Cummins Completes Deal for Fuel Cells Producer

Posted: Updated:
(photo courtesy Cummins) (photo courtesy Cummins)
COLUMBUS -

Columbus-based Cummins Inc. (NYSE: CMI) has closed on its acquisition of Hydrogenics Corp., a fuel cell systems provider in Canada. Cummins says the $290 million deal helps push the company towards a wider range of power technologies, including fuel cells and hydrogen-fueled sectors. 
While Cummins is known for its diesel and gas-fired engines and generators, the company began exploring fuel-cell potential about 20 years ago.

“Hydrogenics is one of the world’s premier fuel cell and hydrogen production technologies providers and their expertise and innovative approach will strengthen Cummins’ fuel cell capabilities,” Tom Linebarger, chairman and CEO, Cummins Inc.

Linebarger says owning Hydrogenics will allow the company to offer a range of fuel cell and hydrogen generation from electrolysis capabilities.

With the closing, Cummins becomes the majority stakeholder of Hydrogenics, while Air Liquide, a French company, continues to hold about 19 percent through its subsidiary, The Hydrogen Company.

“The two global companies, leaders in their sector, have complementary expertise in the development of hydrogen energy,” said Pierre Etienne Franc, CEO, The Hydrogen Company. “Thanks to Cummins’ investment, we believe Hydrogenics technologies will be able to accelerate significantly their development." 

Hydrogenics will be delisted from the Toronto Stock Exchange and the NASDAQ upon receipt of the final required approvals.

  • Perspectives

    • Want to Lower Your Medicare Premiums?

      If you’re nearing retirement age, health insurance and Medicare are probably on your mind as well. Do you understand how Medicare works and how the monthly premium is determined? You need to be in the know to avoid making costly mistakes. Here are some tips for potentially lowering your Medicare premiums.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Photo courtesy of Key Detail

      Internationally-Known Artists to Paint Greencastle Mural

      Key Detail, an internationally known mural artist, has been selected to create one of Indiana’s largest murals on four large grain silos at the corner of Veterans Memorial Highway and U.S. 231 in Greencastle. The Putnam County Mural Project received more than 70 applications from muralists worldwide for the project, which is a canvas of up to 8,000-square-feet and a primary gateway for Greencastle.  

    • Hicks: Stakes High for Both Sides in GM Strike

      As a strike at General Motors Co. enters its second week, Ball State University economist Mike Hicks believes both sides are digging in for what could be a lengthy fight over key issues. For the United Auto Workers Union, Hicks says it’s about maintaining and adding to membership, which plummeted nine per cent in 2018, even as manufacturing was enjoying a resurgence. For GM, Hicks says flexibility is critical. “They are looking at the EV, or hybrid market, and that’s...

    • Want to Lower Your Medicare Premiums?

      If you’re nearing retirement age, health insurance and Medicare are probably on your mind as well. Do you understand how Medicare works and how the monthly premium is determined? You need to be in the know to avoid making costly mistakes. Here are some tips for potentially lowering your Medicare premiums.

    • Parkview Heart Institute is part of the Parkview Health System

      Most Wired Hospitals in Indiana Ranked

      A national association of healthcare information executives has once again honored Fort Wayne-based Parkview Health for its commitment to using advanced technologies in their clinical and business operations. The College of Healthcare Information Management Executives says Parkview is ranked in the 97th percentile of organizations surveyed for the program, earning a “Most Wired” distinction. 

    • Butler University in Indianapolis is one of the 30 members of the Independent Colleges Indiana

      Economic Impact of Independent Colleges, Universities

      An Indianapolis-based association representing 30 non-profit colleges and universities in the state says collectively they have a $5.4 billion impact on Indiana’s economy every year. Independent Colleges of Indiana has released an economic impact study to illustrate what role the institutions have.