GeoPura, the leading hydrogen-power specialist which, by integrating hydrogen generation, storage, and fuel cell technology, is creating a resilient hydrogen ecosystem that delivers low-carbon energy where and when it’s needed, has been sold to Canada’s Ballard Power Systems.
The sale builds on longstanding partnership agreement, under which Ballard supplies fuel cell engines to GeoPura’s Hydrogen Power Units.
Details of the purchase include an upfront equity purchase price of £275.0 million, funded through a combination of £82.5 million in cash and the issuance of around 50.8 million Ballard common shares to GeoPura shareholders.
In addition, Ballard will pay a contingent consideration of up to £27.5 million if GeoPura achieves certain specified financial milestones after closing.
The total transaction enterprise value, including assumption of GeoPura net debt and excluding contingent consideration, is therefore £301.1 million (approximately US$400 million).
Founded in 2019 and headquartered in the United Kingdom, GeoPura has built a rapidly growing business focused on developing, leasing and selling Hydrogen Power Units (HPUs) and hydrogen fuel supplied through its three production sites, including a 50% ownership interest in UK-based HyMarnham Power.
GeoPura’s broad customer base includes Aggreko, Balfour Beatty, BBC, Disney, Equinix, Microsoft, Netflix, Sunbelt Rentals, UK Ministry of Defence, and others.
Andrew Cunningham, founder and chief executive officer of GeoPura, commented: “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.
“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.”
Marty Neese, president and chief executive officer of Ballard, added: “This is a truly transformative acquisition that establishes Ballard as a leading, fully integrated hydrogen ecosystem provider and positions us to capitalize 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.”
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