-- Transformative acquisition of a rapidly growing market leader of
large-scale zero-emission hydrogen-based stationary power solutions
-- Expands Ballard's business model to include an energy-as-a-service
solution with a bundled offering combining hydrogen production,
distribution, logistics, refueling, fuel cells, and stationary power
generation to drive higher revenue per megawatt and highly recurring
revenue potential
-- Builds upon a longstanding and proven partnership with GeoPura, where
Ballard supplies fuel cell engines to GeoPura's Hydrogen Power Units
-- Expands addressable market into high-growth end-markets in a capitally
efficient manner, supported by secured hydrogen supply and government
policy backing
-- Maintains Ballard's path to profitability by 2028, unlocking US$25
million in annual run-rate EBITDA synergies
VANCOUVER, BC, June 23, 2026 /CNW/ - Ballard Power Systems Inc. $(BLDP)$ (TSX: BLDP) ("Ballard", the "Company"), a global leader in hydrogen fuel cell technology, today announced that it has entered into a definitive agreement (the "Agreement") to acquire GeoPura Limited ("GeoPura"), a zero-emission hydrogen-based power solutions provider (the "Transaction"). The Transaction consists of an upfront equity purchase price of GBP275.0 million ("Upfront Consideration"), funded through a combination of GBP82.5 million in Ballard cash on hand and the issuance of 50.8 million Ballard common shares to GeoPura shareholders, at US$5.02 per share, based on Ballard's 30-day volume-weighted average share price. In addition to the Upfront Consideration, Ballard will pay contingent consideration of up to GBP27.5 million if GeoPura achieves certain specified financial milestones after closing of the Transaction. The total transaction enterprise value(1) , including assumption of GeoPura net debt and excluding contingent consideration, is GBP301.1 million (US$400 million).
The Transaction represents a transformative acquisition that establishes Ballard as a vertically integrated and capitally efficient energy-as-a-service ("EaaS") 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 United Kingdom, GeoPura has built a rapidly growing business focused on developing, leasing and selling Hydrogen Power Units ("HPUs") and hydrogen fuel supplied through its three production sites, including a 50% ownership interest in UK-based HyMarnham Power. The combined HPU and fuel offering delivers a competitive, grid-independent power solution with high reliability, instant-on responsiveness, low noise, and zero-emissions across a variety of end-markets. GeoPura's broad customer base includes Aggreko, Balfour Beatty, BBC, Disney, Equinix, Microsoft, Netflix, Sunbelt Rentals, UK Ministry of Defence, and others.
The Transaction builds on a proven Ballard-GeoPura partnership and strong strategic alignment. GeoPura's UK-developed technology and British manufacturing complement Ballard's Canadian fuel cell expertise, creating a platform grounded in shared values, common history, and a commitment to reliable, zero-emission power. This Canadian-British combination supports global expansion by pairing GeoPura's hydrogen ecosystem with Ballard's world-class fuel cell platform to deliver a bundled customer offering and unlock meaningful efficiencies for existing and future customers.
MANAGEMENT REMARKS
Marty Neese, President and Chief Executive Officer of Ballard, commented, "This is a truly transformative acquisition that establishes Ballard as a leading, fully integrated hydrogen ecosystem provider and positions us to capitalize on the accelerating global energy transition and increasing demand for energy resilience. GeoPura's exceptional team has built a best-in-class hydrogen power solutions business with reliable technology, blue-chip customer relationships, and an attractive growth trajectory. By combining Ballard's world-class fuel cell technology with GeoPura's energy-as-a-service business model, we create a Company well-positioned to serve end-markets demanding secure, reliable, low noise, and emissions free power for their mission-critical applications. This acquisition significantly accelerates our revenue growth, shifts our business toward recurring, high-margin revenues and reinforces our path to profitability by 2028. We're excited to welcome the GeoPura team to Ballard and to execute on the significant opportunities ahead."
