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Ballard Power Systems Inc. (BLDP) has closed the acquisition of UK-based GeoPura Limited, a provider of zero-emission, hydrogen-based power solutions. The deal transforms Ballard into an integrated hydrogen energy solutions provider, combining its fuel cell technology and global reach with GeoPura’s Hydrogen Power Units, green hydrogen production, logistics capabilities, and Energy-as-a-Service model.
Total upfront consideration is £275.0 million, consisting of £82.5 million in cash, 49,584,212 newly issued common shares, and restricted share units to be settled in 12 months for an additional 1,084,540 shares. Former GeoPura shareholders now hold about 14.1% of Ballard’s outstanding common shares. Ballard may pay up to £27.5 million more as contingent consideration tied to post-closing financial milestones. Andrew Cunningham becomes President of Ballard and joins the Board alongside Lord Richard Harrington as nominees of the former GeoPura shareholders.
Ballard Power Systems reported improved operating results for the three and six months ended June 30, 2026. Q2 2026 revenue was $20.6 million, up 15% year over year, and gross margin turned positive to $4.1 million (20%) from a loss in 2025. For the first half of 2026, revenue reached $40.0 million with a 17% gross margin.
Total operating expenses fell sharply after prior restructurings, and non-GAAP Adjusted EBITDA loss narrowed to $9.8 million in Q2 and $21.2 million in the first half. Net loss decreased to $20.3 million in Q2 and $31.7 million for the first half, with basic and diluted loss per share of $0.07 and $0.11 respectively.
Cash and cash equivalents were $502.1 million at June 30, 2026, after first‑half operating cash use of $19.2 million. Management targets maintaining cash to fund at least six quarters of forecast operating cash use and aims for positive operating cash flow by the end of 2027 and profitability by 2028.
Strategically, Ballard entered a definitive agreement to acquire UK‑based GeoPura, with upfront consideration of £275.0 million (cash plus approximately 50.8 million shares) and contingent consideration up to £27.5 million, implying a transaction enterprise value of £301.1 million (~$400 million). The company also highlighted a 12‑month order book of approximately $74.4 million within an order backlog of about $156.6 million and reaffirmed 2026 outlook ranges for operating expenses of $65–75 million and capital expenditures of $5–10 million.
Ballard Power Systems reported Q2 2026 consolidated results under IFRS. Total fuel cell products and services revenue was US$20.6 million, a 15% increase over Q2 2025. Segment revenue was US$9.7 million for Bus, US$4.1 million for Rail, US$1.8 million for Stationary, and US$5.1 million for Other Markets. Gross margin improved to US$4.1 million, or 20%, from a negative 8%, while total operating expenses declined to US$20.9 million from US$31.7 million. Adjusted EBITDA loss narrowed to US$(9.8) million, and net loss from continuing operations was US$(20.3) million, or US$(0.07) per share.
Cash used by operating activities was US$11.4 million, with cash and cash equivalents of US$502.1 million at quarter end. Order intake exceeded US$64.4 million, increasing total fuel cell products and services order backlog to US$156.6 million. The company highlighted an announced agreement to acquire GeoPura, subject to customary closing conditions and regulatory approvals, and reiterated its objective of achieving profitability by the end of 2027. For 2026, it guides total operating expenses of US$65–75 million and capital expenditures of US$5–10 million, with revenue expected to be weighted toward the second half of the year.
Ballard Power Systems plans to acquire UK-based GeoPura Limited, a zero‑emission hydrogen power solutions provider, through a wholly owned subsidiary. AcquireCo will purchase all GeoPura shares for an upfront equity purchase price of £275.0 million, funded by £82.5 million of Ballard cash and 49,406,560 Ballard common shares issued at US$5.02 per share.
Ballard will also issue an estimated 1,424,177 rollover restricted share units to replace certain GeoPura options, with these units representing the same number of reserved Ballard common shares at a deemed price of US$5.02 and expected to vest 12 months after closing. Additional contingent consideration of up to £27.5 million may be paid if GeoPura meets specified post‑closing financial milestones. After completion, GeoPura CEO Andrew Cunningham is expected to become President of Ballard, and he and GeoPura’s chair Lord Richard Harrington are expected to be nominated to Ballard’s board. The transaction has been unanimously approved by both companies’ boards and is subject to customary conditions, including UK National Security and Investment Act clearance and Toronto Stock Exchange approval, with closing expected in the second half of 2026.
Ballard Power Systems Inc. filed a Form 6-K to share details of its upcoming conference call to review second quarter 2026 operating results. The call will take place on Friday, July 31, 2026 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time).
Investors can join the live call by dialing +1-833-821-2814 (Canada/US toll free) or access a live webcast via a link on Ballard’s homepage in the Latest News section. A replay link will later be available in the Investor Hub on the company’s website.
Weichai Power Hong Kong International Development Co., Limited reported multiple sales of Common Shares of BLDP (Nasdaq Global Market) in May 2026. The filing lists discrete transactions on 05/08/2026, 05/11/2026, 05/12/2026, 05/13/2026, 05/14/2026, and 05/15/2026 with share counts and cash proceeds for each sale. Shares outstanding were 301,475,849 as of 07/06/2026.
Ballard Power Systems plans to acquire UK-based GeoPura Limited, a hydrogen power solutions provider, in a transformative deal that extends Ballard into an integrated energy-as-a-service business. Ballard will pay upfront consideration of £275.0 million, funded by £82.5 million in cash and about 50.8 million new shares.
The transaction implies a £301.1 million (~US$400 million) enterprise value before contingent payments and is expected to close in the second half of 2026, subject to UK and stock exchange approvals. GeoPura expects 2026 revenue of approximately £38 million, and Ballard targets about US$25 million in annual run-rate EBITDA synergies while maintaining its 2028 profitability goal.
Ballard Power Systems Inc. reported a new order totaling 15 megawatts of fuel cell systems for stationary applications from a customer focused on renewable off-grid power generation. The order includes 150 FCmove®-HD+ 100 kW fuel cell modules, following a similar-scale order from the same customer in 2024.
Deliveries are expected to begin in the second half of 2026, with the modules used in hydrogen generator sets for uses such as live events, construction, movie sets, and critical infrastructure. Ballard notes this as evidence of continued adoption of zero-emission fuel cell solutions and highlights its integrated service offerings, including predictive maintenance and performance optimization.
Ballard Power Systems reported the results of its 2026 Annual General Meeting held on June 3. All director nominees were re-elected by majority support, with most receiving over 90% of votes cast. For example, Kathy Bayless received 71,838,799 votes for, or 98.21%, while Marty Neese received 72,533,025 votes for, or 99.16%.
The company noted several recent board changes, as Janet Woodruff resigned effective June 2, 2026, and Weichai nominees Michael Chen and Huajie Wang resigned effective May 13, 2026. Shareholders also re-appointed KPMG LLP as auditor and approved the advisory vote on executive compensation, which received 66,381,017 votes for, or 90.75%. These outcomes confirm shareholder support for the current board composition and pay approach.
Ballard Power Systems' major shareholder Weichai, through Weichai Hong Kong, now beneficially owns 31,102,826 common shares, representing 10.32% of Ballard’s outstanding stock. The shares are owned by Weichai Hong Kong, with shared voting and disposal power by Weichai Power and Shandong Heavy Industry Group.
This amendment reports additional open-market sales, including 3,897,000 shares sold on May 15, 2026 under Rule 144, which contributed to a reduction of over one percentage point in the group’s aggregate beneficial ownership. Over the past sixty days, Weichai Hong Kong sold a total of 15,028,886 Ballard shares in open-market trades at prices slightly above $4 per share.