Cummins Completes Deal for Fuel Cells Producer
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.