The B.C.-based hydrogen fuel cell company said the deal will let it bundle more services for its customers, since Ballard makes the fuel cells, while GeoPura sells fuels, sells and leases power units and is a joint partner in a hydrogen plant. (The Logic)

Talking point: The deal positions Ballard as a potential vendor for supporting electricity grids at a time when utilities are beefing up their systems to support data centres. Ballard is following in the footsteps of battery companies, many of which are diversifying into energy storage, as major automakers have slowed or halted production for some models. GeoPura provides grid support and off-grid power for projects like the film industry and defence, working with companies like Disney and data-centre firm Equinix, and the U.K. defence ministry. Ballard will pay £275 million up front for the company and issue about 50.8 million shares at US$5.02, with another payment contingent on certain financial milestones. All said, the enterprise value after assuming GeoPura’s net debt is about US$400 million. Ballard’s stock fell nearly five per cent on the Nasdaq.

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