• Acquisition of United Technologies fuel cell IP portfolio
• Strategic alliance with United Technologies focused on IP licensing

VANCOUVER, April 24, 2014 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP)(
TSX: BLD) today announced that it has acquired the transportation- and
stationary-related fuel cell intellectual property (IP) assets of
United Technologies Corporation (“UTC”, NYSE: UTX). These assets
consist of approximately 800 patents and patent applications, as well
as patent licenses, invention disclosures and know-how primarily
related to Proton Exchange Membrane (PEM) fuel cell technology.

John Sheridan, Ballard President and CEO said, “We believe that this
acquisition gives Ballard a commanding position in strategic fuel cell
IP, strengthening our ability to grow shareholder value. Further, our
new alliance with United Technologies will bolster Ballard’s execution
capabilities, particularly in the generation of IP licensing revenue.”

In addition to incremental IP licensing revenue opportunities, the
acquired intellectual property assets will support other key elements
of Ballard’s corporate strategy: engineering service capabilities will
be expanded in both automotive and non-automotive markets; and fuel
cell product sales will be accelerated through product development
initiatives in areas such as durability and balance of plant
simplification.

As consideration for the patents and patent applications as well as
patent licenses, invention disclosures and know-how, UTC has received
5.1 million Ballard common shares, $2 million in cash, a grant back
license to use the patent portfolio in UTC’s existing businesses and a
royalty on Ballard’s future IP licensing income generated from the
combined IP portfolio.

In connection with the transaction, Ballard and United Technologies have
formed a strategic alliance led by a joint Advisory Council. The
Advisory Council will focus on licensing and other commercial market
opportunities arising from the combination of the acquired UTC
portfolio with Ballard’s extensive intellectual property.

Kelly Romano, Vice President of UTC’s Innovation Business Development
group added, “With over 50 years of leading edge technology
development, UTC’s fuel cell IP portfolio is widely recognized as one
of the foundational and pioneering technology assets in the space. We
are excited to announce today’s alliance with Ballard to continue the
development and commercialization of these valuable assets.”

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 deliver incomparable performance, durability and
versatility. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated
shipments, product attributes and corresponding value propositions for
our customers. 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.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Ballard Common Shares
have not been registered under the United States Securities Act of
1933, as amended, or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.

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

SOURCE Ballard Power Systems Inc.