Cummins has closed on the acquisition of fuel cell and hydrogen production technologies provider Hydrogenics Corporation. The acquisition was completed for $15.00 per share, representing an enterprise value of approximately $290 million.
Cummins said that the Canadian company would give it new hydrogen production technologies. "Their expertise and innovative approach will also strengthen Cummins’ fuel cell capabilities,” said Cummins chairman and CEO Tom Linebarger in a statement. “This is another step forward as we continue to invest in a broad range of clean, fuel-efficient and high-performing products and technologies that deliver value to our customers.”
Cummins started developing fuel-cell capabilities more than 20 years ago, but said the acquisition of Hydrogenics, with minority owner Air Liquide’s support, “accelerates its ability to innovate and scale hydrogen fuel-cell technologies across its markets.”
Hydrogenics is under Cummins’ Electrified Power Business Segment. It will continue to be headquartered in Mississauga, Canada. Cummins’ Electrified Power business designs and manufactures fully electric and hybrid powertrain systems along with components and subsystems for commercial markets that are adopting electrification.