Cummins Inc., a global power leader, has entered into a definitive agreement to acquire, through a wholly-owned subsidiary, all the issued and outstanding shares of Canadian fuel cell systems provider Hydrogenics Corporation, other than shares already owned by The Hydrogen Company. In October 2018, Cummins joined with other industry partners to research how hydrogen fuel cells can power commercial vehicle applications, recognizing that this technology is likely to play a role in the broad portfolio of power solutions Cummins will provide to its customers in the future.
“We are excited that Cummins has reached an agreement with Hydrogenics to welcome the employees and innovations of one of the world’s leading fuel cell and hydrogen generation equipment providers to our company,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “We look forward to partnering closely with Hydrogenics’ team in the coming weeks as we work toward closing the transaction. Upon closing, we will share more details about the acquisition and our strategy to offer a broad portfolio of power solutions to meet our customers’ needs.”
“It takes vision and an innovative spirit to take on next generation technologies and provide the environment for them to grow,” said Daryl Wilson, President and CEO, Hydrogenics. “Hydrogenics has worked for 24 years to emerge as a global leader in fuel cell and hydrogen solutions in the power industry. We are deeply honoured to now join with Cummins on the transformative journey of next generation clean power solutions.”
“Over the past 24 years, the Hydrogenics team has worked to refine and improve transformative technology solutions in Hydrogen. Today, our years of work are recognized as two very major high-quality industrial leaders have taken the baton to continue our legacy in bringing clean energy solutions to the world. It is a great honour to be associated with such distinguished companies as Cummins and Air Liquide. We look forward with renewed vigour to work alongside them to accelerate the transformative journey,” said Mr. Daryl Wilson, Chief Executive Officer of the Company.
As a part of the transaction, The Hydrogen Company, a wholly-owned subsidiary of L’Air Liquide, S.A., and Hydrogenics’ current largest equity shareholder, will maintain its ownership into Hydrogenics.
In September 2018, Cummins joined the Hydrogen Council, a global coalition exploring and promoting hydrogen as a clean energy source to help meet the world’s climate challenges.