larger global transit marketplace.”
Ballard’s sixth generation FCvelocityTM-HD6 fuel cell module features a control unit which interfaces with a system controller to make this a “plug-and-play” product for any fuel cell or hybrid fuel cell bus platform. The module also offers significant advances in durability, power density and fuel efficiency compared to earlier generation products. Ballard has actively participated in previous successful European fuel cell hybrid bus field tests, including the CUTE (Clean Urban Transport for Europe) and HyFLEET:CUTE projects.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated government funding, customer commitments and product shipments.  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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release                                                                  Click here to view data points from the Fuel Cell unit which ran at COP17
                                                                                                             
                                                                                                             Click here to view some media coverage

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that a 150 kilowatt (kW) fuel cell system supplied by Dantherm Power, Ballard’s backup power company, to Anglo American Platinum Limited (www.angloamericanplatinum.com) has been deployed near The 17th Conference of the Parties (COP17) to the United Nations Framework Convention on Climate Change, a high-level summit on climate change being held in Durban, South Africa (http://www.cop17-cmp7durban.com/). Sale of the system was announced in October.

Neville Nicolau, CEO of Anglo American Platinum Limited said, “This demonstration highlights the importance of fuel cells to our business. Fuel cell power systems in commercial production can increase the energy efficiency of our mining operations, make efficient use of by-product hydrogen in South Africa and provide growth in global platinum demand. Fuel cells further highlight the green credentials of platinum – in this case as an enabler of energy efficiency.”

The zero-emission fuel cell system is demonstrating clean energy production during COP17, which runs from November 28 to December 9, by supplying power to the local electricity grid. Following COP17 Anglo American Platinum plans to redeploy the system to provide power at one of its mining operations in South Africa.

“With approximately 20,000 delegates participating in the Conference, this deployment is an excellent opportunity to demonstrate the benefits of fuel cell backup power systems and raise awareness of the readiness of fuel cell technology for a range of new vertical market applications, including mining,” said John Sheridan, Ballard’s President and CEO.

During COP17, fuel for the system is being provided by Air Products South Africa (Pty) Limited, a subsidiary of U.S.-based Air Products and Chemicals Inc. which operates an extensive hydrogen pipeline network around the globe and is investing in development of commercial hydrogen production in South Africa. Some of the hydrogen generated by Air Products in South Africa and elsewhere is a by-product of industrial chlor-alkali production, which enhances the cost-effectiveness of power produced by fuel cell systems. 

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including anticipated product application and performance, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com 

• Follows earlier launch of first Buy America-compliant fuel cell bus, also powered by Ballard

For Immediate Release

VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) will be providing fuel cell modules to power two new fuel cell hybrid buses, funded under the Federal Transit Administration’s (FTA) “Transit Investments for Greenhouse Gas and Energy Reduction (TIGGER) Program”. As per today’s announcement by the FTA, Ballard will work together with consortium partners BAE Systems and ElDorado National (California) to deliver these buses to SunLine Transit Agency in Thousand Palms, CA.

The TIGGER Program works directly with public transportation agencies to implement new strategies for reducing greenhouse gas emissions and lowering energy use within transit operations. Through this Program, the FTA is playing a key role in accelerating fuel cell bus deployments, providing greater public exposure to the safe operation of zero-emission vehicles and encouraging broader acceptance of the technology.

Bill Foulds, Ballard’s President of U.S. Operations said, “Earlier this week the very first All-America fuel cell-powered bus, using a Ballard module, was unveiled by SunLine Transit Agency and FTA Deputy Administrator Therese McMillan. The additional funding announced today by the FTA to grow SunLine’s fuel cell bus fleet is further validation of our Buy America-compliant technology.”

Under this new award, Ballard will supply FCvelocitytm-HD6 power modules for ElDorado fuel cell hybrid buses featuring a series hybrid electric drive from lead integrator BAE Systems. It is anticipated that these buses will be operational in 2013, bringing the total number of Ballard-powered buses in use at SunLine Transit to four.

Ballard’s fuel cell module is a ‘plug-and-play’ product that permits system integrators to readily build clean energy buses at reduced cost. The fuel cell module incorporates sub-system components for humidification, hydrogen pressure regulation, hydrogen recirculation, water management, ventilation and controls.
 
Ballard’s Lowell, MA facility manufactures FCvelocityTM-HD6 fuel cell modules for the U.S. market. Highly innovative, zero-emission fuel cell buses are expected to play a critical role in the future of transit, preserving non-renewable energy sources and substantially reducing the environmental footprint.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated product shipments, market opportunities, and customer product deployments.  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.

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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release                                                                         Click here to access Social Media Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced that it has, together with consortium partners BAE Systems and ElDorado National (California) Inc., successfully deployed a “Buy America”-compliant, zero-emission fuel cell bus for SunLine Transit Agency in Palm Springs, CA. The “Buy America” regulation requires the manufacturing of the bus and key components in the United States, in alignment with objectives set out by the Federal Government.

This bus was developed under the Federal Transit Administration’s (FTA) National Fuel Cell Bus Program, which facilitates the development of commercially viable fuel cell bus technologies and related infrastructure for deployment in revenue service. The FTA has played a key role in accelerating fuel cell bus deployments and providing greater public exposure to the safe operation of zero emission vehicles, which is leading to a broader acceptance of this technology. FTA Deputy Administrator Therese McMillan spoke at today’s unveiling event in Palm Springs.

CALSTART, the nation’s leading nonprofit consortium of clean transportation technology companies, administered the FTA project.  Cost share funds were also provided by BAE Systems, the California Air Resources Board, the South Coast Air Quality Management District (SCAQMD), ElDorado National and SunLine Transit Agency.

The bus that has been delivered to SunLine uses a Ballard FC-velocity®-HD6 fuel cell module built in Lowell, Massachusetts to provide primary power in combination with BAE Systems propulsion and power management systems to propel the Eldorado 40-foot transit bus. SunLine Transit Agency will operate the bus, providing public transit and community services to California's Coachella Valley. Over the years, SunLine has pursued an aggressive strategy for implementing clean technologies into their fleet evidenced by what is now the seventh generation of hydrogen bus deployed by SunLine.

“The National Fuel Cell Bus Program was the basis for our decision to expand fuel cell operations at our Lowell, Massachusetts facility,” stated William Foulds, President, US Operations, Ballard Power Corporation. “We have the workforce in place at Lowell that will allow us to meet Buy America requirements and thereby facilitate our customers’ access to related funding. This will expand our set of addressable business opportunities in the U.S.” 

Ballard’s Lowell, MA facility will continue to manufacture the Company’s FCvelocity®-HD6 fuel cell power modules for the U.S. market. The module delivers enhanced durability at a reduced cost, with improved efficiency and an industry leading 12,000 hour/five year warranty.

Highly-innovative, zero-emission fuel cell buses will play a critical role in the future of transit - preserving non-renewable energy sources, substantially reducing our environmental footprint and improving our quality of life.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

About BAE Systems
BAE Systems is a global defense, security, and aerospace company with approximately 107,000 employees worldwide. The company delivers a full range of products and services for air, land, and naval forces, as well as advanced electronics, security, information technology solutions, and customer support services. In 2009, BAE Systems reported sales of £22.4 billion (US $36.2 billion).

About Eldorado National
ElDorado National, a U.S. owned and operated company with over 450,000 square feet of bus manufacturing space, is a subsidiary of Thor Industries, Inc., a New York Stock Exchange listed company. Thor is the largest manufacturer of recreational vehicles and a leading builder of commercial buses. Thor has achieved an outstanding performance in its 30-year history. It is the only company in its two industries that has been profitable every year since its inception, has substantial cash and no debt. Annual sales are over $2.7 billion.

About SunLine Transit Agency
SunLine Transit Agency is a joint powers authority formed in 1977 to operate the Coachella Valley's public transportation system. Its vehicles travel more than 21 million passenger miles per year, covering 536 bus stops located throughout a 1,120 mile-service area. SunLine offers fixed route bus service and curb-to-curb paratransit for the mobility impaired.

About CALSTART
CALSTART, the nation’s leading nonprofit consortium of clean transportation technology companies, is a unique member organization dedicated to the growth of a clean transportation technologies industry that will create high-quality jobs, clean the air, reduce dependence on foreign oil, and reduce global warming emissions.

This release contains forward-looking statements concerning eligibility for government funding, business opportunities and product performance.  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.

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

Further Information
Media:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com

• B.C. Premier Christy Clark and India Minister of New & Renewable Energy preside over signing ceremony

For Immediate Release


VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced that it has signed a Memorandum of Understanding (MOU) with Delta Power Solutions (India) Pvt. Ltd. [Delta], a subsidiary of Delta Electronics (Thailand) PLC, expanding the range of clean energy applications they will focus on under an existing fuel cell system collaboration agreement.

Christy Clark, British Columbia’s Premier and Dr. Farooq Abdullah, India’s Minister of New & Renewable Energy, hosted a signing ceremony in New Delhi with senior representatives of Ballard and Delta. Premier Clark is currently conducting a Province-led jobs and trade mission in India.

Dalip Sharma, Managing Director of Delta Power Solutions (India) said, “The MOU represents an exciting expansion of our collaboration agreement with Ballard, enabling environmentally-sound fuel cell solutions for the India economy. This will be an important step toward delivery of a growing proportion of energy requirements in India by means of renewable power solutions.”

John Sheridan, Ballard’s President and CEO added, “This is a strategic agreement underpinning Ballard’s participation in India’s expanding economy, where GDP growth is projected at more than seven-percent annually for the next several years. There are numerous applications in which clean fuel cells can replace dirty lead-acid batteries and noisy, polluting diesel generators.”

Ballard and Delta recently announced their collaboration agreement in relation to sales of fuel cell-powered backup power systems in the India telecommunications market, under which an initial purchase order was issued by Delta earlier this month. Under the new MOU, the collaboration agreement has been expanded to encompass utilization of fuel cell-powered backup power systems in additional India market applications, including commercial uninterruptable power supply (UPS) systems for data centres, industrial power solutions and distributed power generation.  

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products contain proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning future sales opportunities.  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.

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.

Further Information
Media:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) commends the U.S. Department of Defense (DoD) on the recent publication of a groundbreaking study assessing the capability of fuel cells to support DoD’s power requirements in the near-term.

"Beyond Demonstration: The Role of Fuel Cells in DoD's Energy Strategy" validates the technological and commercial progress made to date by developers of fuel cell technology, and recommends that the Department of Defense proactively evaluate and acquire fuel cell systems for a range of applications. The complete report, which was sponsored by the Defense Logistics Agency (DLA), is available at www.dlafuelcells.org/library.

Ballard has also prepared a White Paper entitled “Fuel Cell Solutions to Meet the U.S. DoD’s Energy Strategy”, which offers a perspective on the DLA-sponsored report and addresses Ballard’s commercial solutions and demonstration capability that can effectively address many Department of Defense technology requirements. The Ballard White Paper can be downloaded at www.ballard.com/white_paper.aspx.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including anticipated customer requirements.  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.

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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com 

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced its consolidated financial results for the third quarter ended September 30, 2011. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).¹

John Sheridan, President and CEO said, “Ballard third quarter results reflect continuing strong improvements on the top-line and bottom-line, including 25% growth in revenue, a 7-point gain in gross margin and 25% improvement in Adjusted EBITDA³. While third quarter revenue is lower than Plan, due to delay in a Brazil fuel cell bus order, all fuel cell product markets are strengthening and providing strong underpinnings for growth in the fourth quarter and 2012.”

• Revenue of $20.6 million in Q3 and $55.0 million year-to-date, representing growth of 25% on both a quarterly and year-to-date basis.
• Product shipment volume of 1,005 units in Q3 for a total of 2,323 units year-to-date, increases of 47% and 23%, respectively.
• Twelve-month rolling order book of $31.9 million.
• Key recent commercial developments:
  • Significant bus activities -
    • In Brazil, key business opportunities are progressing, although with longer-than-expected timelines: modules for 3 EMTU program buses are now expected to be shipped in Q4; and, a 10-to-30 bus RFQ in Sao Paulo, for which Ballard is in negotiations.
    • In Europe, negotiations are in progress with a major bus OEM for an order of up to 14 modules.
    • In North America, an RFQ is expected in early-2012 from LA Metro for up to 30 clean energy buses.
  • Dantherm Power activities -
    • Sale of a 150 kilowatt backup power system for delivery in Q4 2011 to Anglo American Platinum Limited in South Africa.
    • Sale of backup power systems for delivery in Q4 2011 to a telecom service provider in India, as part of the previously announced collaboration agreement with Delta Power Solutions (India). 
  • Increased business scope with Daimler AG and Automotive Fuel Cell Cooperation (AFCC), with the provision of fuel cell engineering services, partially offsetting the reduction in business due to conclusion of automotive fuel cell stack contract manufacturing for Daimler.

Path to Profitability

• Gross margin of 19% in Q3 and 18% year-to-date, an increase of 7 points on both quarterly and year-to-date bases.
• Cash operating costs2 of $9.3 million in Q3, a 5% improvement compared with Q3 2010, and $30.7 million year-to-date.
• Adjusted EBITDA³ of ($5.0) million in Q3 and ($18.5) million year-to-date, improvements of 25% and 18%, respectively, notwithstanding a negative foreign exchange impact of approximately $2.0 million year-to-date and $1.3 million in restructuring charges.
• Net loss of ($7.8) million in Q3 and ($26.7) million year-to-date, increases of 38% and 17%, respectively, due to one-time transactional gains recorded in 2010 of $4.8 million related to monetization of the Share Purchase Agreement with Ford, and $3.3 million related to the 2010 sale and leaseback transaction.
• Adjusting for these one-time transactional gains, normalized net income (loss)4 improved by 25% in Q3 and 14% year-to-date.
• Cash used by operating activities of ($9.5) million in Q3 and ($37.1) million year-to-date, increases of 99% and 19% respectively. The Q3 increase was driven by increased working capital requirements of $8.3 million, which more than offset improvements in cash operating losses of $3.6 million. The increased working capital requirements were primarily related to an increase in accounts receivable associated with higher revenue and timing of collections as well as a build-up of inventory to support shipments in Q4, and into 2012.
• Cash reserves of $45.2 million, or $37.9 million net of $7.3 million outstanding on the bank operating line.

2011 Business Outlook

Revenue
While the Company has not updated original guidance for revenue growth in excess of 30%, and while it continues to expect significant revenue growth in 2011, it should be noted that risk factors have heightened, primarily in relation to the uncertainty of timing of Brazil bus orders and shipments.  
 
Adjusted EBITDA³
While the Company has not updated original guidance for Adjusted EBITDA improvement in excess of 40%, and while it continues to expect significant Adjusted EBITDA improvement in 2011, it should be noted that risk factors have heightened, primarily in relation to the revenue uncertainty identified above and the ongoing foreign exchange uncertainty, along with the impact of the restructuring charges incurred.  

Third Quarter 2011 Results 

(Millions of U.S. dollars)	Three months ended September 30,			Nine months ended September 30,
	2011	2010	% Improvement	2011	2010	% Improvement
GROWTH
Revenue:
Fuel Cell Products	$11.8	$8.0	47%	$27.5	$19.4	41%
Contract Automotive	$3.3	$3.3	1%	$11.3	$7.9	44%
Material Products	$5.5	$5.2	6%	$16.2	$16.6	-2%
Total Revenue	$20.6	$16.5	25%	$55.0	$43.9	25%
Fuel Cell Stack Shipments (units):
Total Fuel Cell Stack Shipments	1,005	683	47%	2,323	1,895	23%
Material Handling	520	211	146%	623	755	-17%
Backup Power	412	401	3%	1,323	1,010	31%
12-Month Rolling Order Book	$31.9	$30.0
PROFITABILITY
Gross Margin	19%	12%		18%	11%
Cash Operating Costs2	$9.3	$9.8	5%	$30.7	$32.4	5%
Adjusted EBITDA3	($5.0)	($6.6)	25%	($18.5)	($22.6)	18%
Net Income (Loss)	($7.8)	($5.7)	-38%	($26.7)	($22.9)	-17%
Normalized Net Income (Loss)4	($7.8)	($10.5)	25%	($26.7)	($31.0)	14%
CASH
Cash Used by Operating Activities:
Cash Operating Losses	($5.4)	($9.0)	40%	($21.7)	($27.6)	22%
Working Capital	($4.1)	$4.2	-196%	($15.4)	($3.5)	-342%
Cash Used By Operating Activities	($9.5)	($4.8)	-99%	($37.1)	($31.1)	-19%
Cash Reserves	$45.2	$72.9

For a more detailed discussion of Ballard Power Systems’ third quarter 2011 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Thursday, November 3, 2011 at 8:00 a.m. PST (11:00 a.m. EST) to review third quarter 2011 results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements, including projected revenue growth, adjusted EBITDA and projected product sales.  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 statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include 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. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

Note that Cash Operating Costs, EBITDA, Adjusted EBITDA, and Normalized Net Income (Loss) are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Normalized Net Income (Loss) assist investors in assessing Ballard’s operating performance and liquidity. These measures should be used in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of EBITDA and Adjusted EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis.

• Initial order under previously announced collaboration agreement

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced that Dantherm Power, Ballard’s backup power company, has received a purchase order for thirty (30) DBX2000 fuel cell systems from Delta Power Solutions (India) Pvt. Ltd. [Delta], a subsidiary of Delta Electronics (Thailand) PLC, and part of the Delta Group, the world’s leading energy saving solutions provider (www.deltaww.com). These systems will be delivered in India and installed at sites of a major telecom service provider by year-end. 

John Sheridan, Ballard’s President and CEO said, “This initial sale under our collaboration agreement with Delta establishes a key beachhead for us in India. Delta is a leading player in the India telecommunications market and our strategic partnership provides important opportunities for sales of cost-effective, clean fuel cell products in the fast growing India telecom marketplace.”

Under the agreement, Dantherm Power and Delta are working jointly to deploy Dantherm Power direct hydrogen fuel cell systems, including its 2-kilowatt (kW) DBX2000 and 5kW DBX5000 systems. Fuel cell solutions will be integrated by Delta, along with its Site Management & Control System (SMCS), and deployed at telecom customer sites in India. Delta has responsibility for installation, commissioning, maintenance and management of deployments. Network sites will also be remotely monitored by Delta’s Network Operations Centre (NOC).

Ballard FCgen®-1020ACS fuel cell stacks are integrated by Dantherm Power into its line of DBX systems. These systems are installed as an alternative to traditional power generators – such as lead-acid batteries and diesel generators – at telecom network sites, including wireless network base stations. In the event of a grid power failure, the reliability and rapid start-up of fuel cell-powered DBX systems ensure seamless, uninterrupted service to telecom end-customers.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products contain proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning future sales opportunities.  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.

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.

Further Information
Media:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com



 

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that Dantherm Power, its backup power systems company, will supply a 150 kilowatt (kW) fuel cell generator and associated engineering services to Anglo American Platinum Limited (www.angloamericanplatinum.com), the world’s largest primary producer of platinum and a member of the Anglo American plc Group.

The fuel cell generator, based on Dantherm Power’s DBX5000 backup power fuel cell system, utilizes Ballard fuel cell stacks and will be delivered in the current quarter for deployment at one of Anglo American Platinum’s mining operations in South Africa.

“This deployment is an opportunity to demonstrate the readiness and benefits of fuel cell power systems in new vertical market applications,” said John Sheridan, Ballard’s President and CEO. “Anglo American operations will gain first-hand experience regarding the ability for a fuel cell generator to provide clean and reliable power on a relatively large scale at a mining site.”

The fuel cell system will be powered by hydrogen generated in South Africa and will provide clean, cost-effective electricity.

Backup power solutions based on fuel cell technology deliver a number of advantages over conventional batteries and diesel generators, including: higher reliability across a wide range of operating conditions; lower maintenance costs; longer operating life; reduced size, weight and installation footprint. Fuel cell backup power systems also reduce noise and air emissions and do not present the disposal issues associated with lead acid batteries at the end of life.
 
About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including anticipated product shipments and performance.  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.

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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com  

• Hydrogen produced from processing of municipal solid waste
• Fuel cell system generates power locally, using hydrogen as fuel

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that the fuel cell system supplied to GS Platech (www.gsplatech.co.kr) and previously announced in Q1 2011 for demonstration of waste-to-energy power generation, is now operating successfully to provide power to the local South Korean electricity grid.

GS Platech’s pilot plant in Cheongsong, South Korea uses plasma gasification technology to treat organic solid waste and is capable of producing sufficient high purity hydrogen to generate 50 kilowatts (50kW) of clean, zero-emission power. The power system fuelled by this hydrogen and incorporating Ballard fuel cell stacks was supplied by Dantherm Power, Ballard’s backup power system company.

“This is the first ever demonstration of a waste-to-energy system incorporating both of these technologies,” said Jesper Themsen, Managing Director and CEO of Dantherm Power. “The successful operation of the system is a significant milestone in the development of waste-to-energy solutions and speaks to our strong partnership with GS Platech.”

GS Platech intends to further promote this solution to new customers worldwide and, to this end, recently hosted tours of the demonstration site in conjunction with the International Solid Waste Association World Congress 2011 (www.iswa2011.org). Attendees learned of the potential for this waste-to-energy system to address two key environmental issues in tandem: environmentally responsible waste treatment; and clean power production.

This project was undertaken as a national research project of the Korean Ministry of Knowledge and Economy with the financial support of the Government of Canada provided through the Department of the Environment, under the framework of the Asia-Pacific Partnership on Clean Development and Climate (www.asiapacificpartnership.org).

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning future sales opportunities.  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.

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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com 

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) will hold a conference call on Thursday, November 3, 2011 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s third quarter 2011 results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

View the complete multimedia news release

VANCOUVER, CANADA, October 6, 2011 /PRNewswire/ — Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that it is the recipient of Frost & Sullivan’s “2011 New Product Innovation Award” in the North American Stationary Proton Exchange Membrane (PEM) Fuel Cell category for the Company’s unique CLEARgen™ multi-megawatt distributed power generation system.

“This award recognizes Ballard’s technological leadership and strong market position in the commercialization of PEM fuel cells for distributed energy generation,” said Tomasz Kaminski, Frost & Sullivan Research Analyst. “Ballard’s solution surpasses the competition in terms of fuel cell durability, product cost and load-following capability, all keys to commercially viable grid-scale solutions.”

The New Product Innovation Award is presented to the company that has excelled relative to the following criteria: innovative elements of the product; leveraging leading edge technologies in the product; value added features/benefits of the product; increased customer ROI; and customer acquisition/penetration potential.

John Sheridan, Ballard President and CEO said, “With the CLEARgen™ system, our customers can produce clean, reliable power and reduce their demand for grid electricity. This can create significant cost savings, while simultaneously reducing customers’ environmental footprint.”

Powered by Ballard’s proprietary FCgen™-1300 proton exchange membrane (PEM) fuel cells, the CLEARgen™ system is a complete solution designed to generate clean energy from hydrogen. Modular 500 kilowatt (kW) PowerBanks are combined to produce multiple megawatts (MW’s) of zero-emission electricity, with heat created by the system also providing the opportunity for hot water and space heating. The system can operate continuously to meet baseload power needs, or intermittently to provide peak power during times of high demand.

