Ballard Acquires Green Hydrogen Power Solutions Provider GeoPura

Canadian hydrogen fuel cell developer Ballard announced the acquisition of green hydrogen solutions provider GeoPura, with the transaction aimed at establishing Ballard as an integrated hydrogen ecosystem provider, according to the company.

The deal values GeoPura at an enterprise value of £301 million (USD$397 million), with the potential for additional £27.5 million in contingent consideration if GeoPura achieves specified financial milestones.

Founded in 2019, U.K.-based GeoPura provides solutions integrating hydrogen generation, storage, and fuel cell technology, designed to help decarbonize power generation. GeoPura supplies hydrogen-based power solutions for temporary sites, long-term backup, off-grid applications, and grid support. The company produces renewable hydrogen, which is transported to customer sites to power its Hydrogen Power Units (HPUs), generating zero-emission electricity. The HPUs were developed in collaboration with Siemens Energy.

GeoPura’s systems have been deployed across construction, film and television, live events, transportation, healthcare, and defense applications, with the company saying it is also targeting the rapidly growing data center sector.

Ballard develops and manufactures hydrogen fuel cell power systems, used in markets ranging from heavy duty motive power to materials handling, backup power, marine and rail applications. The company has a longstanding partnership with GeoPura, where Ballard supplies fuel cell engines to GeoPura’s Hydrogen Power Units.

According to Ballard, the acquisition will bring together its fuel cell technology with GeoPura’s hydrogen production, logistics, and stationary power capabilities, expanding its business model to include an energy-as-a-service offering, with a bundled offering combining hydrogen production, distribution, logistics, refueling, fuel cells, and stationary power generation.

Marty Neese, President and Chief Executive Officer of Ballard, said:

“This is a truly transformative acquisition that establishes Ballard as a leading, fully integrated hydrogen ecosystem provider and positions us to capitalize on the accelerating global energy transition and increasing demand for energy resilience. By combining Ballard’s world-class fuel cell technology with GeoPura’s energy-as-a-service business model, we create a company well-positioned to serve end markets demanding secure, reliable, low-noise, and emissions-free power for their mission-critical applications.”

The companies added that the transaction will expand Ballard’s addressable market beyond mobility and into high-growth end-markets where HPUs serve as mission-critical power infrastructure.

Andrew Cunningham, Founder and Chief Executive Officer of GeoPura, said:

“For GeoPura, Ballard has stood head and shoulders above the rest. They are the only partner able to deliver the fuel cell capabilities we need, backed by the deep engineering expertise required to ensure unbeatable product quality from kilowatt to megawatt.”