Ballard: Fuel Cell Licensing & Engineering Services Agreement

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VANCOUVER - Ballard Power Systems (BLDP) (BLD.TO) announced that it has signed a definitive agreement for the sub-license of intellectual property (IP) to M-Field Energy Corporation ("M-Field"), a sustainable energy company, for material handling systems to be deployed in Europe. Ballard will also provide M-Field with Engineering Services support into early-2015 through Dantherm Power A/S, the Company's subsidiary in Denmark, to assist in optimizing system integration activities utilizing Ballard fuel cell stacks. The agreement has a value of approximately $1 million.

Steve Karaffa, Ballard's Chief Commercial Officer said, "This deal furthers our three-level business model, by leveraging Engineering Services and applicable IP in order to support the penetration of fuel cell products in a variety of geographic markets."

H2 Logic A/S, a leading European manufacturer of hydrogen refueling stations and fuel cell systems for applications such as forklift trucks and tow tractors, has made a strategic decision to narrow its business focus to hydrogen refueling stations. Ballard has acquired the material handling intellectual property portfolio of H2 Logic A/S and is sub-licensing this IP to M-Field under the agreement announced today.

Also under the agreement, Ballard will be the exclusive supplier of fuel cell stacks – including the FCgen™-1020ACS air-cooled and FCvelocity™-9SSL liquid-cooled stack products – for all material handling systems deployed by M-Field in Europe.

Interest in fuel cell-powered forklift trucks for use in high-throughput indoor distribution centers and warehouses is the result of financial benefits associated with increased productivity and lower operating costs, compared to incumbent lead acid battery-powered trucks. Fuel cell systems are also a zero-emission, clean energy alternative that eliminates costs associated with handling and storing toxic materials, such as lead acid batteries.

About Ballard Power Systems
Ballard Power Systems (BLD.TO) (BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products deliver incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.

Contact:
Guy McAree +1.604.412.7919, media@ballard.com or investors@ballard.com
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