Ballard Closes Acquisition of GeoPura, Becoming an Integrated Hydrogen Energy Solutions Provider

­Ballard Power Systems Inc., a global leader in hydrogen fuel cell technology, today announced that it has closed the acquisition of GeoPura Limited ("GeoPura"), a leading UK-based provider of zero-emission, hydrogen-based power solutions.

Founded in 2019, GeoPura's mission is to deliver reliable, zero-emission power where and when it is required. The company designs, manufactures, and operates their category defining Hydrogen Power Unit™, or HPU™, that offer clean, low noise, off-grid power with 6-9's reliability. Utilizing Ballard fuel cell modules at their core, these advanced systems convert hydrogen into clean electricity. GeoPura also produces green hydrogen, generated via electrolysis, at its dedicated production facilities and transports it with the UK's largest compressed hydrogen distribution fleet.

The acquisition transforms Ballard into an integrated hydrogen energy solutions provider. The combination of GeoPura's HPU™ platform, fuel production, and logistics with Ballard's advanced fuel cell technology, creates a turnkey Energy-as-a-Service (EaaS) solution enabling Ballard to serve customers as a one-stop zero-emission energy solution provider. This end-to-end capability strengthens Ballard's market presence across Europe, offers new commercial opportunities into North America, while reinforcing its long-term path toward sustainable profitability and accelerated growth.

"Today marks a pivotal milestone in Ballard's evolution as we officially welcome GeoPura to our organization," said Marty Neese, Chief Executive Officer of Ballard. "By bringing GeoPura's clean power generation platform together with Ballard's fuel cell stack engineering under one roof, we provide our customers with a single, integrated source for reliable zero-emission power. This strategic combination enhances our competitive advantage across Europe and North America and positions Ballard to capture value across the entire hydrogen ecosystem."

Andrew Cunningham, who now takes the role of Ballard's President, added, "Uniting with Ballard creates a stronger, more resilient partner for customers facing increasingly complex energy challenges. Together, we combine world-leading fuel cell technology with proven hydrogen power production and infrastructure expertise to deliver reliable, zero-emission energy where and when it's needed. From replacing fossil fuel generation and overcoming grid constraints to strengthening energy security and protecting local air quality, we provide a practical solution to some of the most pressing power challenges facing businesses today. I'm energised to lead our combined team as we take these capabilities to more customers and markets around the world and execute on our shared growth vision."

The transaction agreement includes total upfront consideration of £275.0 million, comprising £82.5 million in cash, 49,584,212 newly issued Ballard common shares and restricted share units which will be settled in 12 months for an additional 1,084,540 Ballard common shares. On a pro-forma basis, former GeoPura shareholders hold approximately 14.1% of Ballard's outstanding common shares. Ballard may pay up to £27.5 million in additional contingent consideration upon GeoPura's achievement of specified post-closing financial milestones.

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

To learn more about Ballard, go here.