Ballard’s early work with CLEARgen™ has led to a number of notable contracts, including:

• A 1MW CLEARgen™ system, the largest PEM fuel cell system in North America, has been installed at FirstEnergy Corp.’s Eastlake plant, near Cleveland, Ohio for use in a utility load management demonstration project. FirstEnergy Corp. activates the hydrogen-fuelled generator during periods of peak demand, taking strain off the power grid and ensuring uninterrupted power to customers. Results during the first year of operation have been positive.
• Next year, K2 Pure Solutions will deploy a CLEARgen™ system at its bleach plant in Pittsburg, California. The system will convert by-product hydrogen into clean load-following electricity that will partially offset power demand at the state-of-the-art facility.
• Also in 2012, Toyota Motor Sales U.S.A., Inc. will site a 1MW CLEARgen™ system at its sales and marketing headquarters in Torrance, California. The system will provide peak electrical power and heat to a number of locations on Toyota’s multi-building campus, utilizing hydrogen produced by steam-reformation of renewable bio-gas generated at a landfill.

Commercialization of the CLEARgen™ system is being supported by extending operating life and lowering product cost through a project funded by Sustainable Development Technology Canada (SDTC), an arm’s-length, not-for-profit corporation created by the Government of Canada.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices in the industry.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com 

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will present at the Ardour Capital 9th Annual Energy Technology Conference in New York on Thursday, September 15, 2011 at 1:15pm ET.

Tony Guglielmin will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will present at the Rodman & Renshaw Annual Global Investment Conference in New York on Tuesday, September 13, 2011 at 2:00pm ET.

Tony Guglielmin will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets. A link to the live audio and slide webcast will be available at www.ballard.com. In addition, playback of the webcast will be available for approximately 90 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will participate on the Bloomberg Markets Spotlight virtual platform, launching September 1, 2011.

Mr. Guglielmin will provide an update on Ballard's business and discuss strategy in relation to key fuel cell growth markets. A link to the audio and slide webcast will be available on the homepage at www.ballard.com throughout September.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) confirmed today that it has completed consolidation and optimization of product development and production space in its specialized fuel cell manufacturing facilities located in Burnaby, British Columbia. Ballard has also commenced the previously announced sub-lease of space, representing approximately 38% of the facility, to Daimler AG (Daimler) for use in manufacturing fuel cells for its fuel cell car programs.

Surplus space was created as a result of Ballard’s progress over the past several years in implementing automated and continuous manufacturing processes for the Company’s fuel cell products. A key driver in this context has been the introduction of continuous lamination equipment, which cuts and assembles components of Ballard’s proprietary technology, resulting in a 10-fold increase in production while using about 10% of the physical floor space previously required.

Paul Cass, Ballard’s Vice-President of Operations said, “We completed this work on-time, which also enabled the sub-lease of space to Daimler to proceed as scheduled. With the evolution of automated and continuous manufacturing we will be able to produce one-hundred megawatts of fuel cell product annually in this smaller footprint, seeing us through 2013 with no further investment in manufacturing capacity.”

With the Daimler sub-lease, Ballard expects annual savings of approximately $1 million in real estate and related overhead costs. This lower cost manufacturing model is a further enabler on the Company’s path to profitability.

Ballard will continue supplying its FCvelocityTM products for Daimler’s fuel cell car and bus programs until the end of the current supply agreement. In addition, Ballard will continue supplying Automotive Fuel Cell Cooperation (AFCC), a private company majority-owned by Daimler, with contract manufacturing and technical engineering services.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including anticipated manufacturing capacity, cost savings and operational plans, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 
These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com 

• Revenue of $19.1 million in Q2 and $34.4 million year-to-date, increases of 23% and 26%, respectively.
  • Reflects strong growth in fuel cell products of 36% in the quarter and 38% year-to-date.
• Product shipments of 820 units in Q2 and 1,318 units year-to-date, growth of 4% and 9%.
  • Tempered by decrease in material handling shipments in Q2 (down 91%).
  • Strong increases in Q2 in backup power (up 71%) and distributed generation.
• Twelve-month rolling order book of $36.4 million, compared with $31.0 million on June 30, 2010.
• Key commercial announcements:
  • In April, sale of a 1-megawatt CLEARgen^TM system to provide power and heat at the Toyota Sales U.S.A., Inc. sales and marketing headquarters campus in Torrance, CA.
  • In July, purchase agreement with Plug for minimum 3,250 fuel cell stacks through 2012, for use in the material handling market, with minimum monthly take-or-pay commitment levels.
  • Also in July, Dantherm Power, Ballard’s backup power systems company, signed a collaboration agreement with Delta Power Solutions (India), to market clean energy power systems in the Indian telecommunications market.      

• Gross margin of 17% in Q2 and 17% year-to-date, up from 9% and 11%, respectively.
• Cash operating costs² of $10.7 million in Q2 and $21.4 million year-to-date, an improvement of 5% year-to-date despite a $1.5 million negative foreign exchange impact.
• Key contracts will enable further cost reductions going forward: SDTC distributed generation contract of approximately C$7 million to offset development costs over the 2011-13 period; and Daimler sub-lease generating cost savings of approximately $1 million per year.
• Adjusted EBITDA³ of ($6.1) million in Q2 and ($13.5) million year-to-date, an improvement of 26% and 15%, despite the $1.5 million year-to-date negative foreign exchange impact.
• Net loss of ($8.7) million in Q2 and ($18.9) million year-to-date, an improvement from ($10.7) million and ($17.2) million over the same periods last year.

• Collaboration agreement provides a managed approach to address telecom backup power market opportunity

Under the agreement, Dantherm Power and Delta will jointly work to deploy product field trials comprised of Dantherm Power’s direct hydrogen 2-kilowatt (kW) DBX2000 fuel cell system as well as its 5kW DBX5000 fuel cell system, which will be integrated by Delta, along with its Site Management & Control System (SMCS), and deployed at telecom customer sites in India. Delta will take responsibility for installation, commissioning, maintenance and management of these field deployments. These sites will be remotely monitored by Delta’s Network Operation Centre (NOC).

John Sheridan, CEO of Ballard and Chairman of Dantherm Power said, “This agreement represents an effective, managed approach to backup power market development in India. Delta will leverage its existing telecom industry relationships in order to identify interested customers, and Delta will provide on-the-ground support throughout the trial period. Onsite expertise and customer support is the key to gaining traction with solutions that are new to the market, such as fuel cells in the India telecom sector.”       

These field trials will enable an informed assessment of the commercial market opportunity, including identification of appropriate fuel cell solutions. Commercial deployments in India would then benefit from Delta’s in-country marketing, sales, distribution and servicing capabilities.  

Dalip Sharma, Managing Director of Delta Power Solutions said, “We are very pleased to be working with PEM fuel cell products from premier providers such as Dantherm Power and Ballard. This collaborative partnership has all the right elements for a successful evaluation of the market opportunity and for potentially large-scale product roll-out down the road.”
 
Delta Power Solutions serves many of the largest service and infrastructure providers in the Indian telecom industry, including Indus, Bharti, Vodafone, Reliance and Idea Cellular. 

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are based on proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

About Delta Group
Delta Group is the world’s leading provider of power management and thermal management solutions, as well as a major source for components, visual displays, industrial automation, networking products and renewable energy solutions. Delta Group has sales offices worldwide and manufacturing plants in Taiwan, China, Thailand, Japan, Mexico, India, Brazil and Europe. As a global leader in power electronics, Delta’s mission is “To provide innovative, clean and efficient energy solutions for a better tomorrow.” Delta is committed to environmental protection and has implemented green, lead-free production and recycling and waste management programs for many years. More information about Delta Group can be found at www.deltaww.com.

About Delta Power Solutions (India)
Delta Power Solutions (India), is a 100% subsidiary of Delta Electronics (Thailand) PLC, part of the Delta Group, a leading multinational with headquarters in Taiwan with 6.6 billion USD revenue for 2010. Delta Power Solutions (India) is a world-class provider of power management solutions in the areas of telecom power supplies, uninterrupted power supply, industrial automation, components, Renewable Energy and display solutions. The group has been operating in India since 1992. The company is responsible for developing business in the SAARC region and is also recognized as the "Centre for Technical Excellence" for the SAARC region. The company has an impressive installation base with regional support centers all over India and the SAARC region. Delta has been awarded ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999 certifications by Underwriters' Laboratories, USA, for Quality, Procedures, and Environment management.

This release contains forward-looking statements, including anticipated market development and product cost reductions, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Media:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) will hold a conference call on Wednesday, August 3, 2011 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s second quarter 2011 results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are infused with proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Deal underscores growing global demand for clean solutions in material handling operations

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced a purchase order commitment from Plug Power Inc. (NASDAQ: PLUG) for a minimum 3,250 fuel cell stacks over the next 18-month period, for use in the material handling market.   

The deal – structured under an existing equipment supply agreement between the companies that runs through 2014 – calls for Plug Power’s minimum purchase of 3,250 Ballard fuel cell stacks by the end of 2012, with power levels ranging from 1.5 kilowatts to 20.0 kilowatts each. Ballard anticipates that both the scale and cadence of associated product shipments will contribute to increased manufacturing efficiency and reduced fuel cell stack cost.

John Sheridan, Ballard’s President and CEO said, “This agreement enables further fuel cell stack cost reductions, which will strengthen competitiveness of fuel cell solutions compared to lead acid batteries. Together with ongoing systems development work underway at Plug Power, this will impact growth in the North American market and in Europe, as well.” 

Ballard FCvelocity®-9SSL fuel cell stacks are integrated by Plug Power into its line of GenDrive® systems, which the company has designed to address the complete range of class-1, -2 and -3 forklift trucks for the North American market. Plug Power is also working to develop GenDrive® systems with Ballard fuel cell stacks which can facilitate further reductions in system cost, expand the set of addressable applications and increase geographic reach.
 
Andy Marsh, President and CEO of Plug Power said, “As we drive toward profitability, Plug Power has seen orders accelerate, with material handling customers continuing to convert distribution center lift truck fleets to GenDrive hydrogen fuel cell power. This agreement with Ballard is a reflection of the continuing growth of the sector, including new customers like Kroger Co. and repeat customers such as Sysco, who all feed into our manufacturing pipeline.”

Plug Power GenDrive® systems using Ballard fuel cell stacks have been deployed with a number of leading North American distributors and manufacturers, including Whole Foods, BMW, Central Grocers, Coca-Cola, FedEx Freight, Sysco, Walmart Canada and Wegmans.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products contain proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including anticipated sales volume, product cost reductions, market growth and customer product deployments, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Media:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that it has received a number of inquiries related to recent media reports claiming that Ballard is considering a significant investment in an Indian corporation. Ballard has no current plan or intention of effecting any such transaction and indeed, has not had any contact with the identified company.

While Ballard's normal policy is not to respond to market rumours, the extensive distribution this erroneous report is receiving necessitated this response by Ballard.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are infused with proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali         Public Relations: Guy McAree
Work: +1.604.412.3195                       Work: +1.604.412.7919
investors@ballard.com                        Mobile: +1.604.723.1961
                                                                  media@ballard.com

Reaffirms benefits of clean fuel cell energy for uninterruptible power supply

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that its FCgen®-1020ACS fuel cell stack is the power source for a ten kilowatt (kW) backup power system deployed by Heliocentris Energy Solutions AG, specialist in environmentally-friendly energy storage solutions. A total of eight 1.2 kW Heliocentris Nexa 1200 fuel cell systems – using Ballard stacks – provide extended duration backup power to critical information technology services at the City Council headquarters of Meiningen, Germany.

The direct hydrogen system is hybridized together with lithium-ion batteries and deployed for indoor use. This replaces an uninterruptible power supply system using lead-acid batteries, which has proven insufficient for long power outages. This installation is the latest in a series of field trials demonstrating capabilities of the Heliocentris solution to industrial customers having requirements that include remote monitoring stations, emergency power supplies and auxiliary power units. Heliocentris also designs fuel cell training systems for the educational market.

Backup power solutions based on fuel cell technology deliver a number of advantages over conventional batteries and diesel generators, including higher reliability across a wide range of operating conditions, lower maintenance costs, longer operating life as well as reduced size, weight, installation footprint, noise signature and environmental impact. Ballard’s FCgen®-1020ACS fuel cell stack enables all of these advantages with its compact and cost-effective air-cooled design.

The trial in Meiningen is being supported by the German Federal Ministry of Transport, Building and Urban Development as part of the National Hydrogen and Fuel Cell Technology Innovation Programme (NIP). NOW GmbH National Organisation for Hydrogen and Fuel Cell Technology is in charge of coordinating the NIP.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products contain proprietary esencia™ technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that John Sheridan, Chief Executive Officer will present at the Lazard Capital Markets Alternative Energy Investor Summit in New York.

John Sheridan will participate in a panel on Distributed Power at 10:45am ET on Thursday, June 2, 2011. Institutional investors wishing to attend should contact their Lazard Capital Markets representative.

About Ballard Power Systems

Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are infused with proprietary esencia(TM) technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

For further information

Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that the company's material products division is a recipient of the 2011 Annual Merit Review Award from the U.S. Department of Energy. The award recognizes Ballard's success in reducing manufacturing cost of gas diffusion layer (GDL) material, a critical component of the membrane electrode assembly (MEA) used in every Ballard fuel cell product.

Implementation of improved process control tools, installation of web-handling equipment together with other initiatives focused on the production process have facilitated high-volume production of GDL material at Ballard. This has reduced the fabrication cost from $36 down to $16 per kilowatt of each proton exchange membrane (PEM) fuel cell product. In addition, since 2008 improved production yields and reduced material scrap have increased capacity at the company's Lowell, MA plant by a factor of four.

Bill Foulds, President of Ballard's material products division said, "Our GDL products are designed to meet the rigorous demands of a wide range of fuel cell applications, from kilowatt-scale backup power systems to megawatt-scale distributed generation solutions. GDL cost reduction contributes directly to our corporate goal of lowering fuel cell product costs by a further 20-to-25% this year."

2011 Annual Merit Review Award recipients were selected by a Peer Review Panel, following evaluation of the relative merits of various hydrogen and fuel cell projects. The awards recognize outstanding achievements and significant contributions to the U.S. Department of Energy's Hydrogen and Fuel Cells Program. The award to Ballard acknowledges the efforts of Jason Morgan, Principal Investigator for the DoE funded cost reduction program.

Ballard's material products division is the only major North American manufacturer of GDL fuel cell material and is a leading provider of engineered carbon fiber materials. Fuel cells using GDL material provide zero-emission power for a variety of applications, thereby supporting public sector clean energy policy. Ballard is the sole commercial enterprise to receive a 2011 Annual Merit Review Award.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products contain proprietary esencia(TM) technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including product cost reductions. 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 our financial forecasts and expectations regarding our product development efforts, manufacturing capacity, and market demand.

These forward-looking statements involve risks and uncertainties that may cause our 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 our 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.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will present at the Stifel Nicolaus Cleantech Conference in New York on Tuesday, May 24, 2011 at 1:30pm ET.

Tony Guglielmin will provide an update on the business and discuss Ballard's strategy within key fuel cell growth markets. A link to the live audio and slide webcast will be available at www.ballard.com. In addition, playback of the webcast will be available for approximately 30 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products are infused with proprietary esencia™technology, ensuring incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195, investors@ballard.com

Fuel cell system to be powered from renewable bio-gas
System will provide heat in addition to clean electricity

For Immediate Release – April 28, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced an agreement to deploy a one-megawatt fuel cell generator that will provide peak electrical power and heat at the Toyota Motor Sales U.S.A., Inc. (TMS) sales and marketing headquarters campus in Torrance, California.

Michael Goldstein, Ballard’s Chief Commercial Officer said, “This agreement with Toyota for our CLEARgenTM system reaffirms the attractiveness of fuel cell power generation solutions for large-scale needs. The ability to ‘power up’ and ‘power down’, load-follow and dispatch power when required, are all keys to our flexible and reliable grid-scale solutions.”

The CLEARgenTM fuel cell system will utilize hydrogen produced by steam-reformation of renewable bio-gas generated at a landfill. Powered by Ballard’s proprietary proton exchange membrane (PEM) fuel cells, deployment of the CLEARgenTM system will enable Toyota to satisfy peak and mid-peak power needs using electricity from either the fuel cell system or from the power grid.

CLEARgenTM will be used to provide power to a number of locations on the multi-building campus, including Toyota and Lexus headquarter buildings, data center operations building and employee fitness centre. It is estimated that the system will facilitate reduced consumption of peak grid power and avoidance of up to 10,000 tons of CO2 emissions annually. 

“The TMS headquarters campus houses 5,000 associates over 125 acres,” said Mark Yamauchi, TMS Facilities Operations Manager. “The ability to offset peak electricity usage with an emission-free fuel cell system will create significant savings, while reducing our environmental footprint.”

Heat created by the fuel cell system will also be utilized to provide hot water and space heating in the Toyota employee activity center and in the Lexus headquarter building within the office campus. Use of this heat will offset natural gas consumption on campus, thereby avoiding as much as a further 28 tons of CO2 emissions annually.

The system is expected to be commissioned in 2012. Project funding is being provided through California’s Self-Generation Incentive Program (SGIP). A stationary fuel cell power generation platform currently under development at Ballard and financially supported by Sustainable Development Technology Canada (SDTC), an arm’s-length, not-for-profit corporation created by the Government of Canada, will be used in the TMS campus system.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com  



       
 

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) today announced its consolidated financial results for the first quarter ended March 31, 2011. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).1

John Sheridan, President and CEO said, “Ballard’s first quarter results, with 29% revenue growth, are consistent with Plan and ‘on track’ with full-year guidance. In addition to the financial results in the quarter, we announced several key enablers for continued progress in building a profitable business, including a C$7 million SDTC award and the sub-lease of surplus production space to Daimler.”

First Quarter 2011 Highlights

Growth (compared to Q1 2010, unless otherwise noted)

• Revenue of $15.3 million, an increase of $3.4 million or 29%.
  • This reflects strong growth of 40% in fuel cell products.
• Fuel cell stack shipments of 498 units, growth of 18%.
• Twelve-month rolling order book of $36.0 million, an increase of $1 million from the end of 2010.
• Key sales agreements were also announced during the quarter:
  • Sale of a 1-megawatt CLEARgenTM system to provide power and heat at the Toyota Motor Sales U.S.A., Inc. sales and marketing headquarters campus in Torrance, CA.
  • Sales of power modules to support a combined total of eight buses in Norway and Brazil. 

Path to Profitability (compared to Q1 2010, unless otherwise noted)

• Gross margin of 16%, up from 15%.
• Cash operating costs2 of $10.7 million, an improvement of 7% despite a $0.6 million negative foreign exchange impact.
• Adjusted EBITDA3 of ($7.4) million, an improvement of $0.3 million or 4% despite the negative foreign exchange impact.
• Net income (loss) of ($10.2) million, compared with ($6.6) million.
  • The net loss in Q1 2010 reflects a $3.3 million gain on the sale of assets in relation to the land portion of the March 2010 sale and leaseback of Ballard’s corporate headquarter building, which was retroactively recognized on the conversion from Canadian GAAP to IFRS.1
• Cash reserves of $61.7 million, with no bank debt, compared to $74.4 million at the end of 2010.
  • This reflects incremental working capital impacts of an inventory build-up in advance of the anticipated second half shipment growth trajectory and in advance of the planned optimization of activities across the company’s three manufacturing facilities, in concert with the sub-lease to Daimler.

2011 Business Outlook
As noted in the 2011 Business Outlook provided during the company’s February 2nd conference call, Ballard expects approximately 65% of 2011 revenue in the second half of the year. This trajectory, together with a shift in product shipment mix, is expected to improve gross margin towards a 30-35% target. As well, the SDTC award and the Daimler sub-lease announced in the quarter will drive operating expense savings, which is also expected to contribute to improvement of EBITDA in the second half of this year.

Ballard reconfirms its guidance for the full-year:
Revenue growth in excess of 30%; and Adjusted EBITDA1 improvement in excess of 40%.

First Quarter 2011 Results
 

(Millions of U.S. dollars)	Three months ended March 31
	2011	2010	% Improvement
GROWTH
Revenue:
Fuel Cell Products	$6.9	$5.0	40%
Contract Automotive	3.2	1.6	98%
Material Products	5.2	5.3	-2%
Total Revenue	$15.3	$11.9	29%
Fuel Cell Stack Shipments* (units)	498	422	18%
12-Month Rolling Order Book**	$36.0	$35.0
PROFITABILITY
Gross Margin	16%	15%
Cash Operating Costs2	$10.7	$11.5	7%
Adjusted EBITDA3	($7.4)	($7.8)	4%
Net Income (Loss)	($10.2)	($6.6)	-56%
LIQUIDITY
Cash Reserves**	$61.7	$74.4

* Total fuel cell stack shipments include backup power, distributed generation,

      material handling, bus and automotive applications

** Comparison is to December 31, 2010

For a more detailed discussion of Ballard Power Systems’ first quarter 2011 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml, as well as the company’s “Q1 2011 Update” presentation material, available at www.ballard.com.

Conference Call
Ballard will hold a conference call on Tuesday, May 3, 2011 at 8:00 a.m. PST (11:00 a.m. EST) to review first quarter 2011 results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue, gross margin, operating costs, cost savings, product development funding and Adjusted EBITDA; which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to
Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.  These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements,
foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com 

Endnotes:
1 Effective January 1, 2011 Canadian publicly listed entities are required to prepare their financial statements in accordance with IFRS. Due to the requirement to present comparative financial information, the effective transition date is January 1, 2010. The three months ended March 31, 2011 is Ballard’s first reporting period under IFRS. Please refer to Ballard’s Management Discussion & Analysis for a summary of the full impacts as a result of the conversion from former Canadian GAAP to IFRS.
2 Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, restructuring charges and acquisition costs.
3 EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding interest expense, income taxes expense or recovery, depreciation of property, plant and equipment, amortization of intangible assets and goodwill impairment charges. Adjusted EBITDA adjusts EBITDA for stock-based compensation, transactional gains and losses, investment and other income and acquisition costs.

Note that EBITDA, Adjusted EBITDA and Cash Operating Costs are non-GAAP measures used to assist in assessing Ballard’s financial performance and liquidity. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Ballard believes that EBITDA, Adjusted EBITDA and Cash Operating Costs assist investors in assessing actual and future performance. For a reconciliation of EBITDA and Adjusted EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis. 



 

Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will present at SEVEN, Noble Financial Capital Markets' Seventh Annual Equity Conference in Hollywood, Florida on Monday, May 16, 2011 at 11:30am ET.

