Ballard - M&A Summary and Business Overview

Electrical EquipmentCompany

Ballard M&A Summary

Ballard has acquired 3 companies, including 1 in the last 5 years.

Ballard’s largest acquisition to date was in 2021, when it acquired Arcola Energy for $40M. Ballard has acquired in 1 US state, and 3 countries. The Company’s most targeted sectors include automotive (34%) and electrical equipment (34%).

Ballard Business Overview

Where is Ballard headquartered?

Ballard is headquartered in Burnaby, British Columbia.

What is Ballard’s revenue?

Ballard disclosed revenue of 102M USD for 2023 and 82M USD for 2022.

How many employees does Ballard have?

Ballard has 1,173 employees.

What sector is Ballard in?

Ballard is an electrical equipment company.

When was Ballard founded?

Ballard was founded in 1979.

M&A Summary

M&A Total Activity3
- M&A Buy Activity3
Total Sectors Invested 3
Total Countries Invested 3
M&A Buy/Sell Connections 1
M&A Advisors 2

Ballard

Ballard Power Systems, Inc.

9000 Glenlyon Parkway,
Burnaby, British Columbia V5J 5J8
Canada,
(604) 454-0900
www.ballard.com

Ballard is a provider of clean energy products that reduce customer costs and risks and help customers solve difficult technical and business challenges in their fuel cell programs. Ballard was founded in 1979 and is based in Burnaby, Canada.

M&A Summary

Buy vs Sell

Year		≤ '20	'21	'22	'23	'24	'25	T
Buy (0.2/yr)	#	2	1	-	-	-	-	3
Buy (0.2/yr)	vol	$30M	$40M					$70M
Sell (0.0/yr)	#	-	-	-	-	-	-	0
								3

Most Recent M&A

Company	Date	Value	Type
Arcola Energy Ltd.	2021-11-11	40M USD	Add-on Acquisition
London, United Kingdom · www.arcolaenergy.com
Automotive Fuel Cell Cooperation Corp. - Fuel Cell Assets	2018-07-03	-	Divestiture
Burnaby, British Columbia
Protonex Technology Corp.	2015-06-29	30M USD	Add-on Acquisition
Southborough, Massachusetts · www.protonex.com
View All >>

M&A by Sector

Sector	Buy #	Value	Sell #	Value
Automotive	1 (33%)	-	-	-
Electrical Equipment	1 (33%)	30M (43%)	-	-
Energy Services and Equipment	1 (33%)	40M (57%)	-	-
Total	3	$70M	-	-

By Geo

State/Country		Buy	Value	Sell	Value
Canada		1	-	-	-
	British Columbia	1	-	-	-
United Kingdom		1	40M	-	-
United States		1	30M	-	-
	Massachusetts	1	30M	-	-
Domestic		1 (33%)	-	-	-
Cross-border		2 (67%)	70M (100%)	-	-
Total		3	$70M	-	-

Top M&A Advisors

Financial	Deals
Cowen	1
National Bank Financial	1

Deal Values

buy	#	Total
< $100M	2	$70M
TOTAL		$70M
Largest	Arcola Energy Ltd. $40M (2021-11-11)

M&A Connections

		Deals
Acquired from
Strategic(s)	33%	1 (33%)

Company Summary

SECTOR

Electrical Equipment

Revenue

102 25%	2023
82 22%	2022
105 1%	2021
104 2%	2020
106 10%	2019
97 20%	2018
121 43%	2017
85 52%	2016
56 19%	2015
69 14%	2014
61	2013
(millions of USD)	Show More Show Less

Employees

1,173

Established

1979

Public

NASDAQ: BLDP

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Ballard - M&A Summary and Business Overview

Electrical EquipmentCompany