Cummins Inc. (NYSE: CMI) today (Nov 13) announced that it closed on the previously announced NPROXX joint venture with ETC for hydrogen storage tanks.
"NPROXX's leading hydrogen storage products are an exciting complement to our broad and differentiated hydrogen portfolio," said Amy Davis, Vice President and President, New Power at Cummins Inc. "Many companies aspire to shape tomorrow's hydrogen economy, but very few have all of the elements required. We are excited to bring together Cummins' 100 years of experience in launching new products, partnerships and customer support with NPROXX's innovative hydrogen storage tank solutions."
The joint venture will provide customers with hydrogen products for both on-highway and rail applications. Leveraging more than 40 years of centrifuge technology from ETC, NPROXX has been supplying carbon fiber tanks for more than two years with products in bus, truck, train and other on-highway applications.
"We admire Cummins' scale advantage, global reach and deep understanding of their customers, and our teams are united in our shared commitment to unlock the potential of hydrogen," said Rainer vor dem Esche, Managing Director, NPROXX. "Together, we can provide unique and reliable hydrogen storage options that will accelerate the availability of hydrogen solutions for our customers."
NPROXX's type 4 hydrogen pressure vessels are equipped to serve a wide range of industries, including commercial vehicles, passenger vehicles, trains and refueling infrastructure applications. The technology can also be modified for use in multiple fuel types, including natural gas.
Cummins and ETC will each own 50 percent of the new joint venture. The unconsolidated joint venture results will be included as part of Cummins' New Power business segment, led by Davis.
Cummins is quickly emerging as the hydrogen leader for commercial and industrial industries. To date, the company has more than 500 electrolyzer installations and 2,000 fuel cell installations worldwide. Its electrolyzers are in fueling stations on five continents, including the first fueling stations in Scotland, Sweden, Norway and Southeast Asia.
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: an extended shutdown or reduction of our operations, substantially reduced sales volumes or supply constraints due to the coronavirus outbreak; any adverse results of our internal review into our emissions certification process and compliance with emissions standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emissions standards around the world; a sustained slowdown or significant downturn in our markets; product recalls; the development of new technologies that reduce demand for our current products and services; policy changes in international trade; a slowdown in infrastructure development and/or depressed commodity prices; the U.K.'s decision to end its membership in the European Union (EU); lower than expected acceptance of new or existing products or services; supply shortages and supplier financial risk, particularly from any of our single-sourced suppliers; changes in the engine outsourcing practices of significant customers; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; exposure to potential security breaches or other disruptions to our information technology systems and data security; aligning our capacity and production with our demand; challenges or unexpected costs in completing cost reduction actions and restructuring initiatives; a major customer experiencing financial distress; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; political, economic and other risks from operations in numerous countries; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; foreign currency exchange rate changes; variability in material and commodity costs; the actions of, and income from, joint ventures and other investees that we do not directly control; changes in taxation; global legal and ethical compliance costs and risks; product liability claims; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; the price and availability of energy; the performance of our pension plan assets and volatility of discount rates; labor relations; our sales mix of products; protection and validity of our patent and other intellectual property rights; the outcome of pending and future litigation and governmental proceedings; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2019 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.
NPROXX is a global leader in designing, developing and manufacturing Type 4 pressure vessels for the storage of hydrogen under high pressure. Based on 40 years experience in carbon-fibre-reinforced polymer (CFRP) products and systems in various industries NPROXX provides composite tank systems and tailor made solutions for hydrogen storage applications: Transport and storage (500 bar, 1000 bar), Heavy duty vehicles, busses and ships (350 bar), Automotive (700 bar). More information can be found on our news and case studies page at https://www.nproxx.com/news-and-case-studies/.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/always-on.