Tony Guglielmin will provide an update on the business and discuss Ballard's strategy within key fuel cell growth markets. A link to the live audio and high-definition video webcast will be available at www.ballard.com, or through the Noble Financial websites: www.noblefcm.com, or www.noble7.com. Ballard recommends registering at least 10 minutes prior to the start of the presentation to ensure timely access. A Microsoft SilverLight viewer will be needed to participate, and a free download is available from the presentation link. In addition, playback of the webcast will be available for approximately 90 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

About Noble Financial
Noble Financial Capital Markets was established in 1984 and is an equity research driven, full-service, investment banking boutique focused on small-cap, emerging growth companies. The company has offices in New York, Boston, New Jersey, St Louis, and Boca Raton. In addition to non-deal road shows and sector-specific conferences throughout the year, Noble Financial hosts its large format annual equity conference in late spring featuring 120 - 150 presenting companies from across North America and total attendance of close to 600. For more information: www.noblefcm.com

For more information, please contact:

Public Relations: Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations: Lori Rozali, +1.604.412.3195,investors@ballard.com

For Immediate Release – April 26, 2011

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) will hold a conference call on Tuesday, May 3, 2011 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s first quarter 2011 results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Deal significantly reduces Ballard’s operating expenses; a further enabler on the Company’s path to profitability

For Immediate Release – March 18, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) announced today that it is executing a sub-lease to Daimler AG (Daimler) for 21,000 square feet of surplus production space, at its specialized fuel cell manufacturing facility located in Burnaby, British Columbia. This sub-lease will be effective from August 1, 2011 until July 31, 2019. Daimler will use the space, representing approximately 38% of the facility, to manufacture fuel cells for its fuel cell car programs.

The current volume of surplus space has developed from Ballard’s progress over the past several years in implementing automated and continuous manufacturing processes for the Company’s fuel cell products. A key driver in this context has been the introduction of continuous lamination equipment, which cuts and assembles components of Ballard’s proprietary technology, resulting in a 10-fold increase in production while using about 10% of the physical floor space previously required.

Paul Cass, Ballard’s Vice-President of Operations said, “This sub-lease of surplus production space to Daimler will enable Ballard to further optimize our operations, as we aggressively increase production volumes at lower cost.” He added, “More broadly, Daimler’s decision to sub-lease a portion of one of our Burnaby manufacturing facilities is great news for British Columbia. It’s an affirmation of B.C.’s leading fuel cell expertise and infrastructure.”

As a result of the Daimler sub-lease, Ballard expects annual operating expense savings of approximately $1 million in real estate and related overhead costs. Ballard will continue supplying its FCvelocityTM products for Daimler’s fuel cell car and bus programs until the end of the current supply agreement. In addition, Ballard will continue supplying Automotive Fuel Cell Cooperation (AFCC), a private company majority-owned by Daimler, with contract manufacturing and technical engineering services.

Ballard plans to continue fuel cell product development, testing and production activities in an optimized fashion across its three manufacturing facilities. Two of these are located in Burnaby, British Columbia and the third is located in Lowell, Massachusetts.
 
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including anticipated manufacturing process improvements, expected product shipments, cost savings and operational plans, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali          Public Relations: Guy McAree
Work: +1.604.412.3195                       Work: +1.604.412.7919
investors@ballard.com                        media@ballard.com

• Hydrogen will be recovered from processing of municipal solid waste
• Fuel cells will generate power locally, using hydrogen as fuel

For Immediate Release – March 15, 2011

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) has partnered with GS Platech (www.gsplatech.co.kr), a subsidiary of GS Caltex, one of South Korea's largest petroleum refiners, to demonstrate waste-to-energy power generation using zero-emission fuel cells and hydrogen produced from processing of municipal solid waste.

GS Platech’s pilot plant in Cheongsong, South Korea is capable of treating five tons of organic solid waste per day using plasma gasification technology and producing sufficient high purity hydrogen to generate 50 kilowatts (50kW) of clean power. Ballard will supply a fuel cell generator that will be fuelled by this hydrogen, based on its Dantherm Power DBX5000 technology. 

“While conventional waste combustion – such as garbage incineration – can lead to the discharge of carcinogenic pollutants, our technology drastically reduces emissions,” said Young Suk Kim, Vice-President of GS Platech. “This could certainly open another very promising application for hydrogen fuel cell technology.”
 
“Plasma gasification plants are another good source of high quality hydrogen, in addition to hydrogen-producing chemical operations, such as chlor-alkaline plants,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “On a larger scale, this solution can produce a significant amount of electricity that could be sold back to the grid.”

This will be the first demonstration of a waste-to-energy solution incorporating these technologies together. Upon successful demonstration of the solution, GS Platech intends to further promote it to new customers worldwide. The treatment of municipal solid waste is a growing problem in many nations, including Asia Pacific countries with particularly high population densities such as China, India, Korea, Japan and Singapore. This solution can potentially allow municipalities to address two key environmental issues in tandem – environmentally responsible waste treatment as well as clean power production.

This project is undertaken with the financial support of the Government of Canada provided through the Department of the Environment, under the framework of the Asia-Pacific Partnership on Clean Development and Climate (www.asiapacificpartnership.org). The Asia-Pacific Partnership is a group of public and private sector partners focused on expanding investment and trade in cleaner energy technologies in key market sectors. 

About Ballard Power Systems
Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including expected customer relationships, customer product deployments and performance, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Strong growth – revenue up 39%, product shipments up 104%, order book up 54%
• Major progress towards profitability – improvements of 33% in Adjusted EBITDA1 & 30% in cash flow from operations

For Immediate Release – March 8, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP) today announced strong audited financial results for the year ended December 31, 2010. There were no material changes in preliminary results released on February 1, 2011. All amounts are in U.S. dollars, unless otherwise noted.

Key 2010 Results

Financial
• Revenue of $65.0 million for the full year, representing growth of 39% and meeting guidance.
• Gross margin for the full year of 16%, compared with 13% in 2009.
• Adjusted EBITDA1 of ($26.0) million for the full year, an improvement of 33% over 2009.
• Net loss of ($34.9) million for the full year, compared to ($3.3) million in 2009.
• Cash flow from operations of ($29.3) million for the full year, representing a decline of 9% over 2009.
o On a comparable year-over-year basis, excluding Dantherm Power’s operating cash loss of $6.2 million and negative foreign exchange impacts of approximately $4.0 million, cash flow from operations was ($19.1) million, an improvement of 30% over 2009, meeting guidance.
• Cash reserves of $74.4 million, with no bank debt.

Growth
• Fuel cell stack shipments of 3,014 for the full year, representing growth of 104%.
o Backup power shipments grew 40% to 1,716 fuel cell stacks.
o Material handling shipments grew 6-fold to 1,100 fuel cell stacks.
• Of the Company’s six growth milestones for 2010, four were met or exceeded and two were not achieved:
o Booked the first CLEARgenTM distributed generation system sale utilizing by-product hydrogen – milestone was met with K2 Pure Solutions.
o Delivered a 1 megawatt CLEARgenTM system to FirstEnergy Generation Corp. in Ohio – met in November.
o Deployed Dantherm Power backup power systems in one major new network – met with Wind Mobile.
o Grow the volume of stack shipments in material handling, in line with Plug Power’s 2010 shipment target – exceeded with a 6-fold increase to 1,100 units.
o The milestone to book contracts in support of the deployment of 25 fuel cell buses was not achieved. The Company booked contracts in support of 19 buses.
o The milestone to begin shipments of Ballard’s fuel cell stacks for deployment of IdaTech’s reformate-based supplemental power systems for the India telecoms market was not achieved. However, IdaTech began shipping its new generation methanol-fueled product, powered by Ballard’s FCgen®-1020ACS, to other Asian markets in December.
• Beyond these growth milestones, Ballard posted the following key market achievements:
o Backup Power – established a direct channel to this market with acquisition of a controlling interest in Denmark-based Dantherm Power.
o Distributed Generation – signed the Company’s first FCgen®-1300 stack supply agreement, for a one-megawatt system in Singapore.
o Bus – signed bus module supply agreements for zero-emission fuel cell buses in London and Brazil and was selected by the US FTA to power buses under the US National Fuel Cell Bus Program.
o Material Handling - extended the supply agreement with Plug Power under a mutually exclusive relationship for the North American market through 2014.
• Increased the twelve-month rolling order book to $35.0 million at year-end, up 54% from the 2009 level.

Endnotes:
1 EBITDA and Adjusted EBITDA are non-GAAP measures used to assist in assessing Ballard’s financial performance and liquidity. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. EBITDA measures net loss attributable to Ballard Power Systems Inc. after excluding interest expense, income taxes expense, depreciation of property, plant and equipment, amortization of intangible assets and goodwill impairment charges. Adjusted EBITDA measures EBITDA adjusted for stock-based compensation, investment and other income, transactional gains and losses and acquisition costs. EBITDA and Adjusted EBITDA include the impact attributable to Ballard’s controlling interest in Dantherm Power. Ballard believes that EBITDA and Adjusted EBITDA assist investors in assessing actual and future performance.  For a reconciliation of EBITDA and Adjusted EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis.

2010 Financial Highlights

* Total fuel cell stack shipments, including backup power, distributed generation, material handling, bus and automotive applications.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com 

For Immediate Release – February 27, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has been conditionally awarded up to C$7 million by Sustainable Development Technology Canada (SDTC). This funding will be used to extend the operating life and lower the product cost of FCgen™-1300, the fuel cell power plant that powers Ballard’s CLEARgen™ distributed generation system. 

The first application of this new lower cost distributed generation solution is expected to be a six-megawatt (6MW) CLEARgen™ system at the ERCO Worldwide (ERCO) sodium chlorate plant in North Vancouver, British Columbia. ERCO is the specialty chemicals division of Superior Plus Corp. (TSX: SPB). The ERCO plant in North Vancouver generates large quantities of hydrogen, as a by-product of sodium chlorate production, and this by-product hydrogen can be used to power the Ballard CLEARgen™ system to generate megawatts of clean electricity. 

John Sheridan, Ballard’s President and CEO stated, “This SDTC award, along with the co-investments by Ballard and ERCO, will enable our CLEARgen™ solution to become more competitive with grid power in regions that support zero-emission clean energy generation. This is a win-win-win program for Ballard, Vancouver and Canada, since it enables clean energy generation in Canada and export opportunities.”

“The technology being demonstrated through this project will allow the delivery of reliable power at a lower cost and with less greenhouse gas and air emissions,” said Vicky Sharpe, President and CEO of SDTC. “This is especially significant for remote communities, which currently have to rely on environmentally unfriendly and expensive means of generating power.”

“Our Government is committed to supporting clean energy technology in Canada as an effective measure to reduce greenhouse gas emissions and create high-quality jobs for Canadians,” said Mark Warawa, Parliamentary Secretary to the Minister of the Environment and Member of Parliament for Langley. “This project is an example of our leadership in driving technology innovation to help create a viable clean energy industry in Canada.”

Paul Timmons, President of ERCO Worldwide added, “Electricity represents over seventy percent of our input costs, so this new fuel cell power generator will be a valuable cost management tool. It also supports our corporate goal to make efficient use of available resources as we continue measures to lower our carbon footprint.”

Terasen Gas is a leading integrated energy provider and will undertake a feasibility study to look at the use of heat created by the CLEARgen™ system at ERCO’s site for district heating applications in North Vancouver.

Ballard distributed generation fuel cell systems convert hydrogen into clean electricity through a non-combustion, zero-emission process. This clean electricity can be used by customers for base load power at their premises or for sale of power to the grid.

Ballard recently entered the distributed generation market, in addition to using the company’s clean energy fuel cell products for backup power, material handling and transit bus applications. In 2010 Ballard announced commissioning of a 1MW CLEARgen™ system in Ohio for FirstEnergy Generation Corp., one of the largest regional U.S. utilities, as well as a system sale to K2 Pure Solutions, which will use by-product hydrogen from its bleach production plant in California to generate clean electricity.

Receipt of SDTC project funding is contingent on final agreements being reached between Ballard, ERCO Worldwide and BC Hydro as well as internal Board approvals. Subject to these agreements being approved, the manufacturing and site commissioning work is planned for 2012-13.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including expected development results, anticipated product deployments and performance.  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.

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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com            

• Financial incentive for clean, on-site power production
• System will offset power demand at Californian bleach plant

For Immediate Release – February 21, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has finalized the agreement to deploy a clean energy fuel cell power generator at a K2 Pure Solutions bleach plant in Pittsburg, California.

The agreement between Ballard and K2 Pure Solutions, previously announced in August 2010, anticipated receipt of a routine air permit exemption for the fuel cell system from the Bay Area Air Quality Management District and a grant from California’s Self Generation Incentive Program (SGIP). Ballard now confirms that both the air permit exemption and the SGIP Final Reservation Notice Letter have been issued for this project.

Ballard’s CLEARgen™ fuel cell system will convert by-product hydrogen into clean load-following electricity that will partially offset power demand at the state-of-the-art bleach plant. System installation and commissioning is planned for completion by mid-2012.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including expected commercial competitiveness of our products, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.  These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com            

For Immediate Release – February 15, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced today that Tony Guglielmin, Chief Financial Officer, will host an Investor & Analyst Day in New York on Tuesday, February 22, 2011 from 10:00am to 2:00pm ET.

Ballard executives will meet with institutional investors and analysts to present on the Company’s positioning and strategy for profitable growth. John Sheridan, President & Chief Executive Officer, will discuss the Company’s aggressive fuel cell product growth plans in key markets. Dr. Christopher Guzy, Chief Technology Officer, will address Ballard’s product and technology leadership position. Tony Guglielmin, Chief Financial Officer will outline the Company’s path to profitability.

In addition, Ballard’s Investor and Analyst Day will feature insights from a number of industry system integrators and OEM’s.

To reserve your seat, please contact Lori Rozali at investors@ballard.com or +1.604-412.3195.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

For Immediate Release – February 15, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced today that Tony Guglielmin, Chief Financial Officer, will host an Investor & Analyst Day in Toronto on Wednesday, February 23, 2011 from 10:00am to 2:00pm ET.

Ballard executives will meet with institutional investors and analysts to present the Company’s positioning and strategy for profitable growth. John Sheridan, President & Chief Executive Officer, will discuss the Company’s aggressive fuel cell product growth plans in key markets. Dr. Christopher Guzy, Chief Technology Officer, will address Ballard’s product and technology leadership position. Tony Guglielmin, Chief Financial Officer, will outline the Company’s path to profitability.

To reserve your seat, please contact Lori Rozali at investors@ballard.com or +1.604-412.3195.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Demonstrates Europe’s commitment to state-of-the-art public transportation
• Clean power “well-to-wheels”, including hydrogen production 

For Immediate Release – February 15, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has entered into a contract for the supply of fuel cell power modules to power five zero-emission hydrogen fuel cell buses operated by the HyNor Oslo Buss group, to service the greater Oslo area.

“This contract is a further sign of the growth potential that clean fuel cell power has in the larger global transit bus marketplace, as transit agencies implement environmental improvements,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “And, it is an important step in the execution of our strategy toward commercialization in the short-term.”

Under the contract announced by Ballard, Belgian coach manufacturer Van Hool NV has contracted with Ballard – following a competitive bidding process – to use the company’s FCvelocity® fuel cell module in the buses it will provide to the HyNor Oslo Buss group, comprised of the Ruter transit agency, Akershus County Administration, Oslo Municipality and Zero, an environmental organization. Siemens will also be a participant in the project, providing electric drive systems that will draw power from the Ballard fuel cell modules. Increased volumes of fuel cell-powered buses are expected to support cost and price reductions through scale economies, enabling fuel cell solutions to compete effectively with incumbent transit technologies.

Leopold Van Hool, Managing Director of Van Hool NV added, “We are very pleased to work with Ballard on the Oslo fuel cell buses. Ballard’s fuel cell modules are compact, deliver the high performance required for thirteen meter buses and offer the best warranty in the industry.”

The zero-emission 13-meter (43-foot) fuel cell buses will be put into regular passenger service by the end of 2011 and will be fueled by clean hydrogen produced locally at the Rosenholm bus depot. Hydrogen will be generated through electrolysis of water, using electrical energy from renewable sources. As a result, the Oslo bus fleet will reduce greenhouse gas (GHG) emissions by 100% on a well-to-wheels basis, compared to diesel or diesel hybrid alternatives, eliminating as much as 4,000 tons of CO2 over the first five-years of use.

Over that same period, the fleet is expected to operate approximately 20,000 hours, the equivalent of 450,000 kilometers (280,000 miles) per bus. The fleet will continue operating up to ten years, with the Ruter transit agency having an option to purchase as many as five additional buses during that time.

Mr. Konrad Ove Kjolstad, Contracts Manager for Ruter transit agency said “Ruter has been very encouraged by the success of the BC Transit Whistler fleet and we look forward to taking advantage of the technology available in Ballard’s fuel cell modules.”

Project funding will be provided by Norwegian state and municipal governments as well as the European Union’s Joint Technology Initiative (JTI). The JTI will accelerate development and deployment of clean technologies, including hydrogen and fuel cell-based energy systems and component technologies, helping the European Union achieve aggressive GHG reduction targets.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com  

For Immediate Release – February 14, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that John Sheridan, President & Chief Executive Officer will present at the Jefferies Global Clean Technology Conference in New York on Thursday, February 24, 2010 at 10:00am ET.

John Sheridan will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets. A link to the live webcast will be available at www.ballard.com. In addition, playback of the webcast will be available for approximately 90 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Strong growth – revenue up 39%, product shipments up 104%, order book up 54%
• Major progress towards profitability – improvements of 33% in Adjusted EBITDA1 & 30% in cash flow from operations

For Immediate Release – February 1, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced preliminary results for the year ended December 31, 2010 and provided an outlook for 2011. All results are unaudited and amounts are in U.S. dollars, unless otherwise noted.

John Sheridan, President and CEO said, “Ballard delivered strong results in 2010, with 39% revenue growth and major progress towards profitability, while maintaining a solid liquidity position with cash reserves of $74.4 million.” He added, “This performance provides a clear validation of our strategic transformation over the past three years and is further evidence of the bullish growth prospects for clean energy fuel cell products.”

Key 2010 Results

Preliminary Financial (Unaudited)
• Revenue of $65.0 million for the full year, representing growth of 39% and meeting guidance.
• Gross margin for the full year of 16%, compared with 13% in 2009.
• Adjusted EBITDA1 of ($26.0) million for the full year, an improvement of 33% over 2009.
• Cash flow from operations of ($29.3) million for the full year, representing a decline of 9% over 2009.
o On a comparable year-over-year basis, excluding Dantherm Power’s cash loss of $6.2 million and negative foreign exchange impacts of approximately $4.0 million, cash flow from operations was ($19.1) million, an improvement of 30% over 2009, meeting guidance.
• Cash reserves of $74.4 million, with no bank debt.

Ballard expects to release audited 2010 financial results in early March 2011.

Growth
• Fuel cell stack shipments of 3,014 for the full year, representing growth of 104%.
o Backup power shipments grew 40% to 1,716 fuel cell stacks.
o Material handling shipments grew 6-fold to 1,100 fuel cell stacks.
• Of the Company’s six growth milestones for 2010, four were met or exceeded and two were not achieved:
o Booked the first CLEARgenTM distributed generation system sale utilizing by-product hydrogen – milestone was met with K2 Pure Solutions.
o Delivered a 1 megawatt CLEARgenTM system to FirstEnergy Generation Corp. in Ohio – met in November.
o Deployed Dantherm Power backup power systems in one major new network – met with Wind Mobile.
o Grow the volume of stack shipments in material handling, in line with Plug Power’s 2010 shipment target – exceeded with a 6-fold increase to 1,100 units.
o The milestone to book contracts in support of the deployment of 25 fuel cell buses was not achieved. The Company booked contracts in support of 19 buses.
o The milestone to begin shipments of Ballard’s fuel cell stacks for deployment of IdaTech’s reformate-based supplemental power systems for the India telecoms market was not achieved. However, IdaTech began shipping its new generation methanol-fueled product, powered by Ballard’s FCgen®-1020ACS, to other Asian markets in December.
• Beyond these growth milestones, Ballard posted the following key market achievements:
o Backup Power – established a direct channel to this market with acquisition of a controlling interest in Denmark-based Dantherm Power.
o Distributed Generation – signed the Company’s first FCgen®-1300 stack supply agreement, for a one-megawatt system in Singapore.
o Bus – signed bus module supply agreements for zero-emission fuel cell buses in London and Brazil and was selected by the US FTA to power buses under the US National Fuel Cell Bus Program.
o Material Handling - extended the supply agreement with Plug Power under a mutually exclusive relationship for the North American market through 2014.
• Increased the twelve-month rolling order book to $35.0 million at year-end, up 54% from the 2009 level.

2011 Business Outlook

Ballard’s 2011 outlook builds on the Company’s strong 2010 results, which were delivered after a transformation initiated in 2008 that:
• Changed strategic focus from automotive fuel cell research and development programs, to  commercial markets for clean energy, fuel cell products;
• Fundamentally re-set the cost base; and
• Strengthened the liquidity position through three key transactions.

Ballard will continue to aggressively focus on growth and profitability in 2011, with three over-arching priorities that will be reported on each quarter:
• Significant revenue growth through execution of its multi-market fuel cell product strategy;
• Maintenance of the cash operating cost base at current run-rate of approximately $40 million; and
• Continued improvement in gross margin towards its 30-35% target.

Ballard has issued the following guidance for 2011:
• Growth in revenue in excess of 30%; and
• Improvement in Adjusted EBITDA1 in excess of 40%.

2010 Financial Highlights

* Total fuel cell stack shipments, including backup power, distributed generation, material handling, bus and automotive applications.

Endnotes:
1 EBITDA and Adjusted EBITDA are non-GAAP measures used to assist in assessing Ballard’s financial performance and liquidity. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. EBITDA measures net loss attributable to Ballard Power Systems Inc. after excluding interest expense, income taxes expense, depreciation of property, plant and equipment, amortization of intangible assets and goodwill impairment charges. Adjusted EBITDA measures EBITDA adjusted for stock-based compensation, investment and other income, transactional gains and losses and acquisition costs. EBITDA and Adjusted EBITDA include the impact attributable to Ballard’s controlling interest in Dantherm Power. Ballard believes that EBITDA and Adjusted EBITDA assist investors in assessing actual and future performance.  For a reconciliation of EBITDA and Adjusted EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis, which is scheduled to be released in early March 2011.

 
Conference Call
Ballard will hold a conference call on Wednesday, February 2, 2011 at 8:00 a.m. PST (11:00 a.m. EST) to review preliminary 2010 results and 2011 outlook. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and cash flow from operations for 2010; and business outlook for 2011, including estimated revenue, operating costs, Adjusted EBITDA and gross margins; which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.  These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:  Lori Rozali, +1.604.412.3195, investors@ballard.com 

For Immediate Release – January 18, 2011

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Wednesday, February 2, 2011 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s preliminary, unaudited 2010 results and provide an outlook for 2011.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Deal underscores growing global demand for clean energy buses
• First S.American order will help advance commercialization of fuel cell buses

For Immediate Release – January 5, 2011

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced a contract to supply three fuel cell power modules to Tuttotrasporti (www.tuttotrasporti.com.br; TUTTO), the largest Brazilian integrator of hybrid transit buses. Ballard’s fuel cell modules are intended for use in zero-emission buses operated by transit agencies in Brazil.

