Ballard Power closes GeoPura acquisition for GBP 275 million upfront

Ballard Power Systems has closed its acquisition of UK-based GeoPura, adding hydrogen power units, fuel supply, and an energy-as-a-service model.

• Upfront consideration totaled GBP 275 million: GBP 82.5 million cash, 49,584,212 newly issued Ballard shares, and restricted share units for 1,084,540 shares.
• Former GeoPura shareholders now hold about 14.1% of Ballard’s outstanding common shares on a pro forma basis.
• Ballard may pay up to an additional GBP 27.5 million in contingent consideration tied to post-close financial targets.
• GeoPura’s Andrew Cunningham became Ballard president; Cunningham and Lord Richard Harrington joined Ballard’s board as former GeoPura designees.