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Cummins strengthens fuel cell, electrolyzer portfolio with buyout of Hydrogenics
Cummins Inc. has recently announced the complete buyout of Air Liquide's 19 percent interest in Hydrogenics Corporation, resulting in the company assuming full ownership of Hydrogenics and adding key fuel cell and electrolyzer technologies to its portfolio.
The buyout reinforces its commitment to these technologies and the increasing importance they will play in creating value for all stakeholders and decarbonizing our world, according to Cummins.
This move enables continued investment and growth in hydrogen technologies to meet rapidly growing demand, the company adds. Cummins acquired 81 percent of ownership in Hydrogenics back in 2019 to expand its presence in the hydrogen markets, along with Air Liquide.
Tom Linebarger, Chairman and CEO of Cummins, commented on the development, "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."
The companies have informed that Hydrogenics will continue to be one of Air Liquide's suppliers for its electrolyzer products.
In recent times, Cummins is making strident progress in terms of the scale-up of electrolyzer production, targeting GW-scale capacities and establishing new 500 MW range projects in both the US and European markets.
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