BALLARD ANNOUNCES ACQUISITION OF UK-BASED GEOPURA, POWERING FUTURE GROWTH AND TRANSFORMING BALLARD INTO AN INTEGRATED HYDROGEN ECOSYSTEM PROVIDER

Ballard Power Systems Inc. has announced a definitive agreement to acquire GeoPura Limited, a provider of zero-emission hydrogen-based power solutions, for a total upfront consideration of £275 million (approximately $400 million). The transaction, which was disclosed on June 23, 2026, includes an upfront equity purchase price funded through a combination of cash and the issuance of approximately 50.8 million Ballard common shares. Additionally, Ballard will pay contingent consideration of up to £27.5 million based on the achievement of specified financial milestones post-closing.

This acquisition marks a significant strategic shift for Ballard, expanding its business model to include energy-as-a-service (EaaS) solutions. By integrating GeoPura’s capabilities in hydrogen production, distribution, logistics, and refueling with its own fuel cell technology, Ballard aims to create a comprehensive offering that enhances revenue potential and establishes a recurring revenue stream. The combined entity is expected to leverage GeoPura's established hydrogen ecosystem to drive efficiencies and expand into high-growth markets, supported by favorable government policies and a secured hydrogen supply.

Founded in 2019 and headquartered in the UK, GeoPura has rapidly developed a strong presence in the hydrogen power sector, focusing on the development, leasing, and sale of Hydrogen Power Units (HPUs). The company operates three production sites and has established a diverse customer base that includes notable organizations such as the BBC, Disney, and the UK Ministry of Defence. This acquisition builds upon a longstanding partnership between the two companies, with Ballard previously supplying fuel cell engines for GeoPura’s HPUs. The alignment of their technologies and business models is expected to enhance operational synergies and accelerate growth.

The transaction is anticipated to support Ballard's path to profitability by 2028, unlocking an estimated $25 million in annual run-rate EBITDA synergies. As the global demand for clean energy solutions intensifies, this acquisition positions Ballard as a fully integrated provider within the hydrogen ecosystem, capable of delivering reliable, low-emission power solutions across various applications. The combination of Ballard's fuel cell expertise with GeoPura's innovative hydrogen solutions is expected to create a competitive advantage in the rapidly evolving energy landscape.

In conclusion, the acquisition of GeoPura by Ballard Power Systems signifies a strategic move to capitalize on the growing demand for sustainable energy solutions. As companies across sectors seek to enhance energy resilience and reduce carbon footprints, the integration of hydrogen technologies into Ballard's portfolio could unlock significant market opportunities. This transaction not only strengthens Ballard’s position in the hydrogen market but also reflects broader trends in the energy sector towards sustainable and innovative power solutions.