Ballard powers up with £301 million GeoPura deal

A hydrogen fuel cell firm is set to expand with a £301 million takeover.

Ballard Power Systems has agreed a deal to buy GeoPura.

Officials say the move for the Newcastle-based green hydrogen producer marks a “transformative” step for Canada-headquartered Ballard, adding it will “unlock meaningful efficiencies for existing and future customers”.

Under the terms of the deal, GeoPura founder and chief executive Andrew Cunningham will become Ballard president and sit alongside current GeoPura chair Lord Richard Harrington on Ballard’s board.

The swoop – which includes an upfront £275 million and up to £27.5 million in target-driven milestones – is set to complete later this year following final market approvals.

Ballard's portfolio includes fuel cell modules for heavy-duty zero-emission vehicles and buses.

Known for portable power units made by Siemens Energy at the company’s Tyneside base, GeoPura’s modules combine hydrogen and oxygen to generate zero-emission electricity and are used across building sites and defence, cultural and sporting venues.

Its deal book includes a recent Royal Air Force contract to deliver electric vehicle charging infrastructure across six operational sites, a Port of Tilbury agreement and a partnership to supply 2500 tonnes of hydrogen to the Kent-to-Essex Lower Thames Crossing.

The company’s units have also powered hidden cameras on the BBC’s Winterwatch, Springwatch and Autumnwatch shows for years, and were additionally deployed by Netflix to create hit drama Bridgerton and by Universal Studios to make Downton Abbey’s big-screen finale.

• Fuelling change - Read more about GeoPura and its growth ambitions in an exclusive Bdaily feature with chief financial officer Derek Bulmer

Beyond its North East heartland, GeoPura has a hydrogen production site at Croft Farm, near Doncaster, which is complemented by a sister base on the footprint of a former coal-fired power station site in High Marnham, near Newark, Nottinghamshire.

Known as HyMarnham Power through a joint venture with sustainable waste processing firm JG Pears, the latter carries Government Hydrogen Allocation Round programme support.

Marty Neese, president and chief executive at Ballard, which operates across Europe, North America and China, said: “This is a truly transformative acquisition that establishes Ballard as a leading, fully integrated hydrogen ecosystem provider.

“It 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.”

Andrew added: “When your work powers film and live television, hospitals, defence, essential infrastructure and construction, your engine supplier is central to your success.

“Ballard stood head and shoulders above the rest.”

Ballard is being advised by RBC Capital Markets, Ashurst LLP and Stikeman Elliott LLP on the deal, with GeoPura supported by Barclays and Winston Taylor LLP.

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