Ballard Power completes £275M acquisition of GeoPura

Ballard Power Systems has completed its £275 million acquisition of British hydrogen power provider GeoPura Limited. The deal marks a strategic shift for the Canadian fuel cell manufacturer, moving it from a component supplier to an integrated hydrogen energy services provider.

Through this acquisition, Ballard gains access to GeoPura’s power systems, hydrogen production facilities, and the United Kingdom’s largest compressed hydrogen distribution fleet. GeoPura specializes in providing off-grid electricity via Hydrogen Power Units that replace diesel generators at construction sites and events. The company also utilizes electrolyzers to produce green hydrogen.

The transaction was financed through £82.5 million in cash and the issuance of approximately 49.6 million common shares. Ballard may also pay an additional £27.5 million in performance-based payments if specific financial targets are met. Former GeoPura shareholders now hold approximately 14.1% of Ballard’s outstanding common shares. This expansion is intended to bolster Ballard’s European presence and provide a platform for potential expansion into North America.