Ballard acquires GeoPura in £300M hydrogen power expansion deal

Ballard Power Systems has agreed to buy Newcastle EnviroTech GeoPura in a deal worth over £300 million. The acquisition positions Ballard as a major player in the hydrogen ecosystem. GeoPura focuses on developing, leasing, and selling Hydrogen Power Units and hydrogen fuel. The up-front payment for GeoPura is £275 million. The total transaction value reaches £301.1 million, including GeoPura’s net debt and excluding potential additional payments. Ballard may pay up to £27.5 million more if GeoPura meets certain financial targets after the deal closes.

The purchase will be funded with £82.5 million in cash and newly issued Ballard common shares. It also includes GeoPura’s 50% stake in HyMarnham Power. The transaction is expected to complete in the second half of 2026.

GeoPura’s CEO, Andrew Cunningham, will become president of Ballard after the acquisition. He will report directly to Ballard’s CEO, Marty Neese. The company’s customer list includes major names like Aggreko, Balfour Beatty, BBC, Disney, Microsoft, and the UK Ministry of Defence. The deal strengthens Ballard’s position as a fully integrated hydrogen provider. GeoPura’s existing business and customer base will become part of Ballard’s operations. The transaction’s final value depends on future financial performance.