“This contract is a further indicator of growing demand for clean fuel cell-powered buses,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “Brazil has 350,000 transit buses in operation today and is the third largest bus manufacturer globally. We are very pleased to extend our partnership with a leading integrator in TUTTO, operating in the important South American market.”

Under Brazil’s National Plan on Climate Change – a set of inter-ministerial programs designed to cut emissions in the transportation, forestry, industrial and energy sectors – the government has committed to significant use of zero-emission transit technology. Initiatives will be implemented during the lead-up to the 2014 World Cup and 2016 Summer Olympic Games being held in Brazil, and beyond.

In Brazil’s largest city, Sao Paulo, greenhouse gas emissions are approximately 3 million tons annually, 85% of which is generated by vehicles. As a result, clean energy transportation is a high priority under the National Plan on Climate Change.

Agenor Boff, President of Tuttotrasporti said, “We see a sizable opportunity for zero-emission fuel cell buses in our target market. My company’s prior experience has confirmed Ballard’s leadership in delivering the highest value in fuel cell power modules available anywhere.”  

TUTTO has integrated more than 125,000 vehicles in the truck, transit and intercity transportation markets during the company’s 20-year history. Ballard and TUTTO previously partnered on the development of a fuel cell bus under a UNDP / EMTU (United Nations Development Programme / Empresa Metropolitana de Transportes Urbanos) program. The bus has now been operational in Sao Paulo for over one year.

Increased volumes of fuel cell-powered buses are expected to support cost and price reductions through scale economies, enabling fuel cell solutions to compete more effectively with incumbent transit technologies.
 
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements, including expected product deliveries, market growth, competitiveness and customer product deployments, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com

• Ballard to work with 4 system integrators on reduced-cost bus configurations
• Will help advance clean fuel cell bus commercialization, using no fossil fuels

For Immediate Release – December 22, 2010

LOWELL, MA and VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced that the company will be participating in four Federal Transit Administration (FTA) projects for development and deployment of clean, zero-emission fuel cell buses under the National Fuel Cell Bus Program.

The funded program is aimed at reducing fuel cell bus cost, expanding the supply chain and demonstrating fuel cell buses with transit agencies, potentially leading to larger procurements in future. Ballard will deliver four FCvelocity® fuel cell power modules in 2011 from its Lowell, MA facility, one each to system integrators BAE Systems Inc. – which has partnered with Ballard previously – Proterra Inc., EVAmerica LLC and DesignLine USA.

One of the Ballard zero-emission modules will produce 150 kilowatts (kW) of power, while the remaining three modules will each produce 75kW of power. These will be integrated into hybrid electric drive systems on transit buses slated for operation in Alabama, Illinois, Ohio and South Carolina.

Congresswoman Niki Tsongas (D-MA) said, “Ballard is leading the way in developing the clean energy technology that creates jobs, protects our environment, and lowers our dependence on foreign sources of fuel. This award from the FTA is a significant step forward in their development of zero emission buses and is excellent news for the continued growth of Ballard’s Lowell operation.”   

The National Fuel Cell Bus Program facilitates development of commercially viable fuel cell bus technologies and related infrastructure for deployment in transit revenue service. The FTA is playing a key role in accelerating fuel cell bus deployments, providing greater public exposure to the safe operation of zero emission vehicles and leading to broader acceptance of this technology.   

“These awards are enabling four sophisticated system integrators to incorporate Ballard zero-emission fuel cell technology into a range of innovative vehicle configurations,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “Buses will then be showcased in various transit agency operating environments. The additional system integration partners demonstrating multiple bus configurations will help to accelerate the path to a cleaner environment and quieter streets for everyone.” 

Ballard continues to work with U.S. industry and clean transportation advocates, including CALSTART and the Center for Transportation and the Environment, to stimulate use of fuel cell technology in transit buses. Increased volumes of fuel cell-powered buses are expected to support cost and price reductions through scale economies, enabling fuel cell solutions to compete more effectively with incumbent transit technologies.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including expected product deliveries, market growth and customer product deployments, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:  Guy McAree, +1.604.412.7919, media@ballard.com 
Investor Relations:   Lori Rozali, +1.604.412.3195, investors@ballard.com  

• Fuel cell stacks will be integrated in distributed generation (DG) system
• This is an important first step into the commercial DG market in Asia

For Immediate Release – December 20, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced the sale of 1.25 megawatts (MW) of the Company’s FCgen®-1300 fuel cell product, together with engineering support services, to Real Time Engineering PTE Ltd. (RTE), a Singapore-based system integrator. RTE intends to produce a 1MW distributed power generator for deployment in Singapore.  

“We are pleased to be working with RTE, a committed player in the Asian clean technology community,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “RTE will be an excellent partner to help us bring Ballard’s proprietary fuel cell technology to the Asian multi-megawatt distributed generation market.”

Ballard’s FCgen®-1300 fuel cell stack is a low-cost, liquid-cooled product specifically designed for stationary applications. Product deliveries to RTE will begin this year, with commissioning of the 1MW fuel cell generator targeted for 2012. Additional fuel cell stacks will be maintained by RTE as spare inventory.

The 1MW generator will be deployed at a new Singapore industrial development site and used in a base load application. RTE will build-own-operate the equipment under a power purchase agreement with the end-user. Hydrogen fuel will be produced on-site using bio-mass as the energy feedstock, making this a clean solution on a “well-to-wheels” basis.

Philip Wong, Managing Director of Real Time Engineering added, “Ballard’s fuel cell product represents the best option for us, in terms of load-following capability, reliability and price. RTE is excited to be an innovator in bringing truly green and truly clean power to Asia. In fact, we have a number of green power projects in the pipeline today.”

Ballard and RTE plan to collaborate over the next several years, with the intention of selling and supporting additional fuel cell power generators in the growing Asian market. Asian economies are growing at four-times the pace of OECD member countries, which is driving an increased requirement for power as well as a growing concern for the environment. Asia currently accounts for 40% of global CO2 emissions.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including expected product deliveries, market growth, competitiveness, customer product deployment and collaborations, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:     Guy McAree, +1.604.412.7919, media@ballard.com
Investor Relations:  Lori Rozali, +1.604.412.3195 , investors@ballard.com 

• Automated manufacturing is driving product unit cost down
• Enables more competitive positioning versus incumbent technology 

For Immediate Release – December 17, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that the Company has reached a milestone in commercialization of clean energy fuel cell technology, with recent production of its one-millionth MEA (membrane electrode assembly), the proprietary core component of Ballard fuel cells. Ballard fuel cells are being deployed to meet customer requirements for high efficiency, clean energy solutions in backup power, distributed generation, material handling and transit bus applications. 

Paul Cass, Ballard’s Vice President of Operations said, "While we have been ramping up production volumes, we have also been reducing cost through important innovations in automation of various manufacturing steps, including ionomer spray coating, LIM sealing and MEA lamination. This is contributing to a stronger value proposition for Ballard fuel cells across the range of applications we are focused on.”

Ballard designs and manufactures proton exchange membrane (PEM) fuel cells, which combine hydrogen and oxygen to generate clean, zero-emission electricity. The MEA is a core proprietary component of each fuel cell, incorporating the Company’s intellectual property. A single cell contains one MEA, capable of generating enough electricity to power a light bulb. By ‘stacking’ multiple cells together, total power output can be scaled up to the multi-megawatt level, each megawatt capable of powering approximately 800 homes.

Improved manufacturing productivity has resulted from several factors, the most significant being introduction of automated or continuous manufacturing in place of more discrete, labour-intensive processes. As an example, MEA lamination – in which key MEA component parts are cut and assembled – is now accomplished with new equipment designed to Ballard’s exacting specifications. This automation can effectively increase lamination production ten-fold, using the same amount of labour. In addition, the lamination equipment requires less than ten-percent of the physical floor space needed for a discrete process, thereby freeing up space for future growth. Insights gained from the use of this MEA laminator are now being applied to the design of a next-generation MEA laminator that will deliver an additional four-fold increase in productivity.

Growth in production volumes, together with implementation of automated manufacturing processes, have contributed significantly to a 30% annual reduction in the cost of Ballard’s fuel cell products over the past two years. Going forward, these factors are expected to further reduce cost, enabling more aggressive competitive positioning in the market as well as higher gross margins on product sales.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including production forecasts, productivity gains, cost reductions and gross margins, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Public Relations:   Guy McAree, +1.604.412.7919,  media@ballard.com
Investor Relations:   Lori Rozali, +1.604.412.3195 investors@ballard.com 

For Immediate Release – December 6, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has secured an order for three FCvelocity® fuel cell modules to power zero-emission hydrogen hybrid fuel cell buses in London, U.K., where the city’s publicly stated goal is to reduce CO2 emissions 60% from the 1990 level, by 2025.

Transport for London (TfL), the local transit authority, is supporting this climate improvement goal through promotion of sustainable travel, operating vehicles more efficiently as well as using improved vehicle and fuel types.

“There are more than seventy thousand buses operating in Europe today and this announcement is a sign of the growing trend toward clean energy technology,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “We are pleased to further extend our long-term relationship with Transport for London and enable the reduction of CO2 emissions in that city.”

For the London deployment, Ballard is providing modules to a consortium that includes transit bus supplier Wrightbus, bus operator First Group, as well as Transport for London. Three additional zero-emission buses will join five existing buses, also powered by Ballard’s FCvelocity® fuel cell modules and scheduled for deployment in revenue service in TfL’s fleet by the end of 2010.

All eight buses will be deployed by the end of 2011, enabling TfL to operate its central Covent Garden-Tower Gateway route entirely by means of hydrogen hybrid fuel cell buses. These buses will be served by a new central hydrogen refueling station, with fuel provided by Air Products.

Project funding is being provided as part of the European Union’s Cleaner Hydrogen in Cities (CHIC) project.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali             Public Relations: Guy McAree
Work: +1.604.412.3195                          Work: +1.604.412.7919
investors@ballard.com                           Mobile: +1.604.723.1961
                                                                    media@ballard.com

Electricity and water produced by clean, green, renewable generator

For Immediate Release – November 1, 2010

EASTLAKE, OH and VANCOUVER, BC – FirstEnergy Corp. (NYSE: FE) and Ballard Power Systems (TSX: BLD; NSDQ: BLDP) are testing an innovative utility-scale fuel cell system designed to produce one megawatt of electricity – enough to power more than 600 homes. The demonstration is being conducted at the FirstEnergy Generation Corp. Eastlake Plant in Eastlake, Ohio. 

Considered the world’s largest proton exchange membrane hydrogen-powered fuel cell generator, the 54-foot-long unit is housed in a tractor-trailer for mobility and produces only water and heat as by-products. Over the next five years, the companies will test performance of the system in real-world operating conditions to better understand its capability to provide generating capacity during peak usage periods in the months of May through September. In addition, the operating data will be evaluated in collaboration with the Electric Power Research Institute (EPRI).

“Finding new sources of clean, renewable peaking energy is important for meeting our customers’ energy needs and increasingly stringent environmental requirements,” said Gary R. Leidich, executive vice president for FirstEnergy Corp. and president of FirstEnergy Generation. “This fuel cell system has the added benefit of being mobile, so it can provide peaking power when and where it’s needed.”

The system is comprised of nine fuel cell modules, a compressor compartment that provides air for the fuel cell reaction, an inverter compartment that converts the power for 640-volt direct current to 380-volt alternating current (AC) and a transformer to step up the voltage to 480-volt, three-phase AC power to the electrical system.
 
“Deploying our CLEARgen™ system with FirstEnergy provides an opportunity to demonstrate performance in a utility-scale peak power application,” said Michael Goldstein, Ballard’s chief commercial officer. “With the increasing interest in clean energy solutions, we are seeing demand for this scalable product across a number of different distributed power generation applications.”

Ballard’s hydrogen-powered proton exchange membrane fuel cells combine hydrogen fuel and oxygen from the air to produce electrical energy efficiently, quietly and without combustion. The only by-products are water and heat. Because it uses hydrogen as fuel, the system is considered renewable in Ohio.   

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

About FirstEnergy
FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services.

Further Information
Ballard:   Guy McAree           FirstEnergy: Mark Durbin
    +1.604.412.7919                 +1.330.761.4365
    www.ballard.com               www.firstenergycorp.com
    9000 Glenlyon Parkway     76 South Main Street
    Burnaby, BC V5J 5J8          Akron, Ohio 44308
   

Strong quarter takes year-to-date revenue growth to 45%

For Immediate Release – October 27, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced its financial results for the third quarter ended September 30, 2010 today. All amounts are consolidated to include Dantherm Power’s results and are in U.S. dollars, unless otherwise noted.
 
John Sheridan, President and CEO said “Our solid third quarter results provide further evidence that Ballard is building the capability for strong revenue growth in clean energy fuel cell products and driving aggressively to profitability. Revenue growth in the quarter was 83% and, on a year-to-date basis, now stands at 45%.”  He added that, “Our strong liquidity position, with cash reserves of $72.9 million, will enable us to deliver on strong growth prospects in our key fuel cell markets of backup power, distributed generation, material handling and bus.”

Third Quarter 2010 Highlights

Growth:
• Revenue of $16.5 million in the quarter and $43.9 million year-to-date, representing growth of 83% and 45%, respectively.
• Total shipments of 683 fuel cell stacks in the quarter and 1,895 fuel cell stacks year-to-date, representing growth of 137% and 105%, respectively.
o Backup power shipments grew 87% to 401 fuel cell stacks in the quarter, for a total of 1,010 fuel cell stacks year-to-date. This reflects shipments to IdaTech, LLC and regional system integrators in South East Asia and Europe.
o Material handling shipments more than doubled in the quarter to 211 fuel cell stacks. On a year-to-date basis, shipments were 755 fuel cell stacks, or more than four times the full-year total of 182 fuel cell stacks in 2009.
• Significant progress in distributed generation, including a sales agreement with K2 Pure Solutions for deployment of a CLEARgenTM fuel cell generator utilizing by-product hydrogen to be sited at a bleach plant in Pittsburg, California, as well as delivery of a utility-scale CLEARgenTM distributed generation system to FirstEnergy Generation Corp. in Ohio.
• Twelve-month rolling order book of $30.0 million.

Profitability:
• EBITDA1 of ($4.2) million for the quarter and ($22.0) million year-to-date, representing improvements of 57% and 6%, respectively.
• Net loss of $5.6 million for the quarter and $26.5 million year-to-date, representing improvements of 51% and 8%, respectively.
• Cash flow from operations of ($4.8) million. On a comparable year-over-year basis, excluding Dantherm Power, cash flow from operations was ($3.2) million for a total of ($24.8) million year-to-date. This represents improvements of 31% and 13%, respectively.
• Cash reserves of $72.9 million.

Guidance:
• Ballard reconfirms full-year guidance of revenue growth in excess of 35% and improvement in cash flow from operations of 30%, excluding the cash flow impact of Dantherm Power and a negative foreign exchange impact.

Growth Milestones in 2010:
• Delivered three of six milestones.
o Deployed Dantherm Power hydrogen-based backup power systems in one major new network, specifically Wind Mobile in Canada.
o Delivered a one-megawatt distributed generation system to FirstEnergy Generation Corp. in Ohio.
o Booked the first distributed generation system sale utilizing by-product hydrogen, for K2 Pure Solutions.
• On-track to deliver two of six milestones.
o More than double the volume of stack shipments in material handling, in line with Plug Power’s 2010 shipment target.
o Book new fuel cell bus contracts to support the deployment of more than 25 buses.
• One of six milestones is ‘at risk’.
o Begin shipments of Ballard’s fuel cell stacks for deployment of IdaTech’s reformate-based supplemental power systems for the Indian telecoms market. This may be delayed into the first half of 2011.  

Financial Highlights:

(Millions of U.S. dollars)	Three months ended September 30,			Nine months ended September 30,
	2010	2009	% Improvement	2010	2009	% Improvement
GROWTH
Revenue:
Fuel Cell Products	$8.0	$2.9	178%	$19.4	$16.4	18%
Contract Automotive	3.3	1.9	69%	7.9	4.7	68%
Material Products	5.2	4.2	24%	16.6	9.1	83%
Total Revenue	$16.5	$9.0	83%	$43.9	$30.2	45%
Fuel Cell Stack Shipments* (units)	683	288	137%	1,895	925	105%
12-Month Rolling Order Book	$30.0	n/a	n/a	n/a	n/a	n/a
PROFITABILITY
EBITDA1	($4.2)	($9.6)	57%	($22.0)	($23.5)	6%**
Net Income (Loss)	($5.6)	($11.4)	51%	($26.5)	($28.9)	8%
Cash Flow from Operations, Excluding Dantherm Power	($3.2)	($4.6)	31%	($24.8)	($28.5)	13%
LIQUIDITY
Cash Reserves	$72.9	n/a	n/a	n/a	n/a	n/a

* Total fuel cell stack shipments, including backup power, distributed generation, material handling, bus and automotive applications.

** Adjusting for Dantherm Power, one-time gains (losses), restructuring and foreign exchange impacts, EBITDA improvement would have been ~40%.

For a more detailed discussion of Ballard Power Systems’ third quarter 2010 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.

For a more detailed discussion of Ballard Power Systems’ third quarter 2010 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Thursday, October 28, 2010 at 8:00 a.m. PST (11:00 a.m. EST) to review third quarter 2010 operating results. The live call can be accessed by calling +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcasts will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and cash flow from operations, expected product shipments and anticipated sales, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.  These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195            +1.604.412.7919
investors@ballard.com           media@ballard.com

Endnotes:
1 EBITDA is a non-GAAP measure used to assist in assessing Ballard’s financial performance and liquidity. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. EBITDA measures net loss after excluding interest expense, income tax expense, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. EBITDA includes the impact attributable to Ballard’s controlling interest in Dantherm Power. Ballard believes that EBITDA assists investors in assessing actual and future performance. For a reconciliation of EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis.

For Immediate Release – October 13, 2010

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Thursday, October 28, 2010 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s third quarter 2010 results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
Work: +1.604.412.3195                   Work: +1.604.412.7919
investors@ballard.com                    Mobile: +1.604.723.1961
                                                              media@ballard.com

For Immediate Release – September 8, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that Tony Guglielmin, Chief Financial Officer will present at two investor conferences in September 2010, providing an update on the business and discussing Ballard’s strategy within key fuel cell growth markets.

Tony will present at the Wedbush Securities 2nd Annual Clean Technology & Industrial Growth MAC: Management Access Conference in San Francisco on Tuesday, September 14, 2010 at 9:10am PT. An audio plus slides webcast will be available.

In addition, Tony will present at the 8th Annual Ardour Capital Investments Energy Technology Conference in New York on Thursday, September 16, 2010 at 9:00am ET. An audio-only webcast will be available.

Links to the live webcasts will be available at www.ballard.com. In addition, playback of the webcasts will be available for approximately 90 days following the conferences.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
Work: +1.604.412.3195                   Work: +1.604.412.7919
investors@ballard.com                    Mobile: +1.604.723.1961
                                                              media@ballard.com

For Immediate Release – August 10, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) confirms, in response to today’s submission of a US Chapter 11 filing by ISE Corporation, that Ballard has plans in-place with partner companies to ensure service continuity for affected customers, specifically BC Transit and Transport for London. Ballard works with a number of system integrators on fuel cell bus projects, in addition to ISE, including BAE Systems, Advanced Public Transportation Systems bv, and Tuttotrasporti.   

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                       media@ballard.com
 

For Immediate Release

VANCOUVER and TORONTO, CANADA– August 5, 2010 – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) and K2 Pure Solutions (K2) today announced that they have finalized a sales agreement for deployment of a clean energy fuel cell power generator to be sited at a K2 Pure Solutions bleach plant in Pittsburg, California. Ballard’s CLEARgen™ fuel cell system will convert by-product hydrogen into clean load-following electricity that will partially offset power demand at the state-of-the-art bleach plant.

K2’s vertically integrated plant will generate the highest quality safer produced bleach. For water utilities and other industries, K2's safer produced bleach provides an alternative to conventionally made bleach, typically manufactured from chlorine transported by railcar.

The CLEARgen™ system will utilize by-product hydrogen that would otherwise be burned to generate heat. In supplementing its power requirements with the 163 kilowatt fuel cell generator, K2 Pure Solutions will displace approximately 220 tons of CO2 emissions annually, equivalent to removing almost 40 passenger cars from the road. This initial small-scale installation will be supported by California’s Self Generation Incentive Program (SGIP), which has to date created over 337 megawatts of clean, rebated energy capacity for the state.

David Cynamon, Executive Chairman of K2 Pure Solutions said, “The Ballard fuel cell solution is a great fit with our sustainable energy strategy. By combining our Inherently Safe Technology with Ballard’s CLEARgen™ fuel cell solution, we will be able to produce high-quality bleach with nothing more than water, inert salt and affordable, environmentally clean electricity.”

“The CLEARgen™ fuel cell system is designed to be scalable to customers’ requirements, from 163 kilowatts to over 10 megawatts. It can offset power demand at industrial process plants, and can also be used in a clean energy storage solution for grid-scale renewable energy projects,” added Michael Goldstein, Ballard’s Chief Commercial Officer. “The Ballard system provides dependable clean power at a lower cost and higher efficiency than any other zero-emission product.”

Ballard’s CLEARgen™ fuel cell system converts hydrogen into cost-effective electricity that may be used onsite by the customer or sold back to the grid for use in the community. The agreement between Ballard and K2 Pure Solutions anticipates receipt of a routine air permit exemption for the fuel cell system from the Bay Area Air Quality Management District and a grant from the SGIP, with installation and commissioning planned for completion in early- to mid-2012. 

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

About K2 Pure Solutions
K2 Pure Solutions manufactures products essential to modern life through environmentally
sustainable and Inherently Safe Technology. K2 Pure Solutions was founded by David Cynamon and Howard Brodie, the founders of KIK Custom Products, North America's largest contract manufacturer of private label household bleach, personal care and household cleaning products. K2 also includes Centre Partners (www.centrepartners.com) among its partners; a leading middle market private equity firm with offices in New York and Los Angeles. David Cynamon and Howard Brodie have partnered with Centre Partners since 1997. For more information visit: www.k2pure.com.

Further Information
Ballard Power Systems
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                            +1.604.412.7919
investors@ballard.com                    media@ballard.com

K2 Pure   David Cynamon
Solutions, L.P: Executive Chairman
+1.647.436.0009
 dcynamon@k2pure.com

For Immediate Release – July 28, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced its financial results for the second quarter ended June 30, 2010 today. All amounts are consolidated to include Dantherm Power’s results and are in U.S. dollars, unless otherwise noted.
 
John Sheridan, President and CEO said “Ballard’s second quarter results are in line with our expectations and full-year guidance. Revenue of $15.5 million represents growth of 31% over the first quarter and 30% on a year-to-date basis. Our operating expense and cash flow improved significantly over last year and, in addition, we further augmented cash reserves by $5 million in July.” 

