Cummins to buy Hydrogenics fuel cells
US engine manufacturer Cummins, a specialist in industrial and marine engines, announced the signing of an agreement with Hydrogenics Corporation, a supplier of fuel cell systems. Through a wholly-owned subsidiary, Cummins is expected to acquire all of the company's shares, except those of The Hydrogen Company, an Air Liquide subsidiary. The company's value is estimated at $290 million.
Expand Cummins' propulsion offering
Tom Linebarger, CEO of Cummins Inc. is pleased with the acquisition of Hydrogenics and the opportunities it offers to adapt the engine manufacturer's range to future environmental requirements. "We look forward to working closely with the Hydrogenics team in the coming weeks. Once the transaction is completed, we will share more details about this acquisition and our strategy to offer a broad portfolio of energy solutions to meet our customers' demands."
Hydrogenics will benefit from Cummins' importance in developing its solutions, as CEO Daryl Wilson explains. "Hydrogenics has worked 24 years to emerge as a world leader in fuel cell and hydrogen solutions in the energy industry. We are deeply honored to join Cummins on this path of transformation to the next generation of clean energy solutions."
Still not widely used in yachting but tested in the commercial marine sector on numerous occasions, hydrogen fuel cells are considered an interesting alternative to conventional batteries, thanks to their higher energy density. The hydrogen production method remains the major problem of this solution to make it truly ecological.
