Ballard Power Systems announced that it has entered into a definitive agreement to acquire GeoPura, a UK-based provider of zero-emission hydrogen-based power solutions.
The transaction consists of an upfront equity purchase price of £275 million, funded through £82.5 million in Ballard cash on hand and the issuance of about 50.8 million Ballard common shares to GeoPura shareholders.
The total transaction enterprise value, including the assumption of GeoPura net debt and excluding contingent consideration, is £301.1 million, or approximately $400 million.
Ballard will also pay contingent consideration of up to £27.5 million if GeoPura achieves certain financial milestones after closing.
Ballard said the acquisition will transform the company into a vertically integrated energy-as-a-service provider with end-to-end capabilities across hydrogen production, distribution, logistics, refueling, fuel cells, and stationary power generation.
Founded in 2019 and headquartered in the United Kingdom, GeoPura develops, leases, and sells Hydrogen Power Units and supplies hydrogen fuel through three production sites.
GeoPura also owns a 50% interest in UK-based HyMarnham Power.
The company’s hydrogen power systems are designed to provide grid-independent power with high reliability, instant-on responsiveness, low noise, and zero emissions.
GeoPura serves customers across several end markets, including construction, film and television, events, transportation, healthcare, defense, infrastructure, and data centers.
Its customer base includes Aggreko, Balfour Beatty, BBC, Disney, Equinix, Microsoft, Netflix, Sunbelt Rentals, the UK Ministry of Defence, and others.
The acquisition builds on an existing partnership between Ballard and GeoPura, under which Ballard supplies fuel cell engines for GeoPura’s Hydrogen Power Units.
Ballard said the combined platform will increase revenue per megawatt through a bundled offering that includes hydrogen production, logistics, stationary power capabilities, and fuel cell technology.
GeoPura expects 2026 revenue to be approximately £38 million.
Ballard said the acquisition supports its path to profitability by 2028 and is expected to unlock about $25 million in annual run-rate EBITDA synergies through revenue expansion and cost optimization.
Under the terms of the deal, GeoPura shareholders are expected to own about 14.4% of Ballard on a pro forma basis after closing.
Following completion, GeoPura Founder and CEO Andrew Cunningham is expected to become President of Ballard, reporting to Ballard CEO Marty Neese.
Ballard also expects to include Cunningham and GeoPura Chairman Lord Richard Harrington as nominees to its Board of Directors.
The transaction has been unanimously approved by the Boards of Directors of Ballard and GeoPura.
The deal is expected to close in the second half of 2026, subject to customary closing conditions, including a UK National Security and Investment Act filing and Toronto Stock Exchange approval for the issuance of Ballard shares.
RBC Capital Markets is serving as exclusive financial advisor to Ballard. Ashurst and Stikeman Elliott are serving as legal counsel to Ballard.
Barclays is serving as exclusive financial advisor to GeoPura, and Winston Taylor is serving as legal counsel to GeoPura.
KEY QUOTES:
“This is a truly transformative acquisition that establishes Ballard as a leading, fully integrated hydrogen ecosystem provider and positions us to capitalize on the accelerating global energy transition and increasing demand for energy resilience. GeoPura’s exceptional team has built a best-in-class hydrogen power solutions business with reliable technology, blue-chip customer relationships, and an attractive growth trajectory. By combining Ballard’s world-class fuel cell technology with GeoPura’s energy-as-a-service business model, we create a Company well-positioned to serve end-markets demanding secure, reliable, low noise, and emissions free power for their mission-critical applications. This acquisition significantly accelerates our revenue growth, shifts our business toward recurring, high-margin revenues and reinforces our path to profitability by 2028. We’re excited to welcome the GeoPura team to Ballard and to execute on the significant opportunities ahead.”
Marty Neese, President and CEO of Ballard
“When your work powers film and live television, hospitals, defence, essential infrastructure, and construction with reliable off-grid and grid-support systems, your engine supplier is central to your success. For GeoPura, Ballard has stood head and shoulders above the rest. They are the only partner able to deliver the fuel cell capabilities we need, backed by the deep engineering expertise required to ensure unbeatable product quality from kilowatt to megawatt. I am incredibly excited to combine GeoPura’s high-performance capabilities with Ballard’s product excellence, giving customers worldwide the best value from our fully integrated energy-as-a-service offering.”
Andrew Cunningham, Founder and CEO of GeoPura
“Ballard’s investment reflects its confidence in a UK manufacturing business using UK technology that will now be exported around the world. I am excited by the company’s global expansion plans and look forward to supporting them on this journey.”
Lord Richard Harrington, Chairman of GeoPura
