“We are very pleased to welcome the employees of Hydrogenics Water to join the Cummins family,” said Cummins Chairman and CEO Tom Linebarger. “Shui Ji Neng is an excellent global fuel cell and hydrogen production technology supply. Businesses, their expertise and innovative initiatives in this area will further enhance Cummins' fuel cell technology capabilities. We are investing in a wide range of products and technologies that are clean, environmentally friendly, energy efficient, and superior in performance, creating value for our customers. The acquisition has made us a big step forward."

Cummins

As early as more than 20 years ago, Cummins has begun to build fuel cell capacity. With the support of Air Liquide, the completion of the acquisition of Shui Ji Neng will accelerate Cummins' innovation in hydrogen fuel cell technology and apply it to a wider range of commercial markets. With fuel cell and electrolytic hydrogen production technology, Cummins has the complete industrial capability from hydrogen production to fuel cell manufacturing, providing differentiated hydrogen energy integration solutions for users in different markets.

“In the energy transformation phase, hydrogen energy is a vital part. Air Liquide and Cummins have a high degree of consensus on this point of view. Whether as a shareholder or as a company, Air Liquide is very supportive of the development of hydrogen as a basis. Energy.” Hydrogen Energy CEO Pierre Etienne Franc said, “The two global companies are leaders in their respective fields. We play complementary strengths and jointly promote the development of hydrogen energy. We believe that with the support of Cummins resources, Shui Ji will be able to step into the fast track of development."

After the acquisition, Shuiyin will be part of Cummins Electric Power, directly led by Cummins Strategic Vice President Thad Ewald, and its headquarters will continue to operate in Mississauga, Canada. In 2018, Cummins officially established the Electric Power Division to design and manufacture electric and hybrid powertrains, innovative components and subsystems to meet the demand for electric power in the commercial market. Cummins' electric power business currently offers complete electric power solutions for seven application markets in six regions around the world, and continues to introduce more advanced products with customers around the world.

The acquisition was completed at a price of $15 per share and the company's total market capitalization is approximately $290 million. The transaction has been approved by the shareholders of Hydrogenics Water Ji Neng and the Ontario High Court, in line with customary closing conditions. After the acquisition, Air Liquide Group will hold approximately 19% of the shares of Hydrogenics, and Cummins will hold approximately 81% of the shares, and in the financial report, the company will merge the statements. Upon completion of the acquisition, Shui Ji can be delisted from the Toronto Stock Exchange and the NASDAQ Stock Exchange.

Cummins expects to return 75% of its operating cash flow to shareholders through dividends and share repurchases this year.

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