Ballard Power Systems has completed its acquisition of GeoPura, a UK-based provider of zero-emission, hydrogen-based power solutions, transforming Ballard into an integrated hydrogen energy solutions provider.

Founded in 2019, GeoPura designs, manufactures, and operates its Hydrogen Power Unit (HPU) systems, which use Ballard fuel cell modules to convert hydrogen into clean electricity for off-grid applications. The company also produces green hydrogen via electrolysis at dedicated production facilities and operates what it describes as the UK’s largest compressed hydrogen distribution fleet.

The combined business brings together GeoPura’s HPU platform, hydrogen fuel production, and logistics with Ballard’s fuel cell technology to create a turnkey Energy-as-a-Service (EaaS) offering. Ballard said the end-to-end capability strengthens its market presence across Europe and opens commercial opportunities in North America.

The transaction 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 to be settled in 12 months for an additional 1,084,540 common shares. Former GeoPura shareholders hold approximately 14.1% of Ballard’s outstanding common shares on a pro-forma basis. Ballard may pay up to £27.5 million in additional contingent consideration subject to specified post-closing financial milestones.

“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.”

Andrew Cunningham, who has assumed the role of President of Ballard, 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.”

Source:   Hydrogentechworld