Cummins to acquire Hydrogenics

Cummins to acquire Hydrogenics

NEWS reorganisation it undertook in April, which included making 135 employees redundant, some 30% of its global workforce. The company also made a se...

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NEWS reorganisation it undertook in April, which included making 135 employees redundant, some 30% of its global workforce. The company also made a series of management changes in early June, according to series of filings with the US Securities and Exchange Commission (SEC), including terminating the employment of its President and CEO, Chip Bottone, and the appointment of Laura Marcero as Chief Restructuring Officer and Lee Sweigart as Deputy Chief Restructuring Officer. The company estimates that the staff reductions will result in annual payroll savings of some $11.5 million. The workforce was reduced at the North American production facility in Torrington, Connecticut, as well as at corporate offices in Danbury, Connecticut and at remote locations. The company has also reduced materials spending, and is implementing cost control initiatives. Laura Marcero, a Managing Director of Huron Consulting Services LLC, has been appointed as Chief Restructuring Officer, with Lee Sweigart, a Senior Director of Huron, as her deputy. Jennifer D. Arasimowicz – already General Counsel and Corporate Secretary – was appointed Chief Commercial Officer, Executive Vice President, and Interim President, so she now functions as the company’s principal executive officer. In addition, Chief Financial Officer and Treasurer, Michael S. Bishop, has additionally been appointed as an Executive VP, Anthony Leo will serve as the new Chief Technology Officer and as an Executive VP, and Michael Lisowski as the Chief Operating Officer and as an Executive VP. In other news, FuelCell Energy has entered into a $10 million Licence Agreement with ExxonMobil Research and Engineering Company, which grants EMRE and its affiliates a non-exclusive, worldwide, fully paid, perpetual, irrevocable, non-transferrable licence and right to use FCE’s patents, data, know-how, improvements, equipment designs, methods, processes and the like to research, develop, and commercially exploit MCFCs in applications in which they concentrate CO2 from industrial and power sources [see the News Feature in FCB, May 2016, and also page 5 in this issue].

definitive agreement to acquire Canadian company Hydrogenics, for US$15.00 per share in cash, representing an enterprise value of approximately $290 million. The transaction is expected to be completed in Q3 of 2019. Hydrogenics, a leading developer and manufacturer of hydrogen PEM fuel cell modules and hydrogen generation equipment, announced on 28 June that it has entered into an agreement to be acquired by Cummins Inc and its wholly owned subsidiary Atlantis AcquisitionCo Canada Corporation. The latter will purchase all of its outstanding common shares, other than shares owned by The Hydrogen Company, a subsidiary of Air Liquide, which has agreed to exchange its shares for shares of the purchaser, maintaining its ownership in Hydrogenics. The Hydrogen Company is currently the largest shareholder, owning 3.5 million shares, representing approximately 18.6% of the issued and outstanding shares [FCB, January 2019, p14]. Headquartered in the Toronto suburb of Mississauga, Hydrogenics provides hydrogen generation, energy storage, and hydrogen power modules to customers and partners around the world. It has manufacturing sites in Germany, Belgium and Canada, and service centres in Russia, Europe, the US and Canada. Cummins has also been working with UK-based Ceres Power, to evaluate applications of Ceres’ SteelCell® intermediate-temperature solid oxide fuel cell technology in Cummins’ core markets of large-scale backup power and prime power applications [April 2014, p10]. And in 2017 it partnered with Microsoft and facilities specialist McKinstry to establish a new Advanced Energy Lab in Seattle, Washington, to provide insights into how fuel cells can perform in data centres [October 2017, p1].

FuelCell Energy: www.fuelcellenergy.com

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ExxonMobil, Carbon Capture and Storage Research: https://tinyurl.com/exxonmobil-ccs

Cummins to acquire Hydrogenics

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S-based engine manufacturer Cummins has entered into a

July 2019

Hydrogenics Corporation: www.hydrogenics.com Cummins: www.cummins.com

Ogura expands line of hydrogen pumps for fuel cell applications ew Jersey-based Ogura Industrial Corporation has expanded its line of hydrogen recirculation pumps for use in fuel cell systems, to meet growing demand for efficient hydrogen pumps to recirculate hydrogen throughout a fuel cell stack. The extremely high efficiency of Ogura’s hydrogen pump means that an increasing number of manufacturers of larger (>30 kW)

fuel cells are utilising Ogura TX series pumps. Special materials and coatings resistant to the corrosive effects of 100% humidified hydrogen are used throughout. Ogura pumps have a very wide sealing area internally between the lobes and housing, and a special coating on the lobes which allows for extremely small clearances between the rotors and housing, making them very efficient. In addition, the lobes are hollow and constructed in aluminium, so that expansion between the aluminium lobes and the aluminium housing is consistent, to further maintain structural clearances. The presence of water droplets (or steam) in the hydrogen stream improves the pump’s adiabatic efficiency even further. For most applications, Ogura has designed a unique positive pressure cavity that avoids any risk of timing gear oil mixing with the hydrogen stream. The units also have unique new seals, which have already been proven in the field to maintain high efficiencies in units running for many tens of thousands of hours. Ogura Industrial Corporation: www.ogura-clutch.com

Plug Power acquires EnergyOr to target robotics, UAV markets

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S-based Plug Power has acquired the technology, assets, and personnel of Canadian company EnergyOr, a leader in compact and lightweight hydrogen PEM fuel cell systems for robotics, small-scale materials handling, and aerospace applications. Plug Power will use EnergyOr’s technology to expand into the robotics and unmanned aerial vehicle (UAV) markets. The purchase of EnergyOr’s assets allows Plug Power to integrate small, ultralightweight fuel cell technology into its already robust portfolio of ProGen hydrogen fuel cell engines [FCB, December 2016, p11]. This acquisition facilitates the adoption of more powerful, viable, and clean technology solutions for commercial and military applications needing lightweight fuel cell systems. EnergyOr’s current technology enables larger payloads for robots, while extending runtime to 2–4 times that of a lithium ion battery solution, further enhancing Plug Power’s position as a comprehensive hydrogen fuel cell solutions provider for the future needs of logistics applications. The acquisition of Montreal-based EnergyOr will allow Plug Power to address new applications beyond its core market of materials

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