Ballard Power Acquires GeoPura for £301.1M
Ballard Power has entered into a definitive agreement to acquire GeoPura, a zero-emission hydrogen-based power solutions provider. The transaction consists of an upfront equity purchase price of GBP275.0M, funded through a combination of GBP82.5M in Ballard cash on hand and the issuance of ~50.8 million Ballard common shares to GeoPura shareholders, at $5.02 per share. In addition to the upfront consideration, Ballard will pay contingent consideration of up to GBP27.5M if GeoPura achieves certain specified financial milestones after closing of the transaction. The total transaction enterprise value, including assumption of GeoPura net debt and excluding contingent consideration, is GBP301.1M, approximately $400M. The transaction establishes Ballard as a vertically integrated energy-as-a-service provider with end-to-end capabilities spanning hydrogen production, distribution, logistics, refueling, fuel cells, and high-performance stationary power solutions. Founded in 2019 and headquartered in the U.K., GeoPura has built a business focused on developing, leasing and selling Hydrogen Power Units and hydrogen fuel supplied through its three production sites, including a 50% ownership interest in UK-based HyMarnham Power. Upon closing, GeoPura shareholders are expected to own approximately 14.4% of Ballard on a pro-forma basis. Following completion, GeoPura's CEO Andrew Cunningham is expected to assume the role of President of Ballard. Additionally, Ballard expects to include Andrew Cunningham and Lord Richard Harrington, current Chairman of GeoPura, as nominees to its Board of Directors, designated by GeoPura shareholders. The transaction is expected to close in the second half of 2026.
