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27 min ago 3 min read
Canadian fuel cell firm Ballard will acquire UK stationary hydrogen power firm GeoPura in a £301.1m ($397.7m) cash and stock deal.
The deal will consist of an upfront £275m (£363m) equity purchase funded through £82.5m (£109m) in cash and the issuance of around 50.8m Ballard common shares to GeoPura shareholders.
Ballard will also pay up to an additional £27.5m ($36.3m) if GeoPura achieves £28m ($37m) in 2026 revenues.
The transaction is expected to close in the second half of 2026, upon which GeoPura CEO Andrew Cunningham and Chair Lord Richard Harrington will stand down.
Launched in 2019, GeoPura has evolved into a green hydrogen producer and distributor, alongside its business of manufacturing and deploying hydrogen fuel cell power units, which use Ballard fuel cells.
Ballard said the acquisition would establish it as an end-to-end provider with capabilities across production, distribution, logistics, refuelling, fuel cells and now, stationary power solutions.
Marty Neese, CEO of the fuel maker, said the deal positions the firm to capitalise on growing demand in stationary power markets.
Under the deal, GeoPura will become part of Ballard’s broader strategy and grant access to its hydrogen power units (HPU), which are manufactured in the UK with Siemens Energy, its leasing operations, and hydrogen supply capabilities.
GeoPura also hold a 50% stake in the 15MW HyMarnham production site which secured revenue support under the UK government’s first Hydrogen Allocation Round (HAR1). While it was set to be the first project under HAR to come online, its status remains unclear despite operations intended for late last year.
The company has also recently seen a deployment run of its HPUs, including a deal with the , as well as a £32.6m ($44.2m) government contract for supplying 2,500 tonnes of hydrogen to fuel power generators at a major construction project.
In August 2025, it and staff from bankrupt electrolyser firm Green Hydrogen Systems (GHS), which had already supplied systems to its hydrogen production projects.
Ballard says the move maintains its “path to profitability by 2028,” primarily by facilitating its entry into what it called the “high-growth” stationary power market.
It cites recurring revenues like HPU leasing and sales, and hydrogen supply and logistics, which are expected to deliver GeoPura a 2026 revenue of around £38m ($50m).
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