Cummins Inc CMI, which owns 81% of Hydrogenics Corporation, has acquired L'Air Liquide SA's AIQUY remaining 19% interest, assuming full ownership of key fuel cell and electrolyzer technologies. The financial terms were not disclosed.
Cummins acquired Hydrogenics in 2019 and the acquisition of the remaining stake reinforces its commitment to these technologies and the increasing importance they hold for decarbonization.
The buyout enables continued investment and growth in hydrogen technologies to meet rapidly growing demand.
Under Cummins’ full ownership, Hydrogenics will remain one of Air Liquide’s suppliers for electrolyzer projects.
The company held $2.44 billion in cash and equivalents as of March 31, 2023.
Price Action: CMI shares closed higher by 1.20% at $242 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
