CMS advises Siemens Energy on sale of its stake in GeoPura as part of Ballard Power Systems acquisition

CMS has advised international energy group Siemens Energy on the sale of its shareholding in GeoPura Limited (GeoPura), a leading UK provider of zero-emission, hydrogen-based power solutions, as part of Ballard Power Systems Inc.'s acquisition of GeoPura.

Ballard Power Systems (Ballard) is a global leader in hydrogen fuel cell technology and is listed on NASDAQ and the Toronto Stock Exchange. Completion of the sale was announced on 28 August 2026.

GeoPura, founded in 2019, designs, manufactures and operates Hydrogen Power Units (HPUs), which provide reliable, off-grid, zero-emission power using hydrogen fuel cell technology. The company also produces and distributes green hydrogen across the UK through its dedicated production facilities and compressed hydrogen logistics network.

The transaction brings together Ballard's advanced fuel cell technology with GeoPura's HPUs, fuel production capabilities and logistics to create an Energy-as-a-Service business model, creating an integrated zero-emissions energy solutions provider serving customers across a range of sectors.

The transaction included upfront consideration of £275m, comprising cash and Ballard shares, together with potential additional contingent consideration of up to £27.5m linked to the achievement of specified post-completion performance milestones. On a pro-forma basis, former GeoPura shareholders will hold approximately 14.1% of Ballard's outstanding common shares.

CMS also acted for Siemens on its previous investment into GeoPura in 2023.

Tom Jameson, CMS Corporate Partner, said: “We are delighted to support Siemens Energy on this strategically important transaction. Having advised on Siemens Energy's prior investment into GeoPura, it has been a privilege to work alongside them through to this successful exit. The acquisition by Ballard of GeoPura reflects the growing maturity of the hydrogen sector and brings together complementary capabilities across the hydrogen value chain. This deal demonstrates the strength of CMS's market-leading Corporate practice, drawing on deep sector knowledge to guide our client through a complex transaction and help deliver a successful outcome.”

Kristin Menendez, Senior Counsel at Siemens Energy, said: “The sale of our shareholding in GeoPura is an important transaction for Siemens Energy and one that required careful management across a number of commercial, legal and stakeholder considerations. Tom Jameson, Anna Compagnoni and the rest of the CMS team were instrumental throughout the process, combining technical expertise with a clear understanding of our strategic objectives. Their pragmatic approach, responsiveness and ability to maintain momentum on a complex transaction were invaluable in helping us secure a successful outcome.”

The CMS team was led by Tom Jameson and included Anna Compagnoni and James Dooling (Corporate) and Rebecca Stewart (Tax).

CMS advises clients across the energy sector on complex domestic and cross-border transactions, including investments, acquisitions and disposals involving renewable energy, hydrogen, energy infrastructure and decarbonisation projects.