Ballard acquires Arcola Energy
By Will Hall - 13th December 2021
Canada / UK – Burnaby, Canada-based fuel cell manufacturer Ballard Power Systems Inc has announced the acquisition of British hydrogen fuel cell specialist Arcola Energy, based in London. As part of the agreement, Arcola Energy will be rebranded to Ballard Motive Solutions.
Ballard has acquired 100% of Arcola, which currently has around 90 employees in the UK. The value of the transaction’s total consideration is up to USD40 million, including 337,353 Ballard shares (with a current approximate value of USD6 million) that vest over two years, and up to USD34 million in upfront and earn-out cash consideration based on certain performance conditions over a two-year period.