Second Quarter 2010 Highlights

Growth:
• Revenue of $15.5 million, for a total of $27.4 million on a year-to-date basis, representing growth of 19% and 30%, respectively.
• Fuel cell product shipments of 651 units, representing growth of 46% over the same period last year. Year-to-date fuel cell product shipments of 979 units, representing growth of 54% over the same period in 2009.
• Twelve-month rolling order book of $31.0 million, an increase of $2.0 million over the previous quarter.
• Deployment of Dantherm Power backup power systems in the Wind Mobile telecom network, meeting a 2010 growth milestone.
• Signing of new supply agreement with Plug Power on July 15 through 2014, including mutual exclusivity in North America.
• Completion of the factory acceptance test of a utility-scale distributed generation system for FirstEnergy Generation Corp.

Profitability:
• Operating expense of $12.2 million. Excluding Dantherm Power, operating expense of $10.2 million represents an improvement of 21% year-over-year, despite the negative impact of a 14% stronger Canadian dollar.
• EBITDA1 of ($9.3) million. A year-over-year comparison is not meaningful given the one-time gain of $10.8 million in 2009 resulting from discontinuation of EBARA-Ballard Corporation’s operations.
• Net loss of $10.9 million or $0.13 per share. Excluding Dantherm Power, net loss is $9.8 million or $0.12 per share.
 

• Cash flow from operations of ($12.1) million. Excluding Dantherm Power, cash flow from operations was ($10.1) million, an improvement of 34% year-over-year. The company notes that year-to-date cash flow from operations of ($21.6) million, excluding Dantherm Power, includes over $10 million in non-trend items, specifically bonuses, severance and inventory buildup.
• Cash reserves at the end of second quarter of $73.6 million. Cash reserves were further augmented by $5 million on July 9, 2010 through the monetization of the remaining tranche of Ballard’s Share Purchase Agreement with Ford.

Guidance:
• Ballard expects strong revenue in the second half of the year and reconfirms full-year guidance of growth in excess of 35%.
• Ballard continues to expect to achieve its goal of improving cash flow from operations by 30% for the full year, excluding the cash flow impact of Dantherm Power and a negative foreign exchange impact of approximately $4 million. However, timing impacts related to working capital requirements in support of increased sales activity in the second half of the year could result in increased pressures against this target.

Revenue Breakdown:

* The reduction in fuel cell product revenue over prior year is primarily due to $6 million bus revenue in the second quarter of 2009 for the B.C. Transit 2010 Olympic fuel cell bus program.

Product Shipments:

* The reduction in backup power shipments over prior year is primarily due to shipments of 368 hydrogen-based units to IdaTech, LLC for India.

Endnotes:
1 EBITDA is a non-GAAP measure used to assist in assessing Ballard’s financial performance and liquidity. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. EBITDA measures net loss after excluding interest expense, income tax expense, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. EBITDA includes the impact attributable to Ballard’s controlling interest in Dantherm Power. Ballard believes that EBITDA assists investors in assessing actual and future performance. For a reconciliation of EBITDA to the Consolidated Financial Statements, please refer to Ballard’s Management’s Discussion & Analysis,

Detailed Financial Results

Three months ended June 30, 2010

Revenues for the second quarter of 2010 increased 19%, or $2.5 million, to $15.5 million, compared to $13.1 million for the second quarter of 2009. Increases in the supporting Material Products segment of $3.6 million combined with increases in the Contract Automotive segment of $2.1 million more than offset declines in the core Fuel Cell Products segment of $3.2 million.

In the core Fuel Cell Products business segment, second quarter of 2010 revenues declined 34%, or $3.2 million, to $6.4 million compared to the second quarter of 2009 as fuel cell bus revenues in the second quarter of 2009 were positively impacted by shipments for the B.C. Transit 2010 Olympic fuel cell bus program of $6.0 million.

Higher material handling revenues as a result of increased shipments to support Plug Power Inc.’s GenDrive™ systems and consistent sales in the backup power market to IdaTech, LLC were offset by lower fuel cell bus revenues and lower backup power revenues related to work performed on the FirstEnergy distributed power generator project.

In the supporting Contract Automotive and Material Products business segments, second quarter of 2010 revenues increased 166%, or $5.7 million, to $9.1 million compared to the first quarter of 2009. Improvements in the Contract Automotive segment of $2.1 million were as a result of increased shipments of light duty automotive products in support of Daimler AG’s Highway 2/3 programs. Improvements in the Material Products segment of $3.6 million represents increased volumes of carbon friction material products related to the recovery in the U.S. automotive sector in 2010 as compared to 2009.

EBITDA1 for the second quarter of 2010 declined by $12.9 million, to ($9.3) million, compared to $3.6 million, in the second quarter of 2009. EBITDA, excluding the impact related to Ballard’s controlling ownership interest in Dantherm Power of ($1.0) million, declined $11.9 million to ($8.3) million.

EBITDA in the second quarter of 2009 was positively impacted by a non-cash gain of $10.8 million related to Ballard’s decision to discontinue operations in EBARA Ballard Corporation (“EBARA BALLARD”) on May 24, 2009. EBARA BALLARD was a joint venture with EBARA Corporation (“Ebara”) that was focused on the development, manufacture, sale, and servicing of stationary power systems for the residential cogeneration market in Japan. Excluding the impact of this 2009 non-cash gain and excluding the impact of Dantherm Power in 2010, EBITDA declined by $1.1 million, to ($8.3) million in the second quarter of 2010, compared to ($7.2) million in the second quarter of 2009. The $1.1 million decline was driven by lower investment and other income of $3.2 million and declines in gross margins of $0.8 million which more than offset reductions in operating expenses of $2.7 million (excluding depreciation and amortization, and restructuring and related charges). The $2.7 million, or 21%, reduction in operating expenses was primarily a result of Ballard’s 2009 workforce reduction and cost optimization initiatives which were partially offset by the negative effects in 2010 of a 14% stronger Canadian dollar, relative to the U.S. dollar.

Net income (loss) attributable to Ballard for the second quarter of 2010 decreased by $12.4 million, to ($10.9) million, or ($0.13) per share, compared with net income of $1.6 million, or $0.02 per

share, in the second quarter of 2009. The second quarter net income in 2009 was positively impacted by a non-cash gain of $10.8 million related to Ballard’s decision to discontinue operations in EBARA BALLARD whereas net loss attributable to Ballard for the second quarter of 2010 includes the negative impact of Ballard’s controlling interest in Dantherm Power of $1.0 million.

Cash used in operating activities in the second quarter of 2010 declined by $3.2 million to $12.1 million, compared to $15.3 million for the second quarter of 2009. Cash used in operating activities, excluding the negative impact of Dantherm Power of $2.0 million, declined by $5.2 million to $10.1 million.

The lower cash used in operating activities of $5.2 million, excluding the results of Dantherm Power, was primarily a result of reduced working capital requirements of $5.0 million as improvements as a result of the timing of revenues and customer collections more than offset the negative impact as a result of the continued buildup of inventory in 2010 to support expected shipments in the last half of the year.

The cash used in operating activities of Dantherm Power of $2.0 million in the second quarter of 2010 was driven by delays in Danish government funding, the timing of revenue and customer collections, and costs of development work on the new 5 kW direct hydrogen backup system. The negative cash flow in Dantherm Power is expected to be markedly less in the last half of 2010.  

Six months ended June 30, 2010

Revenues for the six months ended June 30, 2010 increased 30%, or $6.3 million, to $27.4 million, compared to $21.2 million for the corresponding period of 2009. Increases in the supporting Material Products segment of $6.5 million combined with increases in the Contract Automotive segment of $1.9 million, more than offset declines in the core Fuel Cell Products segment of $2.2 million.

In the core Fuel Cell Products business segment, first half of 2010 revenues declined 16%, or $2.2 million, to $11.4 million compared to the second quarter of 2009. Higher material handling revenues as a result of increased shipments to support Plug Power Inc.’s GenDrive™ systems and increased sales in the backup power market to IdaTech, LLC were offset by lower fuel cell bus revenues and lower backup power revenues related to work performed on the FirstEnergy distributed power generator project. Fuel cell bus revenues in the first half of 2009 were positively impacted by shipments for the B.C. Transit 2010 Olympic fuel cell bus program of $6.0 million. Revenues in the second quarter of 2010 were positively impacted by the consolidation of Dantherm Power’s operating results which contributed $1.1 million of revenue.

In the supporting Contract Automotive and Material Products business segments, first half of 2010 revenues increased 111%, or $8.4 million, to $16.0 million compared to the first half of 2009. Improvements in the Contract Automotive segment of $1.9 million were as a result of increased shipments of light duty automotive products in support of Daimler AG’s Highway 2/3 programs partially offset by lower automotive testing and engineering services provided to AFCC.

Improvements in the Material Products segment of $6.5 million represents increased volumes of carbon friction material products related to the recovery in the U.S. automotive sector in 2010 as compared to 2009.

EBITDA1 for the six months ended June 30, 2010 declined by $4.0 million, to ($17.9) million, compared to ($13.8) million, in the corresponding period of 2009. EBITDA, excluding the impact related to Ballard’s controlling ownership interest in Dantherm Power of ($2.0) million, declined $2.1 million to ($15.9) million.
 
EBITDA in the first half of 2009 was positively impacted by a net gain on discontinuance of operations in EBARA BALLARD of $7.9 million. Excluding the impact of this 2009 non-cash gain and excluding the impact of Dantherm Power in 2010, EBITDA improved by $5.9 million, or 27%, to ($15.9) million in the first half of 2010, compared to ($21.8) million in the first half of 2009. The $5.9 million improvement was driven by lower operating expenses of $5.9 million (excluding depreciation and amortization, and restructuring and related charges). Declines in investment and other income of $1.7 million were offset by restructuring and related expenses in 2009 of $1.4 million relating to the 7% workforce reduction initiated in March 2009. The $5.9 million, or 23%, reduction in operating expenses was primarily a result of Ballard’s 2009 workforce reduction and cost optimization initiatives which were partially offset by the negative effects in 2010 of a 17% stronger Canadian dollar, relative to the U.S. dollar.

Net loss attributable to Ballard for the six months ended June 30, 2010 increased by $3.4 million, to ($20.9) million, or ($0.25) per share, compared to ($17.5) million, or ($0.21) per share, in the corresponding period of 2009.

Net loss in 2009 was positively impacted by a net non-cash gain of $7.9 million related to the decision to discontinue operations in EBARA BALLARD whereas net loss attributable to Ballard in 2010 includes the negative impact of Ballard’s controlling interest in Dantherm Power of $2.1 million.

Cash used in operating activities in the six months ended June 30, 2010 increased by $2.4 million to $26.4 million, compared to $23.9 million for the corresponding period of 2009. Cash used in operating activities, excluding the negative impact of Dantherm Power of $4.7 million, declined by $2.3 million to $21.6 million.

The reduced cash used in operating activities in 2010 of $2.3 million, excluding the results of Dantherm Power, was driven by lower cash operating losses of $6.4 million as a result of lower operating expenses and higher gross margins, partially offset by increased working capital requirements of $4.1 million primarily as a result of the continued buildup of inventory in 2010 to support expected shipments in the last half of the year.

The cash used in operating activities of Dantherm Power of $4.7 million in the six months ended June 30, 2010 was driven by delays in Danish government funding, the timing of revenue and customer collections, and costs of development work on the new 5 kW direct hydrogen backup system. 

For a more detailed discussion of Ballard Power Systems’ second quarter 2010 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Thursday, July 29, 2010 at 8:00 a.m. PST (11:00 a.m. EST) to review second quarter 2010 operating results. The live call can be accessed by calling +1.604.638.5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcasts will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and cash flow from operations, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.  These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                       media@ballard.com

VANCOUVER, CANADA, July 27, 2010 – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced the successful completion, during second quarter, of factory testing of a utility-scale distributed generation system using the company’s proton exchange membrane (PEM) fuel cells. Installation and commissioning of the system for a multi-year demonstration at FirstEnergy Generation Corp’s Eastlake Plant in Ohio is planned for third quarter of this year. FirstEnergy Generation Corp. is a subsidiary of Akron, Ohio-based FirstEnergy Corp. (NYSE: FE).     

Ballard designed the generator to provide clean energy peaking capacity, which is particularly useful during heavy energy demand periods in the summer months, and tested the generator to a power level of one megawatt. Because fuel cells use hydrogen to produce electricity – with heat and water as by-products – this technology is a more environmentally-friendly means of generating power than diesel or coal alternatives. In addition, the Ballard generator is transportable so it can be relocated to other sites on a seasonal basis.

“We are pleased to have passed this key customer milestone,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “Once commissioned, this will be an important ‘first’ for us, meeting a key 2010 Ballard growth milestone and further demonstrating the benefits of fuel cell systems for clean distributed generation applications in the energy sector.”

It is believed that, when the generator is commissioned and operating at the FirstEnergy Generation Corp. facility, it will be the largest PEM fuel cell generator deployed worldwide.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
Work: +1.604.412.3195                   Work: +1.604.412.7919
investors@ballard.com                    media@ballard.com

Mutually exclusive agreement targets North American forklift truck market

LATHAM, NY and VANCOUVER, BRITISH COLUMBIA – July 15, 2010 – Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, and Ballard Power Systems Inc. (TSX: BLD; NASDAQ: BLDP) announced today that the two companies have extended their existing supply agreement, effective immediately, through 2014. Ballard will remain the exclusive supplier of fuel cell stacks for Plug Power’s full suite of GenDrive™ power units. In addition, Plug Power will become the exclusive systems integrator for Ballard’s fuel cell stack into solutions addressing the material handling market in North America. The previous agreement was due to expire December 31, 2010.

With over 85% market share in the material handling space, this agreement will allow Plug Power and Ballard continued leadership as the pre-eminent providers of fuel cell energy products in this industry. This agreement will also help solidify the two company’s joint corporate commitment to revolutionize the material handling market with highly productive, clean energy technology.

Ballard has been the exclusive fuel cell stack supplier for Plug Power’s GenDrive product line since 2008. GenDrive is a superior power alternative to lead-acid batteries in electric material handling vehicles. Using GenDrive, customers in grocery, retail, warehousing and manufacturing facilities can increase productivity, lower operational costs and decrease greenhouse gas emissions within their operations. 

Understanding the value provided by GenDrive, leading material handling organizations have implemented this sustainable power solution in their operations. These customers include Walmart Canada, United Natural Foods, Inc., Sysco Houston, FedEx Freight, Wegmans, and Whole Foods.

“Ballard and Plug Power’s technology has been integrated, tested and improved over the lifetime of the GenDrive product to become the world’s most reliable fuel cell power solution for the material handling industry,” said Andy Marsh, CEO at Plug Power. “This mutual exclusivity positions Ballard and Plug Power as the industry leaders committed to driving commercial activity and growth.”

John Sheridan, Ballard's President and CEO, added "We are pleased to extend this supply agreement with Plug Power for Ballard's FCvelocity® fuel cell stacks. Our partnership will enable penetration and growth of fuel cell solutions in the North American material handling market, by delivering meaningful productivity gains and a strong value proposition to customers."

About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints.  Long-standing relationships with industry leaders forged the path for our key accounts, including Walmart, Sysco, Wegmans, Whole Foods, and FedEx Freight.  With more than 1,000 units in the field and over 1.5 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Visit us at www.plugpower.com.

Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, statements regarding the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; we may be unable to achieve the forecasted gross margin on the sale of our products; our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our GenDrive and GenSys systems; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to improve system reliability for both GenDrive and GenSys; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to manufacture products on a large-scale commercial basis; our ability to protect our intellectual property; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; and other risks and uncertainties discussed under "Item IA-Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2009, filed with the Securities and Exchange Commission ("SEC") on March 16, 2010, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication.

About Ballard Power Systems Inc.
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Ballard Power Systems Inc. Safe Harbor Statement
This release contains forward-looking statements, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

###

Plug Power Media Contact:
Reid Hislop
Phone: (518) 782-7700 ext. 1360 

Plug Power Investor Relations Contact:
Cathy Yudzevich
Phone: (518) 782-7700 ext. 1448

Ballard Media Contact:
Guy McAree
Phone: +1.604.412.7919
media@ballard.com

Ballard Investor Relations Contact:
Lori Rozali
Phone: +1.604.412.3195
investors@ballard.com

For Immediate Release – July 12, 2010

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Thursday, July 29, 2010 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Tony Guglielmin, CFO will review Ballard’s second quarter 2010 results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
Work: +1.604.412.3195                   Work: +1.604.412.7919
investors@ballard.com                    Mobile: +1.604.723.1961
                                                              media@ballard.com

For Immediate Release – June 3, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that Bruce Cousins, the company’s CFO, is leaving to pursue other career interests and, effective June 14, Tony Guglielmin will join the company as Chief Financial Officer. Mr. Cousins will remain with Ballard through June 30 to work with Mr. Guglielmin and ensure a smooth transition.

Mr. Guglielmin was most recently CFO at Canada Line Rapid Transit Inc., which planned and constructed a $2 billion rapid transit system in metropolitan Vancouver. Before that role Mr. Guglielmin served as Corporate Treasurer at BC Hydro and in a series of VP-level financial leadership roles at Finning International. Mr. Guglielmin is a chartered financial analyst with BA and MBA degrees from McGill University in Montreal.     

“I am sorry to see Bruce leave us and want to recognize his contributions to Ballard and his leadership in our recent transactions which augmented the company’s cash reserves,” said John Sheridan, President and CEO. “At the same time, I am very pleased to welcome Tony as our new CFO. Tony’s experiences, including senior financial leadership at Finning International, in the power generation sector and on a large-scale, high-profile infrastructure project will all enable him to contribute a great deal as a member of the Ballard executive team.”

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
Work: +1.604.412.3195                   Work: +1.604.412.7919
investors@ballard.com                    Mobile: +1.604.723.1961
                                                              media@ballard.com

For Immediate Release – May 4, 2010

VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced that Bruce Cousins, Chief Financial Officer will present at the Deutsche Bank 2010 Alternative Energy, Utilities & Power Conference in Washington, D.C. on Tuesday, May 11 at 1:20pm ET.

Bruce Cousins will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets.  A link to the live audio webcast will be available at www.ballard.com.  In addition, a playback of the audio webcast will be available for approximately 90 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                   media@ballard.com

For Immediate Release – April 28, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced its financial results for the first quarter ended March 31, 2010 today. All amounts are in U.S. dollars, unless otherwise noted.

John Sheridan, President and CEO said “Our first quarter results are strong, consistent with the full year outlook provided in January. With 47% revenue growth year-over-year and 29% order book growth during the first quarter, Ballard is well-positioned to meet guidance for full year revenue growth in excess of 35%.”

First Quarter 2010 Highlights

Growth:
• Consolidated revenues of $11.9 million, growth of 47% year-over-year.
(Pre-consolidation, excluding Dantherm Power, Ballard’s revenue was $11.2 million, representing 38% growth.)
• Fuel cell product shipments of 328 units, growth of 73% year-over-year.
• Twelve-month rolling order book of $29.0 million, an increase of $6.7 million or 29% from year-end 2009.
• All six growth milestones for 2010 are “on track”.
• Launched FuelWorksTM, a new center of excellence for development of fuel processing technology, in partnership with the University of Maryland and the Department of Defense’ Army Research Laboratory.

Profitability:
• Consolidated operating expense of $12.1 million, a reduction of 6% year-over-year.
(Pre-consolidation, Ballard’s operating expense was $9.7 million, a reduction of 25% year-over-year.) Benefits of a 30% reset of the company’s cost base in 2009 were partially offset by the negative effects of a stronger Canadian dollar.
• Consolidated EBITDA1 of ($8.6) million, an improvement of $8.8 million or 51%.
(Pre-consolidation, Ballard’s EBITDA1 was ($7.6) million, an improvement of 56%.)
• Consolidated net loss of $10.0 million or $0.12 per share, an improvement of $9.1 million or $0.11 per share year-over-year.
(Pre-consolidation, Ballard’s net loss was $9.0 million, an improvement of $10.1 million.)
• Consolidated cash flow from operations of ($14.2) million, compared with ($8.6) million in the first quarter of 2009. This expected increase was primarily due to four factors: significant inventory build-up for committed purchase orders; payment of accrued severance; payment of accrued acquisition costs; and timing of accounts receivable collections.
(Pre-consolidation, Ballard’s cash flow from operations was ($11.5) million.) These impacts are consistent with Ballard’s goal of improving cash flow from operations by 30% for the full year, excluding the cash flow impact of Dantherm Power. 

 
Note: The acquisition of a controlling equity position in Dantherm Power was announced on January 18, 2010. This is the first quarter that Dantherm Power’s results are consolidated in Ballard’s reported financial results, therefore additional information is provided below. As indicated at the time of the announcement, committed investments of Ballard and the minority shareholders Danfoss A/S and Dantherm A/S, are expected to meet the total funding requirements of Dantherm Power through to positive cash flow. Ballard’s share of this total committed investment is $6 million, with $3 million invested on closing and the subsequent $3 million prior to 2012. 

First Quarter 2010 Financial Results 

Summary

(Millions of U.S. dollars)	Pre-consolidation   (Excluding Dantherm Power)	% Change	Consolidated	% Change
Revenue	$11.2	+38%	$11.9	+47%
Operating Expenses	$9.7	-25%	$12.1	-6%
EBITDA1 Loss	$7.6	-56%	$8.6	-51%
Net Loss	$9.0	-53%	$10.0	-47%
Cash Flow from Operations	($11.5)	-33%	($14.2)	-65%

Consolidated Revenue Breakdown

(Millions of U.S. dollars)	Three months ended March 31,
	2010	2009	% Change
Fuel Cell Products	$5.0	$3.9	+28%
Contract Automotive	1.6	1.9	-15%
Material Products	5.3	2.3	+130%
Total Revenue	$11.9	$8.1	+47%

Our revenues for the first quarter of 2010 increased 47%, to $11.9 million, compared to $8.1 million for the first quarter of 2009. Increases in our core Fuel Cell Products segment of $1.1 million, combined with increases in our supporting Material Products segment of $3.0 million, more than offset the slight declines in our supporting Contract Automotive business segment of $0.3 million.

In our core Fuel Cell Products business segment, first quarter of 2010 revenues increased 28%, or $1.1 million, to $5.0 million compared to the first quarter of 2009. The overall increase was driven by higher materials handling revenues as a result of shipments to support Plug Power Inc.’s GenDrive™ systems combined with increases in our backup power market as a result of increased shipments to IdaTech, LLC. Revenues were also positively impacted by the acquisition, and subsequent consolidation, of Dantherm Power’s operating results which contributed $0.7 million of revenue. Fuel cell bus revenues were down slightly as shipments in 2010 to SunLine Transit Agency and Advanced Public Transportation System bv were lower than shipments in 2009 for the Transport of London fuel cell bus program.

In our supporting Contract Automotive and Material Products business segments, first quarter revenues increased 65%, or $2.7 million, to $6.9 million compared to the first quarter of 2009. Improvements in our Material Products segment of $3.0 million represents increased volumes of carbon friction material products related to the recovery in the U.S. automotive sector in 2010 as compared to 2009. Slight declines in our Contract Automotive segment of $0.3 million were as a result of lower automotive testing and engineering services provided to AFCC which was only partially offset by increased shipments of light duty automotive products in support of Daimler’s Highway 2/3 programs.

