Ballard Power snaps up GeoPura in £300M hydrogen energy deal

Ballard Power Systems has agreed to acquire Newcastle EnviroTech GeoPura for a deal potentially worth over £300 million. The transaction includes an upfront payment of £275 million, with additional funds tied to future financial targets. GeoPura, founded in 2019, specialises in hydrogen fuel solutions and power units. The total enterprise value of the deal is £301.1 million, covering GeoPura’s net debt but excluding contingent payments. Ballard will fund the purchase with £82.5 million in cash and newly issued common shares. The agreement also includes GeoPura’s 50% stake in HyMarnham Power.

GeoPura serves major clients such as Aggreko, Balfour Beatty, the BBC, Disney, and the UK Ministry of Defence. Its hydrogen technology is used across industries for clean energy solutions. The transaction is set to close in the second half of 2026, pending standard conditions and a UK National Security and Investment Act review.

After the deal, GeoPura’s founder and CEO, Andrew Cunningham, will become president of Ballard, reporting directly to Marty Neese. Ballard’s CEO stated the acquisition positions the company as a leading, fully integrated hydrogen ecosystem provider. GeoPura may also earn up to £27.5 million more if it meets certain financial milestones post-closure. The acquisition expands Ballard’s presence in the hydrogen energy sector. It secures GeoPura’s technology, customer base, and infrastructure under Ballard’s leadership. The deal is expected to finalise in late 2026, subject to regulatory approvals.