BLDP · Ballard Power Systems Inc.

Ballard Power Systems announced a definitive agreement to acquire GeoPura Limited, a UK-based zero-emission hydrogen power solutions provider, in a move that significantly expands its presence in the hydrogen energy market. The acquisition values GeoPura at an upfront equity purchase price of £275 million, paid through a combination of £82.5 million in cash from Ballard's balance sheet and the issuance of 49.4 million Ballard common shares at a price of US$5.02 per share, based on the 30-day volume-weighted average price. Additionally, Ballard will issue approximately 1.4 million rollover restricted share units (RSUs) to certain GeoPura optionholders. The total consideration includes potential contingent payments of up to £27.5 million, tied to GeoPura achieving specified financial milestones. The transaction is intended to enhance Ballard's hydrogen fuel cell technology portfolio and accelerate its entry into the data center and temporary power markets. GeoPura's CEO, Andrew Cunningham, is expected to become President of Ballard, reporting to CEO Marty Neese, and current GeoPura chairman Lord Richard Harrington will be nominated to Ballard's board. The acquisition has been approved by both companies' boards and is subject to customary conditions, including UK national security clearance under the NSIA and Toronto Stock Exchange approval. Closing is anticipated during the second half of 2026.