Consolidated EBITDA1 for the first quarter of 2010 improved by $8.8 million, to ($8.6) million, compared to ($17.4) million, in the first quarter of 2009. EBITDA1, excluding the impact related to our controlling ownership interest in Dantherm Power of ($1.0) million, improved $9.8 million to ($7.6) million, from the first quarter of 2009. The improvement in EBITDA1 of $9.8 million, excluding the impact of Dantherm Power, was driven by gross margin increases of $1.6 million as a result of higher revenues, lower operating expenses of $3.2 million (excluding depreciation and amortization, and restructuring and related charges), and improved investment and other income of $1.5 million. The $3.2 million, or 25%, reduction in operating expenses was primarily a result of our 2009 workforce reduction and cost optimization initiatives which were partially offset by the negative effects in 2010 of a stronger Canadian dollar, relative to the U.S. dollar. EBITDA1 for the first quarter of 2009 was negatively impacted by equity losses in Ebara Ballard Corporation of $2.9 million incurred prior to our decision to discontinue operations in Ebara Ballard Corporation on May 24, 2009, and by restructuring and related charges of $1.1 million as a result of a 7% workforce reduction initiated in March 2009.

Net loss excluding non-controlling interests for the first quarter of 2010 decreased by $9.1 million, to $10.0 million, or ($0.12) per share, compared with a net loss of $19.1 million, or ($0.23) per share, in the first quarter of 2009. The improvement in net loss of $9.1 million was driven by the above improvement in EBITDA1. Net loss, excluding the negative impact related to our controlling interest in Dantherm Power of $1.1 million, improved $10.1 million to $9.0 million, from the first quarter of 2009.

Cash used in operating activities in the first quarter of 2010 increased by $5.6 million to $14.2 million, compared to $8.6 million for the first quarter of 2009. Cash used in operating activities, excluding the negative impact of Dantherm Power of $2.8 million, increased $2.9 million to $11.4 million, from the first quarter of 2009.

The higher cash used in operating activities of $2.9 million, excluding the results of Dantherm Power, was as expected and is primarily a result of working capital impacts related to the buildup of inventory in the quarter to support expected future automotive fuel cell shipments to Daimler, the payment of accrued severance and accrued acquisition costs, and the expected timing of revenues and the related customer collections. The cash used in operating activities of Dantherm Power of $2.8 million in the first quarter of 2010 was driven by higher than expected working capital impacts as a result of the timing of customer collections, combined with higher than expected operating expenses primarily as a result of delays in the filing of government grant applications. Both of these items are expected to correct in the following quarter.

For a more detailed discussion of Ballard Power Systems’ first quarter 2010 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Thursday, April 29, 2010 at 8:00 a.m. PST (11:00 a.m. EST) to review first quarter 2010 operating results. The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcasts will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and cash flow from operations, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs.  These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                       media@ballard.com

Endnotes:
1 EBITDA is a non-GAAP measure used to assist in assessing Ballard’s financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. EBITDA measures our net loss after excluding interest expense, income tax expense, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. We believe EBITDA assists investors in assessing our actual and future performance. Consolidated EBITDA includes EBITDA attributable to our controlling interest in Dantherm Power.

Fuel Processing Center of Excellence Established With University of Maryland and Army Research Laboratory

• FuelWorksTM is a new center of excellence for development of fuel processing technology, to enable operation of fuel cell products with non-hydrogen fuels
• This initiative leverages the ongoing efforts of Ballard, the University of Maryland and U.S. Department of Defense

For Immediate Release – April 27, 2010

COLLEGE PARK, MD and VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced the launch of a new center of excellence for the advancement of fuel processing technology, with founding partners University of Maryland (UMD) and U.S. Department of Defense Army Research Laboratory (ARL). The new center – named FuelWorksTM – will be located at the University of Maryland in College Park.

FuelWorksTM has a mandate to develop technologies enabling fuel cells to operate with fuels such as JP-8, diesel, natural gas as well as LPG. It will be open to industry, academia and government agencies, providing a forum for collaboration to advance fuel-reforming technology for military and commercial applications. The center of excellence will leverage the on-going collaboration among highly skilled scientific and technical staff from UMD, Ballard and Army Research Laboratory. 

“Ballard is committed to accelerating the implementation of flexible fueling approaches for fuel cell generators,” said Michael Goldstein, Ballard’s Chief Commercial Officer. “This capability is especially important for developing countries that can benefit from clean fuel cell power.”

At FuelWorksTM, collaboration will advance the operation of fuel cells using hydrogen extracted from military logistics fuels, specifically JP-8/DF-2 fuels. Success will ensure low-noise and low-heat signatures, together with very high efficiency operation, which are desirable properties for military tactical generators. Related advancements in fuel processing are also expected to have direct commercial applicability for residential, commercial, mobile and utility applications. Ballard intends to apply its substantial intellectual property portfolio of over 2,000 patents and licenses.
 
Ballard will also continue its active participation in UMD’s Center for Environmental Energy Engineering (CEEE), an industry-sponsored consortium of public and private organizations collaborating on clean energy solutions for portable and distributed power.

Reinhard Radermacher, Director of CEEE and Professor of Mechanical Engineering at the University of Maryland noted “FuelWorksTM will build on existing expertise at CEEE and, through collaboration between Ballard and other partners, it will address critical research needs for fuel cells operating in various applications, using existing and emerging fuels.”

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                     media@ballard.com

For Immediate Release – April 13, 2010

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Thursday, April 29, 2010 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Bruce Cousins, CFO will review Ballard’s first quarter 2010 operating results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                       media@ballard.com

For Immediate Release – March 10, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced its financial results for the fourth quarter and full-year ended December 31, 2009 today. All amounts are in U.S. dollars, unless otherwise noted.

Fourth Quarter 2009 Highlights
• Fourth quarter revenue was $16.5 million, 13% lower than the same period last year, but reflecting growth of 83% relative to the third quarter of 2009 and 35% of full-year revenue.
• Fourth quarter operating cash consumption1 was ($4.5) million, representing positive cash contribution to the business, consistent with expectations.
• Cash reserves were augmented by monetizing rights under the Share Purchase Agreement (SPA) with Ford Motor Company relating to Ballard’s 19.9% equity interest in Automotive Fuel Cell Cooperation Corp. for total gross proceeds of approximately $44.5 million; $37 million received up front and an additional contingent payment of $7.5 million due upon maturation of the SPA.

Full Year 2009 Highlights
• Generated revenues of $46.7 million for the full year, a decline of 22% or $12.9 million from 2008. Over half of this decline was due to the exit from automotive and residential cogeneration development programs.
• Reduced the cost base by approximately $18.0 million, or 30%, on an annual run rate basis, primarily through restructuring activities in March and August.
• Reduced operating expenses, excluding restructuring, acquisition and related expenses, by  22% or $12.5 million, to $44.6 million.
• Reduced operating cash consumption1 by 6% to $27.5 million for the full year.
• Normalized net loss1 was ($39.3) million or ($0.47) per share, representing an improvement of $14.6 million or ($0.17) per share from 2008.
• Ended 2009 with cash reserves of $82.2 million.
o Subsequent to year end, Ballard closed a sale-and-leaseback agreement with Madison Pacific Properties Inc. (TSX: MPC) (www.madisonpacific.ca). Ballard sold its head office building site in Burnaby, British Columbia in return for gross cash proceeds of C$20.8 million (US$20.0 million) and entered into an initial fifteen-year lease agreement for the same property.

John Sheridan, President and CEO said “Our audited 2009 financial results are in line with the preliminary, unaudited results, announced on February 3, 2010. With the decisive actions we have taken to streamline our cost base, further strengthen our solid balance sheet, and solidify our market positioning as shown by our high order volumes, Ballard is well-positioned for annual revenue growth in excess of 35% in 2010 and positive EBITDA performance during 2011.”

Revenue Breakdown:

(Expressed in thousands of U.S. dollars)	Three months ended December 31,			Twelve months ended December 31,
	2009	2008	% Change	2009	2008	% Change
Fuel Cell Products	$7,688	$11,586	-34%	$24,142	$27,641	-13%
Contract Automotive	4,485	3,766	+19%	9,170	19,216	-52%
Material Products	4,343	3,549	+22%	13,410	12,723	+5%
Total Revenue	$16,516	$18,901	-13%	$46,722	$59,580	-22%

Product Shipments:

	Three months ended December 31,			Twelve months ended December 31,
	2009	2008	% Change	2009	2008	% Change
Material Handling	102	254	-60%	182	508	-64%
Backup Power	382	357	+7%	995	720	+38%

 Twelve-Month Order Book:

(Expressed in thousands of U.S. dollars)	As at 31 December,
	2009
Fuel Cell Products	$12,453
Contract Automotive	5,777
Material Products	4,500
Twelve-Month Order Book	$22,729

2010 Business Outlook

Growth Milestones in 2010
o Begin shipments of Ballard’s fuel cell stacks for deployment of IdaTech, LLC’s reformate-based supplemental power systems for the Indian telecoms market.
o Deployment of Dantherm Power hydrogen-based backup power systems in one major new network.
o Commission the 1 MW distributed generation system for FirstEnergy Corp. in Ohio.
o Book the first distributed generation system sale utilizing by-product hydrogen.
o Grow material handling stack shipment volumes in line with Plug Power’s 2010 shipment target of 1,100 GenDrive™ systems.
o Book new fuel cell bus contracts to support the deployment of more than 25 buses.

Path to Profitability
o Grow revenues in excess of 35% over the 2009 level.
o Improve cash flow from operations by 30% from the 2009 level.
o With this performance trajectory in 2010, Ballard expects to be positioned for positive EBTIDA performance during 2011.
 

Full Year 2009 Financial Results

We generated revenues of $46.7 million in 2009, a decline of 22%, or $12.9 million from 2008. Revenues were slightly lower than our revised guidance target of $50.0 million due to the delay of expected 2009 fuel cell bus shipments and First Energy distributed power generator project milestones to 2010.

We reduced operating cash consumption1 in 2009 by 6% to $27.5 million, down from $29.3 million in 2008, essentially meeting our guidance target of $27.0 million. The improvement was due primarily to a reset of our operating cost base through restructuring activities in March and August, which offset margin declines as a result of the decline in revenues.

We ended 2009 with cash reserves of $82.2 million. Cash reserves were augmented in December 2009 through the monetization of our rights under the Share Purchase Agreement with Ford relating to our 19.9% equity investment in AFCC.

Our revenues for the year ended December 31, 2009 decreased to $46.7 million, or 22%, compared to $59.6 million for 2008 due primarily to declines in our supporting Contract Automotive business segment of $10.0 million. Fuel Cell Products revenues declined $3.5 million, or 13%, from 2008 as increases in product and service revenues of $1.7 million were offset by declines in engineering development revenues of $5.2 million primarily as a result of our decision to discontinue operations in EBARA BALLARD in May 2009. Fuel Cell Products product and service revenues increased 8% to $24.1 million driven by an increase in fuel cell bus shipments as a result of the B.C. Transit 2010 Olympic, Transport of London, and Advanced Public Transportation System BV fuel cell bus programs. In addition, increases in backup power market revenues driven by work completed on the First Energy distributed power generator project and increased unit shipments as a result of the successful completion of the hydrogen unit product acceptance milestone with ACME supported overall revenue growth of Fuel Cell Products product and service revenue. These increases were partially offset by lower shipments in the material handing market and by lower residential cogeneration market revenues.

Contract Automotive revenues decreased 52% to $9.2 million due to lower shipments of light-duty automotive fuel cell modules to AFCC, Daimler and Ford, combined with lower testing and engineering services provided to AFCC. In addition, the absence of engineering development revenues as a result of the elimination of light-duty automotive fuel cell program work subsequent to the closing of the AFCC Transaction on January 31, 2008 contributed to the overall decline in Contract Automotive revenue.

Material Products revenues increased 5% to $13.4 million due to increased volumes of fuel cell GDL shipments combined with the maintenance of carbon friction material product revenues as price increases offset the impact of lower volumes as a result of the slowdown in the U.S. automotive sector during the first half of 2009.

Our net loss for the year ended December 31, 2009 increased to $3.3 million, or ($0.04) per share, compared with net income of $31.5 million, or $0.37 per share, in 2008. The net loss for 2009 includes a gain on sale of assets resulting from the AFCC Monetization of $34.3 million,
restructuring and related expenses of $6.2 million relating to a 20% workforce reduction initiated in August 2009 and a 7% workforce reduction initiated in March 2009, and a non-cash gain (net of equity losses prior to dissolution) of $8.4 million related to our decision to discontinue operations in EBARA Ballard Corporation on May 24, 2009. The net income for 2008 includes a gain on sale of assets of $96.8 million related to the AFCC Transaction, partially offset by a write-down of a non-core investment in Chrysalix of $3.0 million.

Our normalized net loss1 for 2009 decreased $14.6 million, or 27%, to $39.3 million, or ($0.47) per share, compared with a normalized net loss of $53.9 million, or ($0.64) per share, for 2008. Reductions in operating expenses (excluding restructuring, acquisition and related expenses) of $12.5 million primarily as a result of our workforce reduction and cost optimization initiatives, combined with increases in investment and other income of $8.9 million primarily as a result of increases in foreign exchange gains and a curtailment gain and improved investment returns related to our employee future benefit plans, more than offset the decline in revenues (including engineering development revenue) and the related gross margin impacts of $6.2 million.

Operating cash consumption1 for 2009 decreased 6% to $27.5 million, compared to $29.3 million for 2008. The $1.7 million improvement in operating cash consumption was driven by improvements in cash flow from operating activities (net of restructuring and related payments) of $3.3 million partially offset by increased investment (net of proceeds on sale) in building manufacturing capacity. The improvement in cash flow from operations was primarily a result of our workforce reduction and cost optimization initiatives in 2009, which more than offset the impacts of the decline in revenue and related gross margin and the decline in working capital improvements. The decline in working capital improvements of $0.4 million were driven primarily by a drawdown of deferred revenue on our First Energy distributed power generator project combined with reduced improvements in inventory requirements, which more than offset improvements in accounts receivable due primarily to increased customer collections on our B.C. Transit 2010 Olympic fuel cell bus program and light-duty automotive shipments.

For a more detailed discussion of Ballard Power Systems’ fourth quarter and full-year 2009 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.

Endnotes:
1 Normalized net loss and operating cash consumption are non-GAAP measures used to assist in assessing Ballard’s financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Normalized net loss measures our net loss after excluding items that are unusual in nature or do not reflect the normal continued operating activity of the business.  Gains on sale of assets, write-downs of investments, restructuring and related expenses, equity income (loss) in associated companies, and acquisition and related costs are either not considered part of our core activities, or are expected to occur infrequently. Therefore we have removed these items in our calculation of normalized net loss. Operating cash consumption measures the amount of cash required to fund the operating activities of our business (net of restructuring and related costs) and excludes financing and investing activities except for capital lease payments and additions, net of proceeds on sale, of plant and equipment.
 

Conference Calls
Ballard will hold a conference call on Thursday, March 11, 2010 at 8:00 a.m. PST (11:00 a.m. EST) to review 2009 operating results. The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcasts will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and operating cash consumption for 2009; and business outlook, including estimated revenue for 2010; which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                      media@ballard.com

• $6.2 million in funding to Ballard for fuel cell research and development projects
• Ballard will collaborate with leading U.S. technology partners
• Projects will focus on fuel cell durability and cost to enable widespread commercialization of fuel cells for diverse applications

For Immediate Release – March 8, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced today that it has $6.2 million in project funding from the U.S. Department of Energy (DOE) under contract over a four year period. Ballard Material Products, a U.S. subsidiary of Ballard Power Systems, was awarded $4.1 million as prime for a contract that will focus on improvements in fuel cell durability and cost. Additionally, Ballard will be sub-contractor to leading U.S. technology organizations for several other fuel cell research and development projects funded by the DOE.

"We are excited to be working with a technology leader such as Ballard Power Systems," said Dr. Rod Borup, Fuel Cell Program Manager, Institute for Hydrogen and Fuel Cell Research at Los Alamos National Laboratory, one of Ballard’s project partners. "This is important work in support of the DOE goal to move fuel cell technology closer to large scale commercialization. Our collaborations with Ballard are in the areas of understanding and improving fuel cell durability and reducing technology cost, which are the primary enablers to rapid market adoption of fuel cell systems."

Over eighty percent of the announced DOE funding has been allocated to projects aimed at increased durability and cost reduction, with the remaining funds focused on water management modeling. The project for which Ballard Material Products will be prime is meant to improve the understanding of fuel cell materials and components degradation, leading to recommended mitigation strategies to facilitate further commercialization. Resulting advancements will facilitate commercialization of fuel cells for a range of applications, including stationary power generation. 

In addition to Los Alamos National Laboratory, Ballard will be partnering with other leading U.S. technology organizations, including Lawrence Berkeley National Laboratory, Sandia National Laboratory, Georgia Institute of Technology, Michigan Technical University, University of Hawaii at Manoa and University of New Mexico.
 
"The receipt of significant funding from the DOE clearly demonstrates the Department of Energy’s interest in fuel cell market adoption,” said Dr. Christopher Guzy, Chief Technology Officer at Ballard Power Systems. "This funding is completely aligned with Ballard’s plans to continue investing in strategic enhancements of non-automotive fuel cell products."
 
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                      media@ballard.com

For Immediate Release – March 4, 2010

VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced that John Sheridan, President & CEO will present at the Jefferies 9th Global Clean Technology Conference in New York on Wednesday, March 17, 2010 at 4:00pm ET.

John Sheridan will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets.  A link to the live audio webcast will be available at www.ballard.com.  In addition, a playback of the audio webcast will be available for approximately 90 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                       media@ballard.com

• One fuel cell bus will be operating in Palm Springs this year, and another in 2011
• These contracts are further evidence of growing market demand to put Ballard’s reliable and durable heavy-duty fuel cell power modules to work in mass transit applications

For Immediate Release – March 2, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has entered into contracts for the supply of fuel cell power modules to power two different transit bus configurations at SunLine Transit Agency in Thousand Oaks, California.

Under the Advanced Technology (AT) program, Ballard, ISE Corporation and New Flyer Industries have struck a deal that will provide SunLine Transit with a 40-foot fuel cell hybrid bus powered by Ballard’s FCvelocityTM-HD6 power module, similar to the twenty buses currently being operated in Whistler, B.C. This bus has been delivered and will be entering regular transit service in 2010.

Under the National Fuel Cell Bus Program, Ballard will also supply an FCvelocityTM-HD6 power module for an El Dorado fuel cell hybrid bus featuring a series hybrid electric drive from BAE Systems, lead integrator for the bus. The fuel cell power module will be delivered this quarter and the bus will be delivered and operational in 2011.

“Our goal is to deliver the benefits that fuel cells offer for a clean energy future, with the most efficient possible operation for our customers,” said John Sheridan, Ballard’s President and CEO. “These buses are further evidence of the commercial demand we’re seeing for Ballard fuel cell products. The buses for SunLine are above and beyond the twenty buses currently deployed in Whistler, and others slated for delivery later this year in London, Cologne and Amsterdam.”

Ballard’s power module is a ‘plug-and-play’ fuel cell-based product that enables system integrators to build clean energy buses more easily and at lower cost. These power modules incorporate sub-system components addressing humidification, hydrogen pressure regulation, hydrogen recirculation, water management, ventilation and controls. Since these sub-system components and fuel cell stacks are optimized within a power module, they can be more readily integrated with the bus hybrid electric drive system.

Ballard has a long history of working with SunLine Transit Agency, having powered a prototype New Flyer Industries fuel cell bus in the Palm Springs region between 1999 and 2002.

“SunLine Transit Agency looks forward to adding these innovative new fuel cell hybrid vehicles to our existing fleet of clean, alternative fuel transit buses,” said General Manager C. Mikel Oglesby. “The advanced state of Ballard’s products and high level of performance made them a natural choice.”

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

- 30 -

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                      media@ballard.com

For Immediate Release – February 24, 2010

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Thursday, March 11, 2010 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO and Bruce Cousins, CFO will review Ballard’s 2009 operating results.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                      media@ballard.com

For Immediate Release – February 8, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has entered into a sale-and-leaseback agreement with Madison Pacific Properties Inc. (TSX: MPC) (www.madisonpacific.ca). Ballard will sell its head office building site in Burnaby, British Columbia in return for gross cash proceeds of approximately C$20.8 million (US$19.5 million). The company will also enter into an initial fifteen-year lease agreement for the same property. The transaction is expected to close on March 9, 2010.

Bruce Cousins, Ballard’s Chief Financial Officer said, “This transaction presented an opportunity to extract cash from a non-core asset and further fortify our strong balance sheet, augmenting the company’s cash reserves to approximately $100 million. At the same time, Ballard’s continued use of the site is secured through a long-term lease arrangement.”

John Sheridan, Ballard’s President & CEO added, “This transaction, along with the monetization of our Share Purchase Agreement and our progress in market development in 2009, has positioned Ballard for strong performance in 2010. We continue to expect revenue growth in excess of 35% and improved cash flow from operations by 30% in 2010, and positive EBITDA performance during 2011.”

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and cash flow from operations for 2010, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                               +1.604.412.7919
investors@ballard.com                     media@ballard.com

For Immediate Release – February 3, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced its 2009 achievements for the year ended December 31, 2009 and provided an outlook for 2010. All amounts are in U.S. dollars, unless otherwise noted.

2009 has been widely acknowledged as a difficult year for energy technology companies, with the confluence of the global recession, crises in financial markets, and negative conditions in both the automotive and energy sectors. This backdrop had negative impacts on Ballard in 2009, initially in its supporting business segments of contract automotive and material products and subsequently in fuel cell products also.

Given this backdrop, Ballard took decisive actions to streamline its cost base to solidify its path to profitability, and augment its cash reserves, further strengthening its solid balance sheet. With these actions and some signs of improvement in the economy, Ballard ended the year with relatively strong fourth quarter revenues and significant improvement in cash flow from operations.

John Sheridan, President and CEO said “We were pleased to have closed 2009 with stronger revenue in the fourth quarter and a solid foundation for growth. We have started 2010 with a streamlined cost base and a strong order book. We expect to build growth momentum through the year, to position Ballard for positive EBTIDA performance during 2011.”

Key 2009 Achievements

Financial
o Generated revenues of $46.7 million (unaudited) for the full year, a decline of 22% or $12.9 million from 2008. Over half of this decline was due to the exit from automotive and residential cogeneration development programs. Fourth quarter revenue was $16.5 million (unaudited), 13% lower than the same period last year, but growth of 83% relative to the third quarter of 2009 and reflects 35% of full-year revenue.
o Reduced the cost base by approximately $18.0 million, or 30%, on an annual run rate basis, primarily through restructuring activities in March and August.
o Reduced operating cash consumption1 by 5% to $27.7 million (unaudited) for the full year. Fourth quarter operating cash consumption was ($4.3) million, representing positive cash contribution to the business, consistent with expectations.
o Augmented cash reserves by monetizing rights under the Share Purchase Agreement (SPA) with Ford Motor Company relating to Ballard’s 19.9% equity interest in Automotive Fuel Cell Cooperation Corp. for total gross proceeds of approximately $44.5 million; $37 million received up front and an additional contingent payment of $7.5 million due upon maturation of the SPA.
o Ended 2009 with cash reserves of approximately $82 million.

