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Ballard Power Acquires GeoPura for £301.1M
Ballard Power has entered into a definitive agreement to acquire GeoPura, a zero-emission hydrogen-based power solutions provider. The transaction consists of an upfront equity purchase price of GBP275.0M, funded through a combination of GBP82.5M in Ballard cash on hand and the issuance of ~50.8 million Ballard common shares to GeoPura shareholders, at $5.02 per share. In addition to the upfront consideration, Ballard will pay contingent consideration of up to GBP27.5M if GeoPura achieves certain specified financial milestones after closing of the transaction. The total transaction enterprise value, including assumption of GeoPura net debt and excluding contingent consideration, is GBP301.1M, approximately $400M. The transaction establishes Ballard as a vertically integrated energy-as-a-service provider with end-to-end capabilities spanning hydrogen production, distribution, logistics, refueling, fuel cells, and high-performance stationary power solutions. Founded in 2019 and headquartered in the U.K., GeoPura has built a 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. Upon closing, GeoPura shareholders are expected to own approximately 14.4% of Ballard on a pro-forma basis. Following completion, GeoPura's CEO Andrew Cunningham is expected to assume the role of President of Ballard. Additionally, Ballard expects to include Andrew Cunningham and Lord Richard Harrington, current Chairman of GeoPura, as nominees to its Board of Directors, designated by GeoPura shareholders. The transaction is expected to close in the second half of 2026.
Ballard Power Secures Order for 150 Fuel Cell Systems
Ballard Power announced an order totaling 15 megawatts of fuel cell systems for stationary applications from a company specializing in renewable off-grid power generation. The order, comprising 150 FCmove-HD+ 100 kW fuel cell modules, marks the second order of this scale from the customer, following a similar order placed in 2024. Deliveries are expected to start in the second half of 2026 and will be used in hydrogen gensets for applications ranging from live events, construction, and movie sets, to critical infrastructure.
Weichai Power Board Nominees Resign from Ballard
Ballard Power announced the resignation of Weichai Power board nominees, Michael Chen and Huajie Wang, from Ballard's board effective May 13. The resignations follow the sale of approximately 6.9M Ballard common shares by Weichai Power through its subsidiary, Weichai Power Hong Kong. As a result of the share sales, Weichai now owns less than 15% of Ballard's outstanding shares and is no longer entitled to appoint two nominees to Ballard's board of directors under the terms of its investor rights agreement with Ballard, prompting the resignations by Chen and Wang. Going forward, Weichai will no longer be entitled to appoint nominees to Ballard's board of directors.
Sees FY26 Total Operating Expense at $65M-$75M
Sees FY26 Total Operating Expense $65M-$75M.
Ballard Q1 Revenue at $19.4M, Below Consensus
Reports Q1 revenue $19.4M, consensus $20.23M. Order Backlog at the end of Q1 was $112.9M, a decrease of 5% compared to the end of Q4 2025. "In Q1, we made continued progress toward positive cash flow. Quarterly revenue grew 26% year over year, driven by increased engine shipments during the period. Disciplined cost management also contributed to an improvement in gross margins, which rose to 14%," said Marty Neese, Ballard's President and CEO. "These results build on the momentum established in 2025 and reinforce that we are on the right path." "We continue to see strong momentum in the fuel cell bus market, supported by increasing long-term customer commitments. New Flyer's multi-year 50 MW agreement highlights accelerating fleet adoption in North America. In the U.K. and E.U., we are seeing strong traction with two additional bus OEMs that are advancing next-generation hydrogen bus platforms powered by our FCmove(R)-SC engine. They recognize the benefit of the FCmove-SC engine to lower total cost of ownership through higher power density, enhanced durability, and simplified installation and maintenance. Together, these advancements support improved customer economics and position us for stronger margin performance over time," added Neese.
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