News GeoPura's GBP300M Acquisition By Ballard Power Systems

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Winston Taylor advises U.K.-based zero-emission hydrogen power solutions provider GeoPura on its approximately GBP300M sale to dual NASDAQ and TSX listed Ballard Power Systems.

United Kingdom

Drawing on our extensive experience in transatlantic M&A and the energy sector, we have advised GeoPura on its sale to dual NASDAQ and TSX listed Ballard Power Systems in a transaction worth approximately GBP300M.

GeoPura is a U.K.-based zero-emission hydrogen-based power solutions provider, founded in 2019. The company has built a rapidly growing business developing, leasing and selling Hydrogen Power Units and hydrogen fuel across a broad range of end-markets, serving customers including Microsoft, Disney, the BBC, and Equinix. GeoPura also holds the U.K. government's inaugural Hydrogen Allocation Round 1 contract.

The transaction will transform Ballard into a vertically integrated energy-as-a-service provider, combining Ballard's world-class fuel cell technology with GeoPura's end-to-end hydrogen production, distribution, logistics and stationary power capabilities. The deal unlocks an estimated USD25M in annual run-rate EBITDA synergies and supports Ballard's path to profitability by 2028.

Corporate Partner, Howard Palmer said: "This deal is the culmination of a longstanding relationship with GeoPura, where we have advised them over many years on multiple business critical projects. It was a pleasure to bring our new, fully-fledged, transatlantic capabilities to bear on this latest deal, with assistance from our New York office. The geographical spread of the new firm means that we can offer clients extensive transatlantic capacity for their critical transactions and I'm pleased that GeoPura was able to benefit from our enhanced offering."

The transaction is expected to close in the second half of 2026, subject to customary closing conditions.

Our team was led by Howard Palmer and Ed Chapman in the Mergers & Acquisitions Team, together with Jack Coventry, Ben Eaves, and Savannah Swale. Supported by Claire Matthews, Liz Wilson, Katie Lewis, Leda Bani-Hashem and Melissa Hale in our Tax Team. David Sakowitz in Commercial Litigation, US Securities law, and Stephen Whitfield and Claudia Blofeld in our Intellectual Property Team.

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Whether you're leading the way, disrupting an industry, entering a new phase of growth, or launching a defining product—we're in the room with you. In the action. Sleeves rolled up.

Embedded in your business and sharing your ambition, we take the work personally. Shaping what we do and how we do it around your goals and needs, always one step ahead of the moment.

Explore Firm Details

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