Cummins acquires remaining stake in Canadian company
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Columbus-based Cummins announced Friday it has acquired the remaining 19% interest in Hydrogenics Corp., a fuel cell systems provider in Canada. The deal comes nearly four years after Cummins completed its $290 million purchase the majority of the company’s outstanding shares.
Financial terms of the latest acquisition are not being disclosed. The 19% stake in the company was previously held by Air Liquide, an industrial gas company headquartered in Paris, France that retained its ownership stake in the 2019 acquisition by Cummins.
Hydrogenics designs and builds a variety of fuel cell systems, including hydrogen fuel cells for electric vehicles and fuel cells for freestanding electrical power plants.
Cummins said completing the buyout of Air Liquide’s interest in Hydrogenics adds key fuel cell and electrolyzer technologies to its portfolio.
“This move enables continued investment and growth in hydrogen technologies to meet rapidly growing demand,” the company said in a news release.
Hydrogenics is part of Cummins’ alternative fuels business, which was rebranded to Accelera by Cummins in March. The company has invested millions of dollars in hydrogen power technology.
In May, the company cut the ribbon on its first U.S. electrolyzer production site in Fridley, Minnesota. The The proton exchange membrane (PEM) electrolyzer is used to split water into hydrogen and oxygen, creating what is known as green hydrogen that can be stored as a liquid or gas and used as an alternative to fossil fuels.