Ballard to Buy U.K. Hydrogen Power Company GeoPura For as Much as $401 Million

Dow Jones06-23

By Robb M. Stewart

Ballard Power Systems is buying U.K. hydrogen-power company GeoPura for up to 302.5 million pounds ($401 million) as it looks to expand its current fuel cell business and pushes toward profitability by 2028.

The Canadian company said Tuesday it entered a definitive agreement to acquire GeoPura.

An initial 275 million pounds will be funded with 82.5 million pounds of cash on hand plus the issuance of 50.8 million Ballard shares. Ballard will pay a further 27.5 million pounds if GeoPura hits certain financial milestone after the deal closes.

The combination of the companies builds on an existing partnership that has seen Ballard supply the U.K. company with fuel-cell engines for hydrogen power units.

A tie-up will bring together Ballard's fuel cell technology with GeoPura's hydrogen production, logistics, and stationary power capabilities.

Ballard President and Chief Executive Marty Neese said the acquisition is expected to significantly accelerate revenue growth, shifting the company's business toward recurring, high-margin revenue.

Founded in 2019, GeoPura develops, leases and sells hydrogen power units and hydrogen fuel supplied from three production sites, including a 50% ownership interest in U.K.-based HyMarnham Power.

GeoPura's customers includes Aggreko, Balfour Beatty, Disney, Microsoft, Netflix, and the U.K.'s Ministry of Defence.

Ballard's said combining its technology with GeoPura's operations will maximize revenue per megawatt and establishes Ballard's entry into the high-growth stationary power market. GeoPura expects 2026 revenue to be about 38 million pounds, it said.

Ballard said the enterprise value of the takeover is about $400 million including debt but not the contingent payment. GeoPura shareholders are expected to own about 14% of Ballard on a pro-forma basis when the transaction closes.

GeoPura's founder and CEO Andrew Cunningham is set to become president of Ballard, reporting to Neese. Ballard said it expects to include Cunningham and GeoPura Chairman Lord Richard Harrington as nominees to its board as GeoPura nominees.

The deal is set to close in the second half of 2026, Ballard said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

June 23, 2026 08:58 ET (12:58 GMT)

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Ballard to Buy U.K. Hydrogen Power Company GeoPura For as Much as $401 Million

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