Cummins yook over the fuel cell manufacturer Hydrogenics

Cummins, directly from the United States, decided to take a step into the near Canadian territory, for the acquisition of Hydrogenics Corporation. A strategic move that will bring reinforcement for fuel cell development to the American team. However, Air Liquide will remain on board as an investor in Hydrogenics.

Cummins announced that the company will acquire all shares of the Canadian fuel cell and hydrogen technology developer and manufacturer, with the exception of the shares that Air Liquide has in Hydrogenics since the beginning of this year. Cummins will pay 15 USD per share, equivalent to 290 million USD in shareholder value.

Further details on the deal and its impact on both companies will be announced by Cummins CEO Tom Linebarger later this year: «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». According to the announcement, Cummins expects the transaction to close in the third quarter of 2019.

CUMMINS HELPS UK NATIONAL GRID WITH NATURAL GAS

An ongoing strategic development for Cummins

The US manufacturer has already a big name for itself in terms of diesel engines development, but over the last two years it has also made a number of significant and decisive acquisitions in the field of electrically powered vehicles. After presenting the prototype of an electric truck in 2017, Cummins acquired the former electric motorcycle manufacturer and current battery specialist Brammo.

Then, in February 2018, we saw the acquisition of Johnson Matthey’s UK division specialising in electric and hybrid vehicles. Just a few months later in July of 2018, Cummins also acquired Efficient Drivetrains, as well as joining the Hydrogen Council. Now, with the acquisition of Hydrogenics, the US firm is setting itself up for rapidly growing markets in zero-emission technologies.

ALEXEI USTINOV AND CUMMINS’ STRATEGY FOR THE FUTURE

Highlights

FPT Industrial: let’s go, XC13

The XC13 surely sounds agnostic in FPT Industrial’s unofficial nomenclature; it comes, indeed, with a tripartite certification: Euro 6E (winking an eye at the upcoming Euro 7), methane gas and also biofuel, with a link to hydrogen. Andrea Abbà, FPT’s product marketing manager, told us about dialogui...

Related articles

José Cuadrado is the new Global CEO of Yanmar Compact Equipment

José Cuadrado has been appointed Global Chief Executive Officer at Yanmar Compact Equipment (Yanmar CE), and Chairman of the Board at Yanmar Holdings Co., Ltd. Cuadrado replaces Giuliano Parodi, who is now transferring to manage the Yanmar Group’s Strategy Division, as Chief Strategy Officer.

Isotta Fraschini Motori, Marco Golinelli is the new CCO

Marco A.G. Golinelli has joined Isotta Fraschini Motori as the new Chief Commercial Officer (CCO). With his extensive expertise as Director Energy Solutions, and the cogeneration sector, Marco will undoubtedly bolster Isotta Fraschini Motori’s ongoing success and growth.
News

VM Motori is ready for the relaunch

Rumors are intensifying around the sale of VM Motori, which is expected to take place in 2024. We are behind schedule, compared to the forecasts of the Emilia Romagna region, but the rumors remain and the clues lead to northern Italy
News

[Interact Analysis] Forecasts for the global forklift market

Interact Analysis has recently updated its forecasts for the global forklift market. It was initially expected that the market would decline in 2024. However, North America actually saw a significant increase in order volume in the final quarter of 2023. In China, sales in January 2024 experienced a...
News