Ballard Signs Multi-Year Agreements with Azure Hydrogen for China Fuel Cell Bus Program

Further to the MOU announced on May 28, Ballard Power Systems

today announced the signing of multi-year definitive agreements to support Azure Hydrogen's (Azure's) zero emission fuel cell bus program for the China market. Azure plans to partner with Chinese bus manufacturers in a phased development program for deployment of zero emission fuel cell buses in China, utilizing Ballard's world leading fuel cell technology. For the first phase of the program, Ballard has agreed to provide a license, associated equipment and Engineering Services to enable assembly of FCvelocity®-HD7 bus power modules by Azure in China. As per the agreements, once this assembly capability is established, Azure will assemble modules with fuel cell stacks to be supplied exclusively by Ballard. The expected value of the contract to Ballard over the initial 12-months of the first phase will be approximately $11 million, related to the license for module assembly together with associated equipment and services. If Azure's China bus program progresses as planned, the contract will generate value beyond the $11 million license revenue, commensurate with the volume of fuel cell stacks to be ordered. The signing of the agreements took place at the World