Ballard Power Systems Closes Acquisition of GeoPura for £275 Million, Becoming Integrated Hydrogen Energy Solutions Provider

Ballard Power Systems Inc. announced on August 28, 2026 that it has closed the acquisition of GeoPura Limited, a UK-based provider of zero-emission hydrogen-based power solutions, for total upfront consideration of £275.0 million. The consideration comprises £82.5 million in cash, 49,584,212 newly issued Ballard common shares, and restricted share units to be settled in 12 months for an additional 1,084,540 Ballard common shares, leaving former GeoPura shareholders with approximately 14.1% of Ballard's outstanding common shares on a pro-forma basis. Ballard may also pay up to £27.5 million in additional contingent consideration tied to GeoPura's achievement of specified post-closing financial milestones.

Founded in 2019 and headquartered in Newcastle, UK, GeoPura designs, manufactures, and operates its Hydrogen Power Unit platform, which converts hydrogen into clean electricity using Ballard fuel cell modules, produces green hydrogen via electrolysis at dedicated facilities, and operates the UK's largest compressed hydrogen distribution fleet. The acquisition transforms Ballard into an integrated Energy-as-a-Service provider combining GeoPura's HPU platform, hydrogen production, and logistics with Ballard's fuel cell technology, a combination expected to strengthen Ballard's market presence across Europe and open commercial opportunities in North America.

Effective upon closing, Andrew Cunningham, formerly of GeoPura, assumed the role of President of Ballard, reporting to Chief Executive Officer Marty Neese. Cunningham and Lord Richard Harrington, former UK Business and Industry Minister and Chairman of GeoPura, have also joined Ballard's Board of Directors as nominees designated by former GeoPura shareholders.