Please note that 2009 financial results are unaudited. Ballard expects to release its audited 2009 financial results on March 10, 2010.
 

Operational
o Progressed market penetration of fuel cell solutions, as evidenced by:
o Motorola’s deployment of Dantherm Power’s backup power system incorporating Ballard’s FCgenTM-1020ACS fuel cell product;
o Supply agreement with FirstEnergy Corp. for a 1 MW distributed generation system for use in a utility load management;
o Plug Power’s progress with commercial orders for their GenDrive™ fuel cell-powered forklift customers, including Central Grocers, Wegmans, Whole Foods and Coca-Cola;
o Sales order for five FCvelocityTM-HD6 power modules from Advanced Public Transportation Systems bv for 18-meter (60-foot) articulated Phileas buses; and
o Supply agreement with Daimler AG for FCvelocityTM fuel cell products, representing minimum revenue of approximately $24 million in 2010 and 2011.
o Continued to develop fuel cell systems for the wireless telecom supplemental power market in India with its partners IdaTech, LLC and ACME Group under a new, more flexible distribution agreement.
o Acquired a controlling interest in Denmark-based Dantherm Power on January 18, 2010, partnering with co-investors Danfoss A/S and Dantherm A/S. Through Dantherm Power, Ballard is now actively involved with delivery of complete backup power systems, in addition to providing fuel cell stacks and power modules to leading fuel cell companies including IdaTech, LLC, Plug Power Inc., Baxi Innotech GmbH and ISE Corporation, in other markets.

Business Outlook

Growth Milestones in 2010
o Begin shipments of Ballard’s fuel cell stacks for deployment of IdaTech, LLC’s reformate-based supplemental power systems for the Indian telecoms market.
o Deployment of Dantherm Power hydrogen-based backup power systems in one major new network.
o Commission the 1 MW distributed generation system for FirstEnergy Corp. in Ohio.
o Book the first distributed generation system sale utilizing by-product hydrogen.
o More than double volumes of stack shipments in material handling, in line with Plug Power’s 2010 shipment target of 1,100 GenDrive™ systems.
o Book new fuel cell bus contracts to support the deployment of more than 25 buses.

Path to Profitability
o Grow revenues in excess of 35% over the 2009 level
o Improve cash flow from operations by 30% from the 2009 level.
o With this performance trajectory in 2010, Ballard expects to be positioned for positive EBTIDA performance during 2011.

Endnotes:
1 Operating cash consumption is a non-GAAP measure used to assist in assessing Ballard’s financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Operating cash consumption measures the amount of cash required to fund the operating activities of our business (net of restructuring and related costs) and excludes financing and investing activities except for capital lease payments and additions, net of proceeds on sale, of plant and equipment.
 

Conference Calls
Ballard will hold a conference call on Thursday, February 4, 2010 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO will present Ballard’s 2009 achievements and provide an outlook for 2010. Ballard will also hold a conference call to discuss its 2009 financial results on March 11, 2010.  The live calls can be accessed by calling +1-604-638-5340. Alternatively, live audio webcasts can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the calls, the audio webcasts will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and operating cash consumption for 2009; and business outlook, including estimated revenue and operating cash consumption for 2010; which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                               +1.604.412.7919
investors@ballard.com                       media@ballard.com

• Design improvements will be implemented on test transit buses to be operated in Metro Vancouver
• Will move technology closer to commercialization

For Immediate Release – January 21, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has been awarded up to $4.8 million by Sustainable Development Technology Canada (SDTC) for a project to further develop fuel cell power module technology for the transit bus market. Design improvements will be implemented on test buses to be operated in Metro Vancouver, beginning in the fourth quarter of 2010.

“The Government of Canada is committed to supporting alternate sources of energy, including hydrogen,” said the Honourable Stockwell Day, President of the Treasury Board and Minister for the Asia-Pacific Gateway. “By supporting innovative hydrogen and fuel cell research projects, such as Ballard’s power module, we are putting more zero-emissions vehicles on the road while creating high quality jobs and improving the health of Canadians.”

“Heavy duty diesel vehicles account for almost half of Canada’s road transportation greenhouse gas emissions,” said Vicky Sharpe, President and CEO of SDTC. “The technology developed by Ballard will increase the cost-effectiveness and performance of fuel cell hybrid buses, making them more accessible to public transit authorities and helping Canada to reduce its greenhouse gas emissions.”

Michael Goldstein, Ballard’s Chief Commercial Officer added “This level of support from the Canadian federal government and SDTC will have a measurable impact on the evolution of clean energy fuel cell products for commercial mass transit applications here in Canada and in locations around the globe.”
 
In the development project funded by SDTC, Ballard and it’s system integration partner, ISE Corporation, will design, assemble and test key sub-components for Ballard’s FCvelocity™-HD6 power module and the hybrid electric drive system. Refinement of this critical new technology will facilitate the commercial introduction of fuel cell hybrid buses by reducing cost, improving durability and robustness of select sub-systems, and improving overall bus performance.

Ballard's power module is a 'plug-and-play' fuel cell-based product that enables system integrators to build clean energy buses more easily and at lower cost. The fuel cell hybrid platform eliminates all emissions from bus tailpipes, while meeting the demands of range and duty cycle for virtually any bus route.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com

About SDTC
Sustainable Development Technology Canada (SDTC) is an arm’s-length foundation created by the Government of Canada which has received $1.05 billion as part of the Government’s commitment to create a healthy environment and a high quality of life for all Canadians. 

SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $550 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.

SDTC operates as a not-for-profit corporation and has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.
www.sdtc.ca 

This release contains forward-looking statements regarding the adoption of Ballard’s products, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s expectations regarding product development efforts and market demand.  

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Ballard Investor Relations: Lori Rozali       Ballard Public Relations: Guy McAree
    +1.604.412.3195                                         +1.604.412.7919
    investors@ballard.com                              media@ballard.com

SDTC:    Patrice Breton - Director, Communications
                                        + 1.613.234.6313 ext. 295
                                                         media@sdtc.ca

• Dantherm Power develops clean energy, fuel cell backup power systems
• Partners bring extensive expertise in fuel cells and other clean energy solutions
• Joint investment in Dantherm Power will accelerate development of fuel cell markets

For Immediate Release – January 18, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has acquired a controlling interest in Denmark-based Dantherm Power, partnering with co-investors Danfoss A/S and Dantherm A/S.

Dantherm Power develops clean energy backup power systems, utilizing Ballard’s hydrogen fuel cell technology, for telecom equipment suppliers including Motorola and Ericsson. The joint investment and partnering support from Ballard, Danfoss and Dantherm is expected to result in accelerated development of fuel cell backup power applications across Europe.

“Dantherm Power has a strong track record in fuel cell backup power systems in telecommunications, including the largest European fuel cell installation for TETRA emergency networks as well as for telecom service providers”, said John Sheridan, Ballard’s President and CEO. “Through this Dantherm Power investment, Ballard will now be actively involved with delivery of complete backup power systems, in addition to providing fuel cell stacks and power modules to leading companies including IdaTech, Plug Power, Baxi Innotech and ISE Corporation, in other markets.”

Torben Duer, President and CEO of Dantherm A/S, which is a manufacturing partner of Dantherm Power, added “Dantherm Power is already supplying clean energy power products to some of our key customers, like Motorola. This investment will increase momentum behind fuel cell product development work at Dantherm Power and will help accelerate growth of fuel cell power in the backup telecom market.”  

“This strategic co-investment with Ballard, the leader in fuel cells, and Dantherm A/S creates a leading supplier of fuel cell power solutions”, commented Niels Christiansen, President and CEO of Danfoss A/S. “We believe that this relationship will work well for our clean energy strategy, which today includes wind, solar and biofuels. We believe that fuel cell power can play an important role in our key markets, including renewable energy products and environmentally friendly heating.”

Investment Details
Ballard is investing $6 million for a controlling interest in Dantherm Power, in two tranches between 2010 and 2012. Ballard will also provide knowledge and intellectual property related to core fuel cell technology. Dantherm Power will continue its current commercial initiatives, including sales of hydrogen-based products incorporating Ballard’s fuel cell stack. In addition to its cash investment, Dantherm A/S will continue to provide operational support and collaborative sales and marketing activities through its worldwide sales organization. Danfoss A/S will invest cash, proprietary technology, expertise, as well as operational and commercial assistance through its network of 93 sites in 25 countries. Executives from the three companies will form a new board of directors for Dantherm Power.
 
Background
Ballard Power Systems provides clean energy fuel cell products enabling optimized power systems for a range of applications. Ballard provides fuel cell stacks to leading fuel cell companies including IdaTech, LLC, Plug Power Inc., Baxi Innotech GmbH, Heliocentris Fuel Cells AG and FutureE Fuel Cell Solutions GmbH. Ballard also provides power modules to system integrators seeking a ‘plug-and-play’ approach including, for example, ISE Corporation which integrates Ballard power modules with hybrid electric drives on transit buses. Now with this investment in Dantherm Power, Ballard will also be actively involved with the delivery of complete backup power systems for OEM’s and other suppliers to the telecom sector in Europe.  

About Dantherm Power
Dantherm Power is a 40-person company focused on development and production of commercially viable fuel cell-based backup power systems for use in IT and telecom network base stations. A significant recent market achievement has been the development, and deployment with Motorola, of 123 fuel cell based backup power systems for radio stations connected to Denmark’s new public safety network – SINE. To learn more about Dantherm Power, please visit http://www.dantherm-power.com.

About Danfoss A/S
Danfoss A/S is one of the largest industrial companies in Denmark with a global group focused on development and manufacture of mechanical and electronic components for a number of industries, including solar energy, heating, industrial automation, water control and high pressure systems. Danfoss A/S generated revenue of 3.6B Euros in 2008, with over 26,000 employees in Europe, North America, Latin America, Asia and other regions. Danfoss A/S is actively involved in clean energy solutions based on solar, wind and biofuel technologies. To learn more about Danfoss A/S, please visit http://www.danfoss.com/OtherSites/NAdirect/group+global.

About Dantherm A/S
Dantherm A/S (NASDAQ OMX Copenhagen: DANTH) is, in addition a shareholder in Dantherm Power, parent company of the two business divisions: Dantherm Air Handling and Dantherm Filtration. Dantherm A/S has factories and sales companies in a number of European countries, the USA and Asia and offers products, solutions and services based on the mission - clean air for people. Dantherm Air Handling has a broad range of products for electronics cooling for the telecom industry, industrial and residential ventilation, dehumidification and heating/cooling. Dantherm Filtration is a leading worldwide supplier of industrial air filtration products, solutions and services to a wide range of industries. To learn more about Dantherm A/S, please visit www.dantherm.com. 

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com

This release contains forward-looking statements regarding the adoption of Ballard’s products, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s expectations regarding product development efforts and market demand.  

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Ballard Investor Relations: Lori Rozali
    +1.604.412.3195
    investors@ballard.com

Ballard Public Relations: Guy McAree
    +1.604.412.7919
    media@ballard.com

For Immediate Release – January 14, 2010

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Thursday, February 4, 2010 at 8:00 a.m. PST (11:00 a.m. EST). John Sheridan, President & CEO will present Ballard’s 2009 achievements and provide an outlook for 2010.

The live call can be accessed by calling +1-604-638-5340. Alternatively, a live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

Further Information
Investor Relations:   Lori Rozali      Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                     media@ballard.com

• APTS is a European specialty bus OEM based in The Netherlands
• Ballard power modules will be deployed on four advanced APTS Phileas buses
• APTS Phileas buses represent a new zero emission concept for mass transit in Europe

For Immediate Release – January 11, 2010

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has received a sales order for five FCvelocityTM-HD6 power modules from Advanced Public Transportation Systems bv (APTS), a specialty bus OEM in The Netherlands, part of the VDL Group. The 150-kilowatt power modules will be installed and integrated by Vossloh-Kiepe with hybrid electric drive systems in 18-meter (60-foot) articulated Phileas buses manufactured by APTS.

Phileas is a new concept for passenger transport on high frequency dedicated bus lanes. When running on a free bus lane and equipped with magnetic markers for electronic lane assistance and precision docking, Phileas buses can offer the advantages of rapid rail transport.

Ballard’s power module is a ‘plug-and-play’ fuel cell-based product that enables system integrators to build clean energy buses more easily and at lower cost. These power modules incorporate sub-system components addressing humidification, hydrogen pressure regulation, hydrogen recirculation, water management, ventilation and controls. Since these sub-system components and fuel cell stacks are optimized within a power module, they can be more readily integrated with the bus hybrid electric drive system.

Michael Goldstein, Ballard’s Chief Commercial Officer stated “The deployment of our FCvelocityTM-HD6 power modules with APTS and other customers such as BC Transit and Transport for London mean that fuel cell-based power solutions are gaining real traction in the global mass transit marketplace, delivering GHG reductions and energy conservation benefits”. He continued, “Ballard’s foundation of reliability and durability are an ideal fit for our customers in motive power, backup power and distributed generation.”

All the power modules will be shipped to APTS by the second quarter of 2010 and the first APTS Phileas bus incorporating a Ballard power module will be produced this year. Two Phileas buses powered by Ballard fuel cell modules will be operating in Cologne, Germany and two will be operating in Amsterdam. APTS currently has 70 Phileas buses in operation worldwide.

Ruud Bouwman, Director of APTS said “We are certainly pleased to be working with Ballard on our Phileas buses. APTS sees a sizable potential European market for this fuel cell ‘tram on tires’ concept, with each fuel cell bus reducing CO2 emissions up to 155 tons per year.”

Ballard’s participation in demonstration programs through five generations of heavy duty fuel cell power modules has yielded over two million kilometers (1.2 million miles) of actual revenue service, transporting over seven million passengers on buses in various locations around the world. Ballard’s next generation heavy duty fuel cell power module, the FCvelocityTM-HD6, delivers enhanced fuel cell durability and improved efficiency at a reduced cost, while offering an industry leading 12,000-hour (5-year) warranty.
  
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
Investor Relations: Lori Rozali          Public Relations: Guy McAree
+1.604.412.3195                                +1.604.412.7919
investors@ballard.com                      media@ballard.com

For Immediate Release – December 22, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced a supply agreement with Daimler AG for FCvelocityTM fuel cell products for Daimler AG’s fuel cell car and bus programs. The agreement provides for minimum revenue of approximately $24 million over eighteen months from April 2010, with roughly equal distribution in 2010 and 2011.

John Sheridan, Ballard’s President & CEO said, “We are very pleased to be working with Daimler AG, a clear global leader in fuel cell car and bus programs.”

He continued, “Automotive is one of the most demanding power applications in terms of efficiency, reliability and safety.  As such, this major fuel cell order for the automotive market provides further testimony of Ballard’s leading fuel cell product capabilities for commercial clean power applications in backup power, distributed generation and material handling.” 

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is a clean energy growth company with product leadership in fuel cell power solutions, focused on the material handling and stationary power markets. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Ballard and the Ballard logo registered trademarks of Ballard Power Systems Inc.

Further Information
For further information, or to arrange an interview with a Ballard spokesperson, please contact Lori Rozali at telephone number 604-453-3683 or on e-mail media@ballard.com. 

For Immediate Release – December 21, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has closed an agreement effective today with a financial institution to monetize its rights under the Share Purchase Agreement with Ford Motor Company (Ford) relating to Ballard’s 19.9% equity interest in Automotive Fuel Cell Cooperation Corp. (AFCC). Ballard will receive total gross proceeds of approximately $44.5 million: a $37 million payment today and a further contingent payment of $7.5 million due upon maturation of the Share Purchase Agreement on or before January 31, 2013.  Ballard’s receipt of the contingent payment is subject to the financial institution’s rights in the transaction remaining unsubordinated.

Bruce Cousins, Ballard’s Chief Financial Officer said, “Given the recent improvement in public debt market conditions and Ford’s credit rating, we believe that this is the appropriate time to monetize this non-core investment”.

John Sheridan, Ballard’s President & CEO said, “The cash proceeds from this transaction bolster Ballard’s strong balance sheet and strengthen our positioning to execute our clean energy growth priorities in backup power, supplemental power, distributed generation and motive power applications”.

Ballard expects to book a gain associated with this transaction of approximately $34 million in its fourth quarter results. This transaction does not affect Ballard’s business relationships with AFCC, Daimler, Ford, and their affiliates.  Ballard will continue to supply technical services and fuel cell components and modules.

Background
As part of the monetization agreement, Ballard has pledged its shares in AFCC and assigned its right to “put” or sell those shares to Ford for $65 million plus interest after January 31, 2013. The value of the monetization of the agreement with a financial institution was determined based on a number of variables, including Ford’s cost of borrowing, expected future London Interbank Offered Rates (LIBOR), time remaining to the Share Purchase Agreement’s maturity date and general market and other conditions.  All required approvals from Daimler AG, Ford and AFCC were received prior to the closing of this transaction.  Ballard’s intellectual property rights are unaffected by this transaction.

Lazard Frères & Co. LLC acted as a financial advisor to Ballard for the transaction.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is a clean energy growth company with product leadership in fuel cell power solutions, initially on the material handling and stationary power markets. To learn more about Ballard, please visit www.ballard.com

This release contains forward-looking statements that are provided to enable external stakeholders to understand our expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Lori Rozali at telephone number 604-453-3683 or on e-mail media@ballard.com.  Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc.

For Immediate Release – November 16, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced that its partners IdaTech, LLC (“IdaTech”) and ACME Group (“ACME”) have terminated the existing supply agreement between the three parties and replaced it with a new, more flexible distribution agreement between IdaTech and ACME for fuel cell solutions for wireless telecom backup power in India. Under the terms of this new agreement, Acme can distribute a range of IdaTech fuel cell products, focused on the natural gas system currently under development at IdaTech.  The IdaTech natural gas fuel cell product development, incorporating Ballard’s FCgenTM 1300 stack, continues with good progress, as reported by IdaTech today.  Pricing and volume in the agreement are flexible and based on local market conditions. Shipment of the ElectraGenTM hydrogen systems, incorporating Ballard’s FCgenTM 1020 fuel cell stacks, under the original Supply Agreement is unaffected by this change.

Atul Sabharwal, Chief Operating Officer, ACME Group said, "ACME is pleased to have a new distribution agreement with IdaTech that will enable the deployment of fuel cell solutions in wireless telecom backup power in India. We feel as strongly as ever that a substantial market opportunity exists for fuel cells in India."

Hal Koyama, IdaTech’s Chief Executive Officer said, “We are looking forward to supplying ACME with our ElectraGenTM natural gas and hydrogen systems, both of which incorporate Ballard’s fuel cell stacks. There are tremendous opportunities for both of these products in telecommunications backup power in India and beyond.”

John Sheridan, Ballard's President and Chief Executive Officer said, “We continue to see clear evidence of the large market opportunity in India and are pleased to be moving forward with this ACME-IdaTech-Ballard partnership.”

Background

As previously disclosed, the original agreement was subject to meeting product acceptance testing (PAT) timelines. On July 2, 2009, Ballard announced that, together with its partner IdaTech, it had passed a PAT milestone and confirmed the order of 310 ElectraGenTM H2 hydrogen-based systems, incorporating 620 Ballard FCgenTM–1020 ACS fuel cell stacks, for ACME customers in the Indian market. These direct hydrogen units are not impacted by the new distribution agreement for natural gas systems. On September 23, 2009, IdaTech announced it would likely miss the PAT for the natural gas system, scheduled for October 16, 2009.

About Ballard Power Systems

Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

This release contains forward-looking statements that are provided to enable external stakeholders to understand our expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Lori Rozali at telephone number 604-453-3683 or on e-mail media@ballard.com. 

For Immediate Release – November 2, 2009

VANCOUVER, CANADA – Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced that John Sheridan, President & CEO will present at the Thomas Weisel Alternative Energy & Natural Resources Conference 2009 in New York on Tuesday, November 10th, 2009 at 2:05pm ET.

John Sheridan will provide an update on the business and discuss Ballard’s strategy within key fuel cell growth markets.  Visit www.ballard.com to learn more and listen to the live audio webcast.  A playback of the audio webcast will be available for 30 days following the conference.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Lori Rozali at telephone number 604-453-3683 or on e-mail media@ballard.com. Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc.

For Immediate Release – October 26, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced revenue of $9.0 million, a decrease of $3.3 million from the same period last year, and net loss of $12.0 million, an improvement of $3.5 million, for the third quarter ended September 30, 2009. Normalized net loss1 of $7.2 million reflects an improvement of $6.1 million relative to the third quarter of 2008. All amounts are in U.S. dollars, unless otherwise noted.

“While Ballard’s third quarter revenue is disappointing, the improvements in both operating loss and operating cash consumption1 reflect the significant changes that have been implemented in the business,” said John Sheridan, Ballard’s President and CEO. “With our recent restructuring and the development program of the low cost FCgenTM-1300 being substantially complete, we see continued improvement in Ballard’s cost base and a positive step towards profitability for the company.”

Given the continued softness in general economic conditions, Ballard has narrowed its full-year guidance to:
• Revenue: expected to come in at the low end of the previously stated range at $50.0 million, compared with $59.8 million in 2008. This reflects essentially flat performance year on year in Fuel Cell Products and significant decline in supporting business segments.
• Operating cash consumption1: expected to come in at the high end of the previously stated range at $27.0 million, compared to $29.3 million in 2008.

Third Quarter Highlights
• Organizational restructuring was completed, resulting in the elimination of approximately 20% of Ballard’s workforce.  This action, in tandem with other cost optimization initiatives, has resulted in a significant resetting of the company’s cost base of approximately 30%.
• Status update to the supply agreement between IdaTech, LLC, ACME Group and Ballard was issued by IdaTech, indicating that the product acceptance test (PAT) for the natural gas system, scheduled for October 16, 2009, would likely be missed. The agreement provides for an extension of the PAT deadline for up to six months if IdaTech files an acceptable remediation plan by November 16, 2009, with committed volumes to be reduced commensurate with the length of the delay.
• FCgenTM-1300 development program is substantially complete. This low-cost, reformate-tolerant stack is a cornerstone for Ballard’s future product platforms.
• The first bus in BC Transit’s 2010 Olympic fleet of 20 hydrogen fuel cell buses was introduced. BC Transit’s fleet will become the largest single deployment of zero-emission fuel cell buses worldwide and it is powered by Ballard’s heavy-duty fuel cell module, the FCvelocityTM-HD6.

Third Quarter 2009 Financial Highlights
• Revenue was $9.0 million (Q3 2008: $12.3 million), for a total of $30.2 million year-to-date. 
• Fuel Cell Products revenue declined 49% over the prior year quarter and are flat on a year-to-date basis. 
• Supporting business segment revenue (Contract Automotive and Material Products) declined 6% over the prior year quarter.
 
