Ballard Power snaps up GeoPura in £301m hydrogen energy deal

Ballard Power Systems has agreed to acquire Newcastle EnviroTech GeoPura for an upfront payment of £275m. The deal values the entire transaction at £301.1m, including GeoPura’s net debt. The move aims to boost Ballard’s revenue growth and shift its focus to recurring, high-margin income streams. GeoPura, founded in 2019, specialises in developing, leasing, and selling Hydrogen Power Units and hydrogen fuel. Its customer base includes major firms such as Aggreko, Balfour Beatty, BBC, Disney, Equinix, Microsoft, Netflix, Sunbelt Rentals, and the UK Ministry of Defence. The acquisition also covers GeoPura’s 50% stake in HyMarnham Power.

Ballard will fund the purchase with £82.5m in cash and newly issued common shares. An additional £27.5m in contingent consideration may be paid if GeoPura meets specific financial targets. Andrew Cunningham, GeoPura’s founder and CEO, is set to become president of Ballard, reporting directly to Marty Neese.

The transaction is expected to close in the second half of 2026. This remains subject to customary closing conditions and approval under the UK National Security and Investment Act. The acquisition will integrate GeoPura’s hydrogen technology and customer network into Ballard’s operations. It is designed to accelerate Ballard’s shift towards sustainable, high-margin revenue. The deal’s completion depends on regulatory approvals and meeting closing requirements.