GHD supports GeoPura’s four-year journey to a £300 million acquisition
GHD has provided transaction advisory support to GeoPura across a four-year growth period that culminated in Ballard Power Systems’ announced £300 million acquisition of the business. Since 2022, GHD’s transaction advisory team has delivered technical and commercial due diligence across GeoPura’s funding, financing and transaction milestones. The work helped investors and lenders assess a hydrogen power business developing lower-emission alternatives to diesel generation.
GeoPura’s Hydrogen Power Units (HPUs) and hydrogen supply model are used in demanding off-grid and grid-support settings across sectors, including film and TV, construction, transport, events, health care, defence and data centres.
A developing advisory relationship
GHD first supported GeoPura through technical and commercial due diligence for its Series A fundraising. As the business grew, GHD continued to advise across later stages, including updated vendor due diligence, technical review of the HyMarnham hydrogen production project, debt-financing support for GeoPura’s HPU fleet and due diligence linked to Series B fundraising and transaction preparation.
The relationship shows how GHD’s transaction advisory team can grow with an emerging business, providing consistent technical and commercial advice as funding and transaction requirements become more detailed. The GHD team value the opportunity to develop lasting relationships with their clients built on trust and delivery excellence.
What our work covered
Across the assignments, GHD conducted:
- Technical and commercial due diligence for GeoPura’s Series A fundraising – Barclays, SWEN, GM Ventures, Siemens Ventures.
- Updated vendor due diligence to support investor discussions – National Wealth Fund.
- Technical due diligence on the HyMarnham hydrogen production project – export finance.
- Due diligence for prospective debt financing of GeoPura’s HPU fleet.
- Commercial and technical vendor due diligence linked to Series B fundraising and transaction preparation which lead to Geopura’s eventual sale to Ballard Power.
Across these assignments, we used management interviews, organisational analysis, site visit, supplier and customer discussions, technical assessments, pipeline and sales analysis, market review and financial model analysis. Our team developed due diligence reports, risk registers, red-flag assessments and investor-facing materials.
Clear reporting for decision-makers
GHD developed due diligence reports, risk registers, red-flag assessments and investor-facing materials. These helped decision-makers understand GeoPura’s technology, commercial model, value chain, development opportunities and material risks across successive investment milestones.
Ballard’s announced acquisition brings together GeoPura’s hydrogen power business with Ballard’s fuel cell and long-standing supply relationship with GeoPura.
GHD’s work with GeoPura forms part of a wider transaction-advisory success story, showing how long-term support can adapt as a growing business moves from early fundraising through to acquisition.
It has been a pleasure working with Andy and the team over the last four years. At GHD we have been privileged to work for an organisation that has managed to thrive in what is a tough market. GeoPura have secured an enviable pipeline consisting of many tier 1 clients through brave and ambitious decision making, pivoting their model to become a vertically integrated hydrogen power company. On behalf of GHD we look forward to GeoPura and Ballard Power Systems’ continued success in their drive to decarbonise off grid power.
Media contact
About GHD
GHD is a leading professional services company operating in the global markets of water, energy and resources, environment, property and buildings, and transportation. Committed to a vision to make water, energy, and communities sustainable for generations to come, GHD delivers advisory, digital, engineering, architecture, environmental and construction solutions to public and private sector clients. Established in 1928 and privately owned by its people, GHD’s network of 12,000+ professionals is connected across 165 offices located on five continents.