Cummins Inc. has agreed to form a joint venture with NPROXX, a company that specializes in hydrogen storage and transportation, for hydrogen storage tanks. The joint venture will continue under the name NPROXX.
“We are thrilled to combine Cummins’ expertise, innovation and commitment to customer success with NPROXX’s hydrogen storage technologies,” says Tom Linebarger, chairman and CEO of Cummins.
“In order to move toward a decarbonized future, the world will require multiple power solutions including advanced diesel, natural gas, electrified power, fuel cells, hybrids and other solutions. 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,” he adds.
The joint venture will provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications. The joint venture adds to Cummins rapidly growing hydrogen capabilities and is one of several actions taken in the past year to deepen the company’s capabilities in fuel cell and hydrogen production technologies.
The acquisition of Hydrogenics Corp. in September 2019 provided Cummins with both proton exchange membrane (PEM) and alkaline fuel cells electrolyzers to generate hydrogen. Cummins has also invested in LOOP Energy, signed a memo of understanding with Hyundai Motor Co. and invested in the development of solid oxide fuel cells.
Cummins and NPROXX will each own 50% of the new joint venture. The formation of the joint venture is subject to regulatory approvals and customary closing conditions. The parties expect the transaction 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.
Photo: A virtual rendering of a hydrogen molecule