• Operating cash consumption1 was $4.4 million, representing an improvement of $2.1 million from the third quarter of 2008 ($6.5 million).
• This represents a $12.6 million improvement compared with Q2 2009 ($17.0 million).
• Ballard expects a positive cash flow in the fourth quarter of 2009. 
• Net Loss was $12.0 million or ($0.14) per share, a decrease of $3.5 million from Q3 2008 net loss of $15.5 million or ($0.19) per share.
• Normalized net loss1 was $7.2 million or ($0.09) per share, representing a $6.1 million decrease in loss from Q3 2008 ($13.2 million or ($0.16) per share), primarily as a result driven by reductions in operating expenses.
• Operating expenses were $8.7 million, excluding restructuring and related costs and depreciation and amortization, representing a decrease of $5.2 million from 2008.
• Cash reserves of $42.0 million and debt-free balance sheet.

Third Quarter 2009 Financial Results

Quarter Ended September 30, 2009

Our revenues for the three months ended September 30, 2009 decreased to $9.0 million, or 26%, compared to $12.3 million for the third quarter of 2008 as increases in our supporting Material Products business segment of $1.2 million were more than offset by declines in our core Fuel Cell Products business segment of $2.8 million and declines in our supporting Contract Automotive business segment of $1.7 million.

In our core Fuel Cell Products business segment, revenues decreased 49% to $2.9 million as increases in back-up power market revenues as a result of work completed on the FirstEnergy Corp. (“First Energy”) distributed power generator project combined with increased unit shipments in back-up power were more than offset by lower shipments in the material handing market and by lower residential cogeneration market revenues. As a reminder, management effected a decision to discontinue operations in EBARA BALLARD in May 2009.

In our supporting Contract Automotive and Material Products business segments, revenues decreased 6% to $6.2 million. Improvements in our Material Products segment of $1.2 million related to increased volumes of carbon friction material products in the U.S. automotive sector during the quarter were more than offset by declines in our Contract Automotive segment of $1.7 million related to lower automotive testing and engineering services provided to AFCC.

Our net loss for the three months ended September 30, 2009 decreased to $12.0 million, or ($0.14) per share, compared with a net loss of $15.5 million, or ($0.19) per share, in the third quarter of 2008. The third quarter of 2009 net loss includes restructuring and related expenses of $4.8 million relating to a 20% workforce reduction initiated in August 2009. 

Our normalized net loss1 for the third quarter of 2009 decreased $6.1 million, or 46%, to $7.2 million, or ($0.09) per share, compared with a normalized net loss of $13.2 million, or ($0.16) per share, for the corresponding period of 2008. Reductions in operating expenses (excluding restructuring and related expenses) of $5.2 million primarily as a result of our workforce reduction and cost optimization initiatives combined with improvements in investment and other income of $0.9 million more than offset the loss of revenue and related gross margin in the quarter.

Operating cash consumption1 for the third quarter of 2009 decreased $2.1 million to $4.4 million, compared to $6.5 million for the corresponding period in 2008. The lower operating cash consumption was driven by reduced working capital requirements primarily as a result of customer collections on our B.C. Transit 2010 Olympic fuel cell bus program and by lower operating expenses (net of restructuring and related payments) primarily as a result of our workforce reduction and cost optimization initiatives.

Nine Months Ended September 30, 2009

Our revenues for the nine months ended September 30, 2009 decreased to $30.2 million, or 26%, compared to $40.7 million for the first three quarters of 2008, as increases in our core Fuel Cell Products business segment of $0.4 million were more than offset by declines in our supporting Contract Automotive and Material Products business segments of $10.9 million.

Fuel Cell Products revenues increased 2% to $16.5 million due primarily to a $5.3 million, or 48%, increase in product and service revenues as a result of fuel cell bus shipments for the B.C. Transit 2010 Olympic and the Transport of London fuel cell bus programs combined with increases in back-up power market revenues as a result of work completed on the First Energy distributed power generator project and increased unit shipments as a result of the successful completion of the hydrogen unit product acceptance milestone with ACME. These increases were partially offset by lower shipments in the material handing market and by lower residential cogeneration market revenues. As a reminder, the decline in residential cogeneration relates to our decision to discontinue operations in EBARA BALLARD in May 2009.

Contract Automotive and Material Products revenues decreased 44% to $13.8 million due to lower shipments of light-duty automotive fuel cell modules to AFCC, lower shipments of carbon friction material products, and lower testing and engineering services provided to AFCC combined with the absence of engineering development revenues due to the elimination of light-duty automotive fuel cell program work subsequent to the closing of the AFCC Transaction on January 31, 2008 (the “AFCC Transaction”).

Our net loss for the nine months ended September 30, 2009 increased to $29.6 million, or ($0.35) per share, compared with net income of $52.1 million, or $0.61 per share, in the corresponding period of 2008. The net loss for the first three quarters of 2009 includes restructuring and related expenses of $6.2 million relating to a 20% workforce reduction initiated in August 2009 and a 7% workforce reduction initiated in March 2009, and a non-cash gain of $10.8 million related to our decision to discontinue operations in EBARA Ballard Corporation (“EBARA BALLARD”) on May 24, 2009. EBARA BALLARD was a joint venture with EBARA Corporation (“Ebara”) that was focused on the development, manufacture, sale, and servicing of stationary power systems for the residential cogeneration market in Japan. The net income for the first three quarters of 2008 includes a gain on sale of assets of $96.8 million related to the AFCC Transaction.  

Our normalized net loss1 the first nine months of 2009 decreased $5.7 million, or 15%, to $31.3 million, or ($0.37) per share, compared with a normalized net loss of $37.0 million, or ($0.43) per share, for the first nine months of 2008. Reductions in operating expenses (excluding restructuring and related expenses) of $10.8 million primarily as a result of our workforce reduction and cost optimization initiatives more than offset the decline in revenue and the related gross margin.

Operating cash consumption1 for the first three quarters of 2009 increased $11.2 million to $32.0 million, compared to $20.8 million for the corresponding period in 2008. The higher operating cash consumption was driven by higher working capital requirements due primarily to increased inventory investment and the draw down of deferred revenue, combined with increased capital expenditures.

 Product Shipments:

Revenue breakdown:

Endnotes:
1 Normalized net loss and operating cash consumption are non-GAAP measures used to assist in assessing Ballard’s financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Normalized net loss measures Ballard’s net loss after excluding items that are unusual in nature or do not reflect the normal continued operating activity of the business. Gains on sale of assets held for sale, losses from discontinued operations, write-downs of long-lived assets, restructuring and related expenses, and equity income (loss) in associated companies are not considered part of our core activities, and are expected to occur infrequently. Therefore Ballard removes these in the calculation of normalized net loss.  Operating cash consumption measures the amount of cash required to fund the operating activities of our business (net of restructuring and related costs) and excludes financing and investing activities except for net additions to property, plant and equipment.

For a more detailed discussion of Ballard Power Systems’ third quarter 2009 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.

Third Quarter 2009 Conference Call
Ballard will hold a conference call on Tuesday, October 27, 2009 at 8:00 a.m. PST (11:00 a.m. EST).  John Sheridan, President and CEO, and Bruce Cousins, Chief Financial Officer, will present Ballard’s 2009 third quarter financial results. The live call can be accessed by calling +1-604-638-5340. The live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast with slides will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

This release contains forward-looking statements, including estimated revenue and operating cash consumption contained in Ballard’s outlook, which are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the condition of the global economy, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

Further Information
For further information, or to arrange an interview with a Ballard spokesperson, please contact Lori Rozali at telephone number 604-453-3683 or on e-mail media@ballard.com.  Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc.

For Immediate Release – October 6, 2009

VANCOUVER, CANADA - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) will hold a conference call on Tuesday, October 27, 2009 at 8:00 a.m. PST (11:00 a.m. EST).  John Sheridan, President and CEO, and Bruce Cousins, Chief Financial Officer, will present Ballard’s 2009 third quarter financial results.

The live call can be accessed by calling +1-604-638-5340. The live audio webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast with slides will be archived in the Investor Events & Conference Calls section of Ballard’s website.

About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Media Relations at telephone number 604-453-3804 or on e-mail media@ballard.com.  Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc.

For Immediate Release – October 5, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) congratulates BC Transit, the Province of British Columbia, the Government of Canada, and its consortium partners on the introduction of the first bus in BC Transit’s fleet of 20 hydrogen fuel cell buses. Representatives from Ballard were on site as Premier Gordon Campbell unveiled “Bus 1” on Friday, October 3, 2009 in Vancouver. BC Transit’s fleet will become the largest single deployment of zero-emission fuel cell buses worldwide and it is powered by Ballard’s heavy-duty fuel cell module, the FCvelocityTM-HD6.

“All of us at Ballard are proud of to be partners in helping BC lead the way in adopting new technologies that support sustainable practices and reduce greenhouse gas emissions,” said John Sheridan, Ballard's President and Chief Executive Officer. “The BC Transit fuel cell bus fleet is an important proof point for the level of robustness and durability offered by Ballard clean energy products – not only in buses but also in material handling and stationary power.”

Fuel cell buses are zero-emission vehicles, with no greenhouse gases, particulates, or harmful emissions released during operation. Water is the only byproduct. BC Transit’s fleet of fuel cell buses is expected to reduce greenhouse gas emissions by around 1,800 tonnes per year in British Columbia.

Ballard’s FCvelocityTM-HD6 is ideal for integration into bus applications. It is designed to be a plug-and-play solution for any fuel cell or hybrid fuel cell bus platform and to be robust and durable in harsh motive conditions. The BC Transit fleet is the first that incorporates Ballard’s heavy-duty fuel cell module into a hybrid fuel cell / battery architecture with an electric drive, which enables higher vehicle efficiency and improved fuel cell durability. 

BC Transit's fleet of fuel cell buses will operate in revenue service in the Resort Municipality of Whistler, British Columbia during the 2010 Olympic and Paralympic Winter Games and beyond.

About Ballard Power Systems

Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Media Relations at telephone number 604-453-3804 or on e-mail media@ballard.com. 

For Immediate Release – September 23, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced that its partner IdaTech, LLC (“IdaTech”) has provided a status update to the supply agreement between IdaTech, ACME Group (“Acme”) and Ballard Power Systems (“Ballard”).

Ballard entered into the development and supply agreement with IdaTech and ACME in October 2008 for hydrogen and natural gas-based backup power systems. As previously disclosed, committed purchase volumes in the agreement are subject to meeting product acceptance testing (PAT) timelines. Ballard’s primary role in the agreement is to develop a low-cost, liquid-cooled fuel cell stack and to manufacture fuel cell stacks for IdaTech to integrate into systems to be deployed by ACME. IdaTech’s primary role in the contract is the development of the system, including the fuel processor and balance of plant.

While the PAT was successfully met for the hydrogen system in July 2009, IdaTech has now indicated that the PAT for the natural gas system, scheduled for October 16, 2009, will likely be missed. The agreement provides for an extension of the PAT deadline for up to six months if IdaTech files an acceptable remediation plan by November 16, 2009, with committed volumes to be reduced commensurate with the length of the delay.

John Sheridan, Ballard's President and Chief Executive Officer said, “We are certainly disappointed with this development and the implications on our 2010 product volumes. However, we are pleased with our progress on the development of the new FCgenTM-1300 low-cost, liquid-cooled stack.”  Mr. Sheridan continued, “Market feedback has confirmed the substantial Indian telecom market opportunity, and we remain committed to this market. Together with our partners, we are well-positioned to pursue opportunities for our fuel cell stacks in natural gas-based systems, as well as significant opportunities for methanol and hydrogen-based systems.”

Atul Sabharwal, Chief Operating Officer, ACME Group said, “ACME is also disappointed with this delay, but feels as strongly as ever that a substantial market opportunity exists for fuel cells in wireless telecom backup power and other applications in India, where reliable, cost-effective and environmentally-friendly solutions are greatly needed. We are excited about the potential for Ballard’s low-cost, fuel cell stack.”

About Ballard Power Systems

Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

This release contains forward-looking statements that are provided to enable external stakeholders to understand our expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Media Relations at telephone number 604-453-3804 or on e-mail media@ballard.com. 

For Immediate Release – August 6, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced an organizational restructuring, resulting in the elimination of 85 positions at its Burnaby, BC and Lowell, MA locations, representing approximately 20% of its workforce.

This restructuring narrows Ballard’s research and product development programs to focus on commercial priorities and also reduces the company’s administrative support and overhead positions. 

John Sheridan, President and CEO said that “while this was a difficult decision given the people implications, this move to a leaner, lower cost organizational structure, is a key step in Ballard’s drive to profitability.”

A third quarter charge of approximately $4 million will be recorded for related severance and restructuring costs, which is expected to be offset by savings in 2009.  On a full year basis, these organizational changes will result in cost savings of approximately $10 million annually.

About Ballard Power Systems

Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World®, visit www.ballard.com.

This release contains forward-looking statements, including estimated future expenses and cost savings contained in our outlook, which are provided to enable external stakeholders to understand our expectations as at the date of this release and may not be appropriate for other purposes.  These forward-looking statements are based on the beliefs and assumptions of Ballard’s management and 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. Such assumptions relate to Ballard’s financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand, and include matters such as generating new sales, producing, delivering and selling the expected number of units, and controlling its costs. 

These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including, without limitation, the rate of mass adoption of its products, product development delays, changing environmental regulations, its ability to attract and retain business partners and customers, its access to funding, increased competition, its ability to protect its intellectual property, changes in its customers’ requirements, foreign exchange impacts on its net monetary assets and its ability to provide the capital required for product development, operations and marketing. For a detailed discussion of these risk factors 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.

For further information, or to arrange an interview with a Ballard spokesperson, please contact Media Relations at telephone number 604-453-3804 or on e-mail media@ballard.com. 

For Immediate Release – July 28, 2009

VANCOUVER, CANADA– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced revenue of $13.1 million and net income of $0.01 per share for the second quarter ended June 30, 2009.  All amounts are in U.S. dollars, unless otherwise noted.

“Our core fuel cell products segment shows continued growth in the second quarter of 144% year over year, however this growth was largely offset by declines in our supporting business segments, reflecting the significant weakness in the automotive sector,” said John Sheridan, Ballard’s President and CEO.  He continued, “Profitability in the second quarter was driven by a one-time accounting gain from unwinding our Japanese residential cogeneration systems joint venture, EBARA Ballard.”

Considering the continued softness in Ballard’s legacy supporting business segments combined with the general economic conditions, Ballard has revised its annual revenue guidance to $50 million to $60 million.  However, with regards to operating cash consumption, Ballard reconfirms its guidance of $17 million to $27 million.

Second Quarter Highlights
• Product acceptance milestone passed with ACME Tele Power Ltd., confirming the order of 310 of IdaTech plc’s ElectraGenTM H2 hydrogen-based backup power units incorporating Ballard’s FCgenTM-1020 ACS fuel cell stack.
• FCgenTM-1300 development program is on track for product acceptance in the fourth quarter.  The low-cost, reformate-capable stack is a cornerstone for Ballard’s future product platforms.
• Motorola deploys FCgenTM-1020 ACS at 123 TETRA base stations throughout Denmark.
• FirstEnergy Corp. supply agreement to deliver a one megawatt distributed power generation solution for use in a utility load management demonstration project.
• Completed delivery of FCvelocityTM-HD6 modules for the B.C. Transit 2010 Olympic Fuel Cell Bus Fleet.
• EBARA Ballard Corporation operations in Japan discontinued.

Second Quarter 2009 Financial Highlights
• Revenue was $13.1 million (Q2 2008: $12.4 million), for a total of $21.2 million year-to-date. 
• Product and services revenues for the core Fuel Cell Products business segment grew 252% over the prior year quarter. 
• Fuel cell bus shipments for the B.C. Transit 2010 Olympic fuel cell bus program totaled $6.0 million.
• Backup power market revenues increased as a result of work completed on the FirstEnergy Corp. project and the successful completion of the hydrogen unit product acceptance milestone with ACME Tele Power Ltd.
• Supporting business segment revenue (Contract Automotive and Material Products) declined 59% over the prior year quarter, as impacted by auto sector conditions. 
 
• Operating expenses, excluding depreciation and amortization, for the second quarter decreased $1.0 million from 2008 to $13.0 million.
• Research and product development decreased $0.6 million to $8.5 million.
• Sales and Marketing flat at $1.9 million.
• General and Administrative decreased $0.4 million to $2.5 million.
• Operating cash consumption1 was $17.0 million, an increase of $11.9 million from the second quarter of 2008.
• The increase was driven by a $10.9 million increase in working capital requirements and $2.2 million in increased capital expenditures.
• The working capital impacts from the first and second quarter of 2009 are expected to reverse as cash receipts occur in the second half of the year from our long-term bus contracts. 
• Net Income was $1.0 million or $0.01 earnings per share, an increase of $14.5 million from Q2 2008 net loss of ($13.5) million. The current quarter net income reflects a one-time gain of $10.8 million from the unwinding of Ballard’s Japanese residential cogeneration joint venture, EBARA Ballard Corporation as the obligations for the windup fell to our partner EBARA Corporation.
• Normalized net loss1 was ($9.6) million or ($0.11) per share, representing a $1.3 million decrease in loss from Q2 2008 (($10.9) million) driven by reduced operating expenses and foreign exchange gains, partially offset by reduced engineering development revenues.
• Cash reserves of $48.2 million and debt-free balance sheet.

The company revised its full year guidance to:
• Revenue: lowered to $50 million to $60 million, compared with $59.8 million in 2008.
• Operating cash consumption1: reconfirmed at $17 million to $27 million, compared to $29.3 million in 2008.

Second Quarter 2009 Financial Results

Quarter ended June 30, 2009
Revenues for the three months ended June 30, 2009 increased to $13.1 million, or 6%, compared to $12.4 million for the second quarter of 2008 as increases in the core Fuel Cell Products business segment of $5.7 million more than offset declines in the supporting Contract Automotive and Material Products business segments of $5.0 million.

In Ballard’s Fuel Cell Products business segment, revenues increased 144% to $9.7 million due primarily to a $6.9 million, or 251%, increase in product and service revenues as a result of fuel cell bus shipments for the B.C. Transit 2010 Olympic fuel cell bus program (totaling $6.0 million) combined with increases in backup power market revenues as a result of work completed on the FirstEnergy Corp. distributed power generator project and increased unit shipments as a result of the successful completion of the hydrogen unit product acceptance milestone with ACME Tele Power Ltd.  These increases were partially offset by lower shipments in the material handing market and by lower residential cogeneration market revenues due to the absence of engineering development revenues as a result of the completion of the 1kW residential cogeneration fuel cell development program and due to the decision to discontinue operations in EBARA BALLARD in May 2009.

For the supporting Contract Automotive and Material Products business segments, revenues continued to be negatively impacted by the slowdown in the automotive sector. Revenues in these supporting areas decreased 59% to $3.4 million due to lower shipments of light-duty automotive fuel cell modules, lower shipments of carbon friction material products, and lower testing and engineering services provided to AFCC.

Net income for the three months ended June 30, 2009 increased to $1.0 million, or $0.01 per share, compared with a net loss of $13.5 million, or ($0.16) per share, in the second quarter of 2008. The second quarter net income in 2009 includes a non-cash gain of $10.8 million related to the decision to discontinue operations in EBARA Ballard Corporation on May 24, 2009. EBARA BALLARD was a joint venture with EBARA Corporation that was focused on the development, manufacture, sale, and servicing of stationary power systems for the residential cogeneration market in Japan. 

Normalized net loss1 for the second quarter of 2009 decreased $1.3 million, or 12%, to $9.6 million, or ($0.11) per share, compared with a normalized net loss of $10.9 million, or ($0.13) per share, for the corresponding period of 2008. Reductions in operating expenses of $1.0 million combined with improvements in investment and other income of $0.8 million more than offset the loss of engineering development revenues of $1.2 million.

Operating cash consumption1 for the second quarter of 2009 increased $11.9 million to $17.0 million, compared to $5.1 million for the corresponding period in 2008. The higher operating cash consumption was driven by higher working capital requirements of $9.6 million (net of restructuring and related payments of $1.4 million) due primarily to the timing of collections of product and service revenues and the payment of our remaining 2008 annual employee bonuses. Increased capital expenditures of $2.2 million were partially offset by the lower normalized net loss of $1.3 million.

Six months ended June 30, 2009
Revenues for the six months ended June 30, 2009 decreased to $21.2 million, or 25%, compared to $28.4 million for the first two quarters of 2008, as increases in the core Fuel Cell Products business segment of $3.2 million were more than offset by declines in the supporting Contract Automotive and Material Products business segments of $10.4 million.

Fuel Cell Products revenues increased 31% to $13.6 million due primarily to a $6.7 million, or 99%, increase in product and service revenues as a result of fuel cell bus shipments for the B.C. Transit 2010 Olympic and the Transport of London fuel cell bus programs combined with increases in backup power market revenues as a result of work completed on the First Energy distributed power generator project and increased unit shipments as a result of the successful completion of the hydrogen unit product acceptance milestone with ACME. These increases were partially offset by lower shipments in the material handing market and by lower residential cogeneration market revenues due to the absence of engineering development revenues as a result of the completion of the 1kW residential cogeneration fuel cell development program and due to our decision to discontinue operations in EBARA BALLARD in May 2009.

Contract Automotive and Material Products revenues decreased 58% to $7.6 million due to lower shipments of light-duty automotive fuel cell modules, lower shipments of carbon friction material products, and lower testing and engineering services provided to AFCC combined with the absence of engineering development revenues due to the elimination of light-duty automotive fuel cell program work subsequent to the closing of the AFCC Transaction on January 31, 2008 (the “AFCC Transaction”).

Net loss for the six months ended June 30, 2009 increased to $17.6 million, or ($0.21) per share, compared with net income of $67.6 million, or $0.77 per share, in the corresponding period of 2008. The first half net income in 2008 includes a gain on sale of assets of $96.8 million related to the AFCC Transaction. The first half net loss in 2009 includes a gain on discontinuance of operations in EBARA BALLARD of $10.8 million and restructuring and related expenses of $1.4 million relating to a 7% workforce reduction initiated in March 2009. 

Normalized net loss1 for the first six months of 2009 increased 1%, or $0.3 million, to $24.1 million, or ($0.29) per share, compared with a normalized net loss of $23.8 million, or ($0.27) per share, for the first six months of 2008. Product and service revenue and related gross margin declines of $2.1 million and $1.5 million, respectively, combined with lower engineering development revenues of $5.2 million, were only partially offset by reductions in operating expenses of $5.8 million (net of restructuring and related expenses of $1.4 million).

Operating cash consumption1 for the first half of 2009 increased $13.7 million to $27.9 million, compared to $14.2 million for the corresponding period in 2008. The higher operating cash consumption was driven by higher working capital requirements of $7.2 million due primarily to the timing of collections of product and service revenues and increased inventory investment, combined with increased capital expenditures of $3.4 million and the slightly higher normalized net loss. 

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