Ballard Power Systems Inc. (Ballard) a global leader in hydrogen fuel cell technology, today announced that it has entered into a definitive agreement to acquire GeoPura Ltd (GeoPura), a zero-emission hydrogen-based power solutions provider.
The Transaction consists of an upfront equity purchase price of £275.0 million (Upfront Consideration), funded through a combination of £82.5 million in Ballard cash on hand and the issuance of ~50.8 million Ballard common shares to GeoPura shareholders. In addition to the Upfront Consideration, Ballard will pay contingent consideration of up to £27.5 million if GeoPura achieves certain specified financial milestones after closing of the Transaction. The total transaction enterprise value, including assumption of GeoPura net debt and excluding contingent consideration, is £301.1 million (~US$400 million).
The Transaction represents a transformative acquisition that establishes Ballard as a vertically integrated and capitally efficient energy-as-a-service (EaaS) provider with end-to-end capabilities spanning hydrogen production, distribution, logistics, refueling, fuel cells, and high-performance stationary power solutions.
Founded in 2019 and headquartered in the UK, GeoPura has built a rapidly growing business focused on developing, leasing and selling hydrogen power units (HPUs) and hydrogen fuel supplied through its three production sites, including a 50% ownership interest in UK-based HyMarnham Power. The combined HPUTM and fuel offering delivers a competitive, grid-independent power solution with high reliability, instant-on responsiveness, low noise, and zero-emissions across a variety of end markets. GeoPura’s broad customer base includes Aggreko, Balfour Beatty, BBC, Disney, Equinix, Microsoft, Netflix, Sunbelt Rentals, UK Ministry of Defence, and others.