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BALLARD ANNOUNCES ACQUISITION OF UK-BASED GEOPURA, POWERING FUTURE GROWTH AND TRANSFORMING BALLARD INTO AN INTEGRATED HYDROGEN ECOSYSTEM PROVIDER

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  • Ballard Power Systems acquired GeoPura Limited via a definitive agreement to become a vertically integrated energy-as-a-service provider.
  • The transaction includes an upfront equity purchase price of £275.0 million funded by £82.5 million in cash & issuance of ~50.8 million new Ballard shares.
  • Total transaction enterprise value is £301.1 million (~US$400 million), excluding contingent consideration of up to £27.5 million based on future financial milestones.
  • Ballard assumes 100% of GeoPura including its 50% ownership stake in the HyMarnham Power hydrogen production facility.
  • GeoPura shareholders will own approximately 14.4% of Ballard post-closing & are subject to customary lock-up agreements.
  • The combined entity expands Ballard's addressable market into stationary power applications such as construction, data centers, defense, & entertainment.
  • The acquisition integrates hydrogen production, distribution, logistics, refueling, fuel cells, & stationary power generation into a single bundled offering.
  • Ballard expects to achieve US$25 million in annual run-rate EBITDA synergies & maintain its path to profitability by 2028.
  • GeoPura CEO Andrew Cunningham will become President of Ballard reporting to CEO Marty Neese & will join the Board of Directors.
  • GeoPura holds the UK government's inaugural Hydrogen Allocation Round 1 contract, providing 15 years of guaranteed revenue visibility.
  • The transaction is subject to regulatory approvals including the UK National Security & Investment Act & TSX approval, with closing expected in the second half of 2026.
  • GeoPura reported expected 2026 revenue of approximately £38 million prior to the acquisition.
  • RBC Capital Markets served as financial advisor to Ballard & Barclays served as financial advisor to GeoPura.