Ballard Power Systems has completed its acquisition of GeoPura for £275 million in upfront consideration, combining Ballard’s fuel cell technology with GeoPura’s hydrogen generation, distribution and Energy-as-a-Service operations.
GeoPura, founded in 2019, develops and operates Hydrogen Power Units designed to provide low-noise, off-grid electricity using Ballard fuel cell modules.
The company also produces green hydrogen through electrolysis at dedicated facilities and operates what Ballard describes as the U.K.’s largest compressed hydrogen distribution fleet.
The acquisition extends Ballard beyond supplying fuel cell technology into a vertically integrated hydrogen energy model.
GeoPura’s Hydrogen Power Units, hydrogen production and logistics infrastructure will be combined with Ballard’s fuel cell engineering to provide turnkey Energy-as-a-Service offerings.
Ballard sees opportunities across applications including construction, events, film production, healthcare, defense and temporary power infrastructure, alongside its existing fuel cell engine business serving bus, rail and marine markets.
The £275 million upfront consideration consists of £82.5 million in cash, 49,584,212 newly issued Ballard common shares and restricted share units that will settle after 12 months into another 1,084,540 shares.
Former GeoPura shareholders now own approximately 14.1% of Ballard on a pro forma basis.
Ballard could also pay another £27.5 million of contingent consideration if GeoPura achieves specified post-closing financial milestones, bringing potential total consideration to £302.5 million.
GeoPura executive Andrew Cunningham has become President of Ballard and will report to CEO Marty Neese.
Cunningham and former U.K. Business and Industry Minister Lord Richard Harrington, who served as Chairman of GeoPura, have also joined Ballard’s board as nominees of the former GeoPura shareholders.
KEY QUOTES:
“By bringing GeoPura’s clean power generation platform together with Ballard’s fuel cell stack engineering under one roof, we provide our customers with a single, integrated source for reliable zero-emission power.”
Marty Neese, CEO Of Ballard Power Systems
“Together, we combine world-leading fuel cell technology with proven hydrogen power production and infrastructure expertise to deliver reliable, zero-emission energy where and when it’s needed.”
Andrew Cunningham, President Of Ballard Power Systems
