Ballard Power Systems Agrees to Acquire GeoPura for £275 Million
The fuel cell provider reported second quarter revenue of $21 million, a 15% increase year-over-year.
Ballard Power Systems Inc. (BLDP), a provider of zero-emission PEM fuel cells, entered into a definitive agreement to acquire GeoPura Limited for £275 million in upfront consideration. The company said the transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close later this year.
The acquisition is intended to establish Ballard as an energy-as-a-service provider by combining its fuel cell technology with the hydrogen genset leasing model used by GeoPura. The company expects the move to increase its exposure to recurring service-based revenues and strengthen revenue visibility within the off-grid alternative power genset market. Ballard said the strategic and commercial benefits of the acquisition are expected to support its objective of achieving profitability by the end of 2027.
Financial results for the second quarter ended June 30, 2026, showed a trajectory of improving margins. The company reported a gross margin of 20%, which represents a 28-point increase compared to the second quarter of 2025. This marked the fourth consecutive quarter of positive and improving gross margins.
Ballard attributed the margin growth to cost reduction initiatives and a shift in product mix toward higher-margin service revenues. The company also noted that increased field reliability and durability of its fuel cell products allowed for the reversal of warranty provisions that had been recorded in previous years.
Order intake for the quarter exceeded $64 million, driven by orders in the bus market and a multi-year commitment. This intake increased the company's total order backlog to $157 million.
Cash and cash equivalents ended the quarter at $502 million, down from $550 million at the end of the second quarter of 2025.