en.Wedoany.com Reported - Ballard Power Systems has announced the acquisition of UK-based GeoPura for £275 million, a move that will propel the company into the hydrogen-based stationary power generation and energy-as-a-service market on a large scale.
The transaction involves a combination of cash and equity consideration, with Ballard paying £82.5 million in cash and issuing approximately 50.8 million common shares to GeoPura shareholders. An additional £27.5 million in contingent consideration is tied to post-closing financial milestones. Including net debt, the total enterprise value is approximately £301.1 million.
Founded in 2019, GeoPura primarily develops and operates hydrogen power units (HPUs) for off-grid and temporary power applications in sectors such as construction, media, defense, healthcare, and data infrastructure. Its business model combines equipment leasing with hydrogen production and logistics, and it holds a 50% equity stake in the UK's HyMarnham Power facility.
Ballard stated that the acquisition will create a vertically integrated hydrogen platform encompassing fuel cells, hydrogen supply chains, and end-use power systems, helping the company further expand into recurring energy-as-a-service revenue streams. The combined business is expected to focus on applications requiring independent grids, low emissions, and high-reliability power.
The two companies had previously established a partnership, which Ballard believes lays the foundation for this integration. The acquisition also brings GeoPura's customer base into Ballard's portfolio, including major industrial and technology users such as Microsoft, BBC, Disney, and Equinix.
Ballard CEO Marty Neese stated that the deal enables the company to capitalize on growing demand for resilient, low-carbon electricity, accelerate its shift toward recurring revenue streams, and clarifies a path to profitability by 2028.
GeoPura founder Andrew Cunningham said that Ballard is the most suitable partner for scaling up hydrogen fuel cell deployment globally, and highlighted the alignment in technical coordination and engineering capabilities between the two parties.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals, including under the UK National Security and Investment Act and approval from the Toronto Stock Exchange (TSX).
