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Prime Mover Magazine


Cummins to acquire Hydrogenics

Independent US engine producer, Cummins, has entered an agreement to acquire fuel cell systems provider, Hydrogenics for an enterprise value of approximately $290 million USD ($414 million AUD).

Following the unanimous recommendation of the special committee of Hydrogenics Board of Directors, all non-interested directors of Hydrogenics have unanimously approved the transaction and recommends that Hydrogenics shareholders vote in favour of the transaction.

“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 Cummins Chairman and CEO, Tom Linebarger.

“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,” he said.

“It takes vision and an innovative spirit to take on next generation technologies and provide the environment for them to grow,” said Hydrogenics President and CEO, Daryl Wilson.

“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,” he said.

As a part of the transaction, The Hydrogen Company, a wholly-owned subsidiary of L’Air Liquide, S.A., and Hydrogenics’ current largest equity shareholder, will maintain its ownership in Hydrogenics.

The closing of the acquisition of Hydrogenics is subject to the satisfaction of customary closing conditions for a court approved Plan of Arrangement transaction in Canada.

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