Ballard Power Systems to Acquire GeoPura in $400 Million Hydrogen Deal

The transaction, valued at £301.1 million, will be settled through £82.5 million in cash and the issuance of 50.8 million Ballard common shares. Shareholders of GeoPura are expected to hold a 14.4% stake in the combined entity upon closing, which is anticipated for the second half of 2026. Beyond the initial purchase price, Ballard has agreed to pay up to £27.5 million in contingent consideration tied to future financial performance.

GeoPura, founded in 2019, provides zero-emission hydrogen power units to a diverse client base including Microsoft, Netflix, and the UK Ministry of Defence. By integrating GeoPura’s leasing model and hydrogen supply chain—including a 50% stake in the HyMarnham Power facility—Ballard projects $25 million in annual EBITDA synergies. CEO Marty Neese stated that the acquisition aligns with the company’s 2028 profitability goals by shifting toward recurring, high-margin revenue streams.

Following the acquisition, GeoPura CEO Andrew Cunningham will join Ballard as President, with both he and Lord Richard Harrington slated for nomination to the Ballard Board of Directors. The deal remains subject to regulatory approvals, including filings under the UK National Security and Investment Act.