Hydrogenics enters agreement with Cummins
Canadian fuel cell systems provider will be acquired by power solutions company for US$15.00 per share
MISSISSAUGA, Ont. – Hydrogenics Corporation, a Canadian provider of hydrogen fuel cell modules and hydrogen generation equipment, has entered into a purchase arrangement with Cummins Inc. and Atlantis AcquisitionCo Canada Corporation.
Cummins, a manufacturer and distributor of engines, filtration, and power generation products, will acquire the issued and outstanding shares of Hydrogenics Corporation for US$15.00 per share. The transaction does not include shares owned by The Hydrogen Company, a wholly-owned subsidiary of L’Air Liquide, S.A., and Hydrogenics’ current largest equity shareholder.
Headquartered in Mississauga, Ont., Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world.
Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centres in Russia, Europe, the U.S. and Canada.
Daryl Wilson, CEO, Hydrogenics Corp., said Hydrogenics has worked over 24 years to refine and improve transformative technology solutions in Hydrogen. “Today, our years of work are recognized as two very major high-quality industrial leaders have taken the baton to continue our legacy in bringing clean energy solutions to the world,” said Wilson .