Ballard Power Systems Inc.

Ballard Power Systems announced an agreement to acquire GeoPura Limited for £275 million, a move expected to transform Ballard into an energy-as-a-service provider. The company also reported strong Q2 2026 financial results, with revenue increasing 15% year-over-year to $20.6 million and gross margin significantly improving to 20%. Order intake was robust at $64 million, boosting the order backlog to $156.6 million, and Adjusted EBITDA showed substantial improvement.

Ballard Power Systems, through a wholly-owned subsidiary, has entered into a definitive agreement to acquire GeoPura Limited, a zero-emission hydrogen-based power solutions provider. The upfront equity purchase price is £275.0 million, funded by £82.5 million in cash and the issuance of 49,406,560 Ballard common shares. Additionally, up to £27.5 million in contingent consideration may be paid based on GeoPura achieving specified financial milestones. GeoPura's CEO is expected to become Ballard's President, and two GeoPura leaders will be nominated to Ballard's board.

Ballard Power Systems Inc. announced it will host a conference call to discuss its second quarter 2026 operating results. The call is scheduled for Friday, July 31, 2026, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time). Investors can access the live call via telephone or a webcast link on the company's website.

Ballard Power Systems Inc. announced the acquisition of GeoPura Limited, a UK-based zero-emission hydrogen-based power solutions provider, for an upfront equity purchase price of £275.0 million. The transaction, valued at a total enterprise value of £301.1 million (~$400 million), will be funded through a combination of cash and Ballard common shares, with potential contingent consideration. This strategic acquisition aims to transform Ballard into an integrated hydrogen ecosystem provider, expanding its business model to include energy-as-a-service and unlocking an estimated $25 million in annual run-rate EBITDA synergies, while maintaining its path to profitability by 2028.

Ballard Power Systems announced a 15-megawatt order for fuel cell systems from a company specializing in renewable off-grid power generation. This order, comprising 150 FCmove®-HD+ 100 kW modules, is the second of its kind from the same customer. Deliveries are slated to begin in the second half of 2026, with the systems intended for hydrogen gensets in diverse off-grid applications such as live events, construction, and critical infrastructure.

Ballard Power Systems announced the results of its 2026 Annual General Meeting held on June 3rd. All nominated directors were re-elected by a majority of shareholder votes. The company also noted the resignations of three directors: Janet Woodruff, Michael Chen, and Huajie Wang. Additionally, KPMG LLP was re-appointed as the company's auditor, and shareholders approved the executive compensation approach.

Ballard Power Systems announced the resignation of Weichai Power's nominee directors, Michael Chen and Huajie Wang, from its Board of Directors, effective May 13th. This follows Weichai Power's sale of approximately 6.9 million Ballard common shares, reducing its ownership to less than 15%. As a result, Weichai is no longer entitled to appoint nominees to Ballard's Board under their investor rights agreement. Ballard thanked Weichai for its contributions and stated its continued focus on executing its strategy.

Wrightbus has formally nominated Ballard Power Systems as the fuel cell supplier for its next-generation StreetDeck Hydroliner Gen 3.0 hydrogen bus platform. This partnership involves integrating Ballard's new FCmove®-SC hydrogen fuel cell engine into Wrightbus' Gen 3.0 double-decker FCEV bus, with series production starting in 2027. The FCmove®-SC engine offers higher efficiency, extended durability, and a simplified architecture aimed at reducing total cost of ownership for transit operators.

Ballard Power Systems has been formally selected by Solaris as the fuel cell supplier for its next-generation hydrogen bus. This partnership involves the integration of Ballard's new FCmove®-SC hydrogen fuel cell engine into the Solaris Generation 2 FCEV bus. The existing Long-Term Supply Agreement (LTSA) has been extended to 2029, aligning with the new bus delivery schedule and strengthening commercial terms. The FCmove®-SC engine is designed for higher efficiency, extended durability, and reduced total cost of ownership, particularly for long-range, high-utilization transit.

Ballard Power Systems reported Q1 2026 revenue of $19.4 million, a 26% increase year-over-year, driven by increased engine shipments. The company achieved a 14% gross margin, a 37-point improvement, and reduced total operating expenses by 36%. Net loss from continuing operations improved by 46% to ($11.4) million. Ballard also noted strong momentum in the fuel cell bus market with new agreements and ended the quarter with $516.8 million in cash.