Both parties will own 50 percent of the new joint venture, whose formation is expected to close by the end of the first quarter of 2021. The unconsolidated joint venture results will be included as part of Cummins’ New Power business segment.
Rainer vor dem Esche, managing director, NPROXX said his team “was eager to work with Cummins” to deliver industry-leading storage options that allow customers to “unlock the potential for hydrogen.” NPROXX’s containerised 10-foot solution providing a usable H2 storage capacity of 225 kg was approved by the German certification authority TÜV on June 4.
Venturing into hydrogen and fuel cells
“To move toward a decarbonised future, the world will require multiple power solutions including advanced diesel, natural gas, electrified power, fuel cells, hybrids and other solutions,” said Tom Linebarger, Chairman and CEO, Cummins. “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.”
The acquisition of Hydrogenics Corp in September 2019, provided Cummins with both proton exchange membrane (PEM), and alkaline fuel cells electrolysers to generate hydrogen. The UK-based company also invested in LOOP Energy, signed a memo of understanding with Hyundai Motor Company and invested in the development of solid oxide fuel cells.
Today, Cummins has more than 2,000 fuel cell installations across a variety of on and off highway applications as well as more than 500 electrolyser installations.