Ballard Power Systems completes acquisition of GeoPura

Ballard Power Systems Inc. has completed its acquisition of UK-based GeoPura Limited, a move that transforms the Vancouver-based company into an integrated hydrogen energy solutions provider. The deal involves an upfront consideration of £275 million, consisting of £82.5 million in cash and approximately 49.6 million newly issued Ballard common shares and restricted share units. Total consideration could reach £302.5 million if specific financial milestones are met.

The acquisition combines Ballard’s fuel cell technology with GeoPura’s hydrogen production, distribution, and Energy-as-a-Service (EaaS) operations. GeoPura specializes in Hydrogen Power Units (HPU) that provide low-noise, off-grid electricity, and operates the largest compressed hydrogen distribution fleet in the UK.

Through this integration, Ballard aims to offer turnkey solutions for sectors including construction, healthcare, defense, film production, and temporary power infrastructure, complementing its existing business in the bus, rail, and marine markets. Following the deal, former GeoPura shareholders hold approximately 14.1% of Ballard on a pro forma basis. GeoPura executive Andrew Cunningham has joined Ballard as President.