Newcastle EnviroTech GeoPura has been bought in a deal potentially worth more than £300 million.
Ballard Power Systems, a hydrogen fuel cell technology firm listed on New York’s Nasdaq exchange, has agreed an up-front payment of £275m for the zero-emission hydrogen-based power solutions provider.
Founded in 2019, GeoPura has built a rapidly growing business focused on developing, leasing and selling Hydrogen Power Units and hydrogen fuel supplied through its three production sites, including a 50% ownership interest in UK-based HyMarnham Power.
The combined HPU 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.
The deal includes GeoPura’s 50% ownership in HyMarnham Power and will be funded with £82.5m in cash, with the remainder to be funded through newly issued Ballard common shares provided to GeoPura shareholders.
Ballard will also pay contingent consideration of up to £27.5m if GeoPura achieves certain financial milestones after the closing of the transaction.
The total transaction enterprise value, including assumption of GeoPura net debt and excluding contingent consideration, is £301.1m.
GeoPura’s founder and CEO Andrew Cunningham is expected to assume the role of president of Ballard, reporting to Marty Neese, Ballard’s CEO. Additionally, Ballard expects to include Cunningham and Lord Richard Harrington, current chairman of GeoPura, as nominees to its board of directors, designated by GeoPura shareholders.
The transaction has been unanimously approved by the board of directors of both Ballard and GeoPura and is subject to customary closing conditions, including UK National Security and Investment Act filing.
It is expected to close in the second half of 2026.
“When your work powers film and live television, hospitals, defence, essential infrastructure, and construction with reliable off-grid and grid-support systems, your engine supplier is central to your success,” said Cunningham.
“For GeoPura, Ballard has stood head and shoulders above the rest. They are the only partner able to deliver the fuel cell capabilities we need, backed by the deep engineering expertise required to ensure unbeatable product quality from kilowatt to megawatt.
“I am incredibly excited to combine GeoPura’s high-performance capabilities with Ballard’s product excellence, giving customers worldwide the best value from our fully integrated energy-as-a-service offering.”
Neese added: “This is a truly transformative acquisition that establishes Ballard as a leading, fully integrated hydrogen ecosystem provider and positions us to capitalise on the accelerating global energy transition and increasing demand for energy resilience.
“GeoPura’s exceptional team has built a best-in-class hydrogen power solutions business with reliable technology, blue-chip customer relationships, and an attractive growth trajectory. By combining Ballard’s world-class fuel cell technology with GeoPura’s energy-as-a-service business model, we create a company well-positioned to serve end-markets demanding secure, reliable, low noise, and emissions free power for their mission-critical applications.
“This acquisition significantly accelerates our revenue growth, shifts our business toward recurring, high-margin revenues and reinforces our path to profitability by 2028. We’re excited to welcome the GeoPura team to Ballard and to execute on the significant opportunities ahead.”
GeoPura chairman Lord Harrington, former Business and Industry Minister and Chair of Make UK, said: “Ballard’s investment reflects its confidence in a UK manufacturing business using UK technology that will now be exported around the world.
“I am excited by the company’s global expansion plans and look forward to supporting them on this journey.”