Cummins Inc. announced that it has entered into a definitive agreement to acquire, through a wholly-owned subsidiary, all the issued and outstanding shares of fuel cell systems provider Hydrogenics Corp. for an enterprise value of approximately $290 million.
“We are excited that Cummins has reached an agreement with Hydrogenics to welcome the employees and innovations of one of the world’s leading fuel cell and hydrogen generation equipment providers to our company,” said Tom Linebarger, Cummins chairman and CEO. “We look forward to partnering closely with Hydrogenics’ team in the coming weeks as we work toward closing the transaction. 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.”
“It takes vision and an innovative spirit to take on next generation technologies and provide the environment for them to grow,” said Daryl Wilson, president and CEO, Hydrogenics. “Hydrogenics has worked for 24 years to emerge as a global leader in fuel cell and hydrogen solutions in the power industry. We are deeply honored to now join with Cummins on the transformative journey of next generation clean power solutions.”
As a part of the transaction, The Hydrogen Co., a wholly-owned subsidiary of L’Air Liquide, S.A., and Hydrogenics’ current largest equity shareholder, will maintain its ownership in Hydrogenics.