Columbus-based Cummins Inc. (NYSE: CMI) has launched a joint venture with a European hydrogen storage company as it continues to expand its investment and exploration of hydrogen fuel cells.
The engine and powertrain company announced an agreement with Netherlands-based NPROXX, a company specializing in high-pressure hydrogen storage for both stationary and mobile applications.
Each company will own a 50% stake in the joint enterprise.
Still operating under the NPROXX name, the new company will provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications.
“The addition of hydrogen storage to our existing capabilities in hydrogen production and fuel cells enables us to accelerate the viability and adoption of these technologies in commercial markets,” said Tom Linebarger, chairman and chief executive officer, Cummins Inc.
Last year, Cummins announced two deals to expand its footprint in the hydrogen sector, including the September 2019 acquisition of Hydrogenics Corp. The purchase gave Cummins the technology needed to generate hydrogen.
In October, Cummins entered into a memorandum of understanding with Hyundai Motor Co. to collaborate on hydrogen fuel cell technology.
“The addition of hydrogen storage to our existing capabilities in hydrogen production and fuel cells enables us to accelerate the viability and adoption of these technologies in commercial markets,” said Linebarger.
Cummins said the joint venture is subject to regulatory approvals. The two companies expect to close the deal by the end of the first quarter of 2021.
