Ballard Power, First Hydrogen, ElringKlinger: Is Hydrogen Poised for a Fresh Start?

Ballard Power: Acquisition Completed

Ballard Power is pushing ahead with its transformation from a fuel cell manufacturer to an integrated hydrogen provider. At the end of last week, the company announced the completion of its acquisition of the British hydrogen specialist GeoPura. The purchase price is initially GBP 275 million, of which GBP 82.5 million is in cash. An additional amount of up to GBP 27.5 million may be paid upon the achievement of certain milestones.

GeoPura develops and operates Hydrogen Power Units for off-grid power supply. The hydrogen is partly produced in-house and distributed via its own fleet. Its customer base includes well-known companies such as Microsoft, Equinix, Netflix, Disney, and Balfour Beatty, as well as the British Ministry of Defense.

For Ballard, this significantly expands its business model. Instead of primarily selling fuel cells, the group will in the future cover hydrogen production, logistics, refueling, fuel cells, and stationary power generation. Of particular interest is the Energy-as-a-Service model, which is expected to generate recurring revenue.

GeoPura expects revenue of approximately GBP 38 million for 2026. Ballard anticipates long-term annual EBITDA synergies of approximately USD 25 million. At the same time, its existing business is improving. In the second quarter, revenue rose by 15% to USD 21 million, and the gross margin reached 20%. The order backlog increased to USD 157 million. After years of heavy losses, however, the path to profitability remains the key challenge. The GeoPura acquisition could significantly accelerate this process, though.

First Hydrogen: Hydrogen Meets AI and Robotics

First Hydrogen is accelerating its transformation from a hydrogen developer to a technology company. The focus is on the AI capabilities of the autonomous UGV platform. Planned features include navigation, object recognition, sensor fusion, mission planning, and threat detection. This would enable the unmanned ground vehicle to handle reconnaissance, logistics, and troop protection, as well as assist with drone defense.

Eight movable leg-and-wheel units are designed to provide stability in difficult terrain. Added to this are a foldable chassis, amphibious capabilities, and interchangeable mission modules. The UGV could thus also be deployed in ports, mines, and industrial facilities, or for protecting critical infrastructure.

The expansion of the business model makes strategic sense. First Hydrogen combines zero-emission propulsion with robotics and autonomous systems. A hybrid power supply combining solar energy, batteries, and a hydrogen fuel cell is designed to extend operating time. Through an expanded binding letter of intent, the company holds exclusive global development rights to the patented UGV technology. At the same time, preparations are underway for a 60% stake in a robotics company with a portfolio of 26 granted patents and 10 pending. The final agreement has yet to be signed.

The hydrogen business is already delivering proof of concept. Two fuel-cell vans approved for road use in the UK completed 6,000 test kilometers and achieved a range of more than 630 km per tank. Now, First Hydrogen is also targeting the growing markets for drones, robotics, and defense. If commercialization is successful, the previously overlooked hydrogen business could evolve into a technology platform with multiple growth drivers, potentially leading to a significant revaluation.

ElringKlinger: Fuel Cell Comes to the 40-Ton Truck

At ElringKlinger, too, fuel cell technology is making its way into real-world heavy-duty transportation. The subsidiary EKPO Fuel Cell Technologies, in collaboration with Akkodis, is beginning testing of the new NM20 fuel cell stack in a 40-metric-ton hydrogen truck. A logistics company will deploy the vehicle under real-world conditions.

The NM20 was developed specifically for heavy-duty applications. With an output of up to 400 kW and a projected service life of more than 25,000 operating hours, it is the most powerful stack in the EKPO portfolio. In the demonstration vehicle, a single stack delivers up to 360 kW of system output at up to 61% efficiency.

The data from the logistics operation is intended to be incorporated directly into the further development of the NM20 and support its path toward series production. The insights gained could also be applied to shipping, stationary power generation, and off-highway applications.

Through EKPO, ElringKlinger thus holds an interesting position in the hydrogen market. The joint venture between ElringKlinger and OPmobility develops and manufactures fuel cell stacks for passenger vehicles, commercial vehicles, buses, as well as rail and marine applications. Industrialization remains a key factor here as well. If the transition from the demonstrator to large-scale production is successful, fuel cell technology could become a significantly larger business.

Following the initial hydrogen euphoria, the decisive phase is now beginning. Ballard Power is acquiring additional revenue and a recurring service model through GeoPura, while ElringKlinger is testing its fuel cell technology under real-world conditions in heavy-duty transportation. First Hydrogen combines hydrogen, robotics, and AI into an ambitious technology platform. If the UGV reaches market maturity, defense, drone defense, and infrastructure protection will open up significant opportunities, including a potential revaluation of the stock.