Ballard Power Systems has agreed to acquire UK-based GeoPura in a transaction valued at £275 million, marking a major expansion into hydrogen-based stationary power and energy-as-a-service markets.
The deal combines cash and equity consideration, with Ballard funding £82.5 million in cash and issuing approximately 50.8 million common shares to GeoPura shareholders. A further £27.5 million in contingent payments is tied to post-closing financial milestones. The total enterprise value, including net debt, is about £301.1 million.
GeoPura, founded in 2019, develops and operates hydrogen power units (HPUs) used for off-grid and temporary power applications across sectors including construction, media, defence, healthcare and data infrastructure. Its model combines equipment leasing with hydrogen production and logistics, and includes a 50% stake in the UK-based HyMarnham Power facility.
Ballard said the acquisition creates a vertically integrated hydrogen platform spanning fuel cells, hydrogen supply chains and end-use power systems, moving the company further into recurring energy-as-a-service revenues. The combined business is expected to target applications requiring grid-independent, low-emission and high-reliability power.
The companies already have an established partnership, which Ballard said provides a foundation for integration. The acquisition also brings GeoPura’s customer base, which includes large industrial and technology users such as Microsoft, BBC, Disney and Equinix, into Ballard’s portfolio.
Ballard CEO Marty Neese said the transaction positions the company to capitalise on growing demand for resilient and low-carbon power, and accelerates its shift toward recurring revenue streams and a pathway to profitability by 2028.
GeoPura founder Andrew Cunningham said Ballard was the most suitable partner to scale hydrogen fuel cell deployment globally, citing shared technology alignment and engineering capability.
Completion of the deal is expected in the second half of 2026, subject to regulatory approvals including under the UK National Security and Investment Act and TSX clearance.
