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25 June 2026Canadian 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 will become a President at Ballard.
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.
