Ballard Power Acquires GeoPura for £275 Million in Cash and Stock
Ballard Power Systems agreed to acquire UK hydrogen-power provider GeoPura for £275 million upfront—£82.5 million cash and ~50.8 million shares at US$5.02—to expand into energy-as-a-service and unlock US$25 million annual EBITDA synergies while maintaining its path to profitability by 2028.
Ballard Power Systems entered into a definitive agreement to acquire GeoPura Limited, a UK-based zero-emission hydrogen power solutions provider, for £275.0 million upfront consideration consisting of £82.5 million in cash and approximately 50.8 million Ballard common shares priced at US$5.02 per share based on the 30-day volume-weighted average [1]. The transaction expands Ballard's business model from fuel-cell hardware sales into an integrated energy-as-a-service offering that bundles hydrogen production, distribution, logistics, refueling, fuel cells, and stationary power generation.
GeoPura has been a longstanding customer of Ballard, buying fuel cell engines for its Hydrogen Power Units, and the deal represents a vertical integration into large-scale stationary power solutions [1]. The acquisition shifts Ballard's revenue mix toward higher recurring revenue per megawatt and opens high-growth end-markets—including construction, events, and off-grid industrial sites—in a capitally efficient manner supported by secured hydrogen supply and government policy backing in the UK and US [1].
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