Vancouver-based Ballard Power Systems has completed its £275 million acquisition of UK hydrogen power specialist GeoPura, bringing hydrogen generation, fuel-cell power and distribution capabilities under one business.
GeoPura, founded in 2019, develops Hydrogen Power Units (HPUs) for off-grid applications using Ballard fuel-cell modules. Its activities also include green hydrogen production and hydrogen distribution in the UK.
The acquisition gives Ballard a more vertically integrated position in the hydrogen power market, allowing it to offer complete power solutions rather than focusing primarily on fuel-cell technology.
The deal comprises £82.5 million in cash, 49.6 million newly issued Ballard shares and additional restricted share units that will convert into a further 1.08 million shares in 12 months. Former GeoPura shareholders will hold about 14.1% of Ballard’s outstanding shares on a pro-forma basis. A further £27.5 million could be paid if GeoPura meets specified financial targets.
GeoPura’s HPU systems use hydrogen to produce electricity without the local emissions associated with conventional diesel generators. The systems are aimed at applications where grid electricity is unavailable or constrained, including construction, events, healthcare and temporary power.
The acquisition also brings hydrogen production and logistics into Ballard’s offering. GeoPura produces green hydrogen through electrolysis and operates what the companies describe as the UK’s largest compressed hydrogen distribution fleet.
“By bringing GeoPura’s clean power generation platform together with Ballard’s fuel cell stack engineering under one roof,” said Ballard CEO Marty Neese, “we provide our customers with a single, integrated source for reliable zero-emission power.”
Andrew Cunningham, who has become Ballard’s president following the deal, said the combined business could address customers looking to replace fossil fuel generation, deal with grid constraints and improve energy security.
Cunningham and Lord Richard Harrington, GeoPura’s former chairman, have also joined Ballard’s board as representatives of the former GeoPura shareholders.
The transaction gives Ballard a direct route into the growing market for distributed zero-emission generation, while providing GeoPura with access to Ballard’s international customer base and fuel-cell manufacturing capabilities.
The companies say the combined offering will initially strengthen their position in Europe while opening opportunities in North America, where demand for alternatives to diesel backup and temporary generation is increasing.
