The investment was made through a private placement subscription of 3,322,479 common shares issued from treasury at a price per share of $1.5049 (based on a 10-day volume weighted average price calculation).

Ballard intends to use the proceeds from the financing for general corporate purposes, including the potential funding of future acquisitions or investments in complementary businesses, products or technologies.

Nisshinbo Holdings Inc. provides low-carbon, optimized products across a range of business lines, including chemicals, precision instruments, electronics, automotive brakes, textiles and paper. Nisshinbo has supplied Ballard with compression molded bipolar flow field carbon plates for 20 years, for use in the manufacture of proton exchange membrane (PEM) fuel cells.