Cummins Inc. has completed the acquisition of Hydrogenics, a Canadian fuel cell and hydrogen production technologies provider.
Cummins to acquire Hydrogenics
Hydrogenics will now report under Cummins’ Electrified Power Business Segment, led by Thad Ewald, Vice-President of Corporate Strategy. The company’s operations will still be headquartered in Mississauga, Canada.
“We are thrilled to welcome Hydrogenics employees to the Cummins family,” said Tom Linebarger, Chairman and CEO of Cummins Inc.
“Hydrogenics is one of the world’s premier fuel cell and hydrogen production technologies providers and their expertise and innovative approach will strengthen Cummins’ fuel cell capabilities.”
“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 acquisition of Hydrogenics, with Air Liquide’s support, will accelerate Cummins’ ability to innovate and scale hydrogen fuel cell technologies across a range of commercial markets.
“Air Liquide and Cummins have a shared vision of the key role that hydrogen plays in the energy transition. As a shareholder, and more widely as a company, Air Liquide is highly supportive of a hydrogen-based society,” said Pierre Etienne Franc, CEO of The Hydrogen Company.
“The two global companies, leaders in their sector, have complementary expertise in the development of hydrogen energy. Thanks to Cummins’ investment, we believe Hydrogenics technologies will be able to accelerate significantly their development.”
The acquisition was completed for $15 per share, representing an enterprise value of approximately $290m and follows the approval of Hydrogenics shareholders, the receipt of approvals from the Ontario Superior Court of Justice, and satisfaction of other customary closing conditions.
Air Liquide will own approximately 19% of the company while Cummins maintains an approximately 81% ownership and will fully consolidate the entity in its financial statements.
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