Andrew Cunningham, Founder and Chief Executive Officer of GeoPura, commented, "When your work powers film and live television, hospitals, defence, essential infrastructure, and construction with reliable off-grid and grid-support systems, your engine supplier is central to your success. For GeoPura, Ballard has stood head and shoulders above the rest. They are the only partner able to deliver the fuel cell capabilities we need, backed by the deep engineering expertise required to ensure unbeatable product quality from kilowatt to megawatt. I am incredibly excited to combine GeoPura's high-performance capabilities with Ballard's product excellence, giving customers worldwide the best value from our fully integrated energy-as-a-service offering."
GeoPura Chairman, Lord Richard Harrington, former Business and Industry Minister and Chair of Make UK said, "Ballard's investment reflects its confidence in a UK manufacturing business using UK technology that will now be exported around the world. I am excited by the company's global expansion plans and look forward to supporting them on this journey."
COMPELLING STRATEGIC RATIONALE
-- Building an Ecosystem with a Bundled Offering: By combining Ballard's
fuel cell technology with GeoPura's integrated hydrogen production,
logistics, and stationary power capabilities, the Company maximizes
revenue per megawatt through multiple customer touchpoints. This results
in a significant increase in lifetime value capture of each megawatt
deployed.
-- Access to Stationary Power Market with Proven Product Portfolio:
Establishes Ballard's entry into the high-growth stationary power market
with an immediately deployable and proven hydrogen genset product suite
delivering "six nines" reliability (99.9999% uptime) and well-established
customer base. GeoPura's HPUs serve construction, film and television,
events, transportation, healthcare, defence, and potentially the rapidly
expanding data centre applications, positioning Ballard to capture these
growing markets globally.
-- Accelerating Growth and Profitability: GeoPura's business model generates
recurring revenues from HPU leasing with hydrogen supply and logistics,
alongside HPU and hydrogen sales. GeoPura expects 2026 revenue to be
approximately GBP38 million. Together with Ballard, the large total
addressable market and secular tailwinds reshape Ballard's financial
profile into an EaaS operator with accelerated growth and a clearer
pathway to Ballard's 2028 profitability target.
-- Unlocking Total Addressable Market Growth with Supportive Policy
Environment: GeoPura's stationary power platform expands Ballard's
addressable market beyond mobility and into high-growth end-markets where
HPUs serve as mission-critical power infrastructure. GeoPura also holds
the UK government's inaugural Hydrogen Allocation Round 1 (HAR1) contract,
a subsidy mechanism guaranteeing hydrogen production revenues over
fifteen years, providing substantial revenue visibility. This policy
support, combined with GeoPura's 50% ownership of the HyMarnham hydrogen
production facility and its capitally efficient expansion capacity,
uniquely positions Ballard to expand its market reach and capitalize on
accelerating decarbonization mandates and critical power demands
globally.
-- Highly Synergistic: The longstanding Ballard-GeoPura technology
partnership provides a proven foundation upon which to grow the business
and integrate the two highly complementary teams. Ballard will achieve
structural cost advantages that enhance competitive positioning while
creating demand pull-through within HPU end-markets. Approximately US$25
million in high-confidence run-rate EBITDA synergies have been identified,
driven by revenue expansion and cost optimization. GeoPura's experienced
management team strengthens execution and accelerates value realization.
TRANSACTION TERMS AND FINANCING DETAILS
Under the terms of the Agreement, Ballard will acquire 100% of GeoPura, including GeoPura's 50% ownership in HyMarnham Power, for total Upfront Consideration of GBP275.0 million. The Upfront Consideration will be funded with GBP82.5 million in Ballard cash on hand, with the remainder to be funded through newly issued Ballard common shares provided to GeoPura shareholders, thereby maintaining Ballard's strong balance sheet. The number of Ballard shares to be issued to GeoPura shareholders is 50.8 million, calculated based on a 30-day volume-weighted average price of Ballard common shares preceding announcement of the Transaction. Upon closing of the Transaction, GeoPura shareholders are expected to own approximately 14.4% of Ballard on a pro-forma basis. GeoPura shareholders will also enter into customary lock-up agreements restricting the sale or transfer of their Ballard common shares for a specified period following the closing of the Transaction.
In addition to the Upfront Consideration, Ballard will pay contingent consideration of up to GBP27.5 million if GeoPura achieves certain financial milestones after closing of the Transaction.
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June 23, 2026 08:05 ET (12:05 GMT)
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