Ballard Power Systems Inc. completed its acquisition of GeoPura Limited, a United Kingdom-based provider of hydrogen-powered, zero-emission energy solutions, on August 28, 2026. The transaction was initially announced on June 23, 2026 under a definitive agreement. GeoPura develops, manufactures and operates Hydrogen Power Units that use Ballard fuel-cell modules to produce off-grid electricity. It also produces green hydrogen through electrolysis and operates a compressed-hydrogen distribution fleet. 

The upfront equity purchase price was £275 million, comprising £82.5 million in cash, 49,584,212 newly issued Ballard common shares and restricted share units settling after 12 months into an additional 1,084,540 shares. Former GeoPura shareholders held approximately 14.1 percent of Ballard on a pro forma basis following completion. The agreement also provides for contingent consideration of up to £27.5 million if specified post-closing financial milestones are achieved. At announcement, the parties reported an enterprise value of £301.1 million, including assumed net debt and excluding contingent consideration. 

The acquisition combines GeoPura’s power-unit platform, hydrogen production and logistics operations with Ballard’s fuel-cell technology. Andrew Cunningham, formerly chief executive officer of GeoPura, became president of Ballard. Winston Taylor advised GeoPura on the transaction through a team led by Howard Palmer and Ed Chapman.