Global power firm Cummins has unveiled its hydrogen fuel cell and production plans as the company aims to transition its business.
The company outlined plans on its ‘hydrogen day’ to generate electrolyzer revenues of at least $400m in 2025, with a review of the company’s existing hydrogen portfolio and strategy also being undertaken.
During the presentations, Cummins’ leaders also shared how green hydrogen and fuel cells will play a critical role in reducing greenhouse gas and air emissions from the industries it serves to meet experts’ recommendations to limit global temperature increases in line with the Paris Agreement.
They also shared that they expect adoption of fuel cell technology to take time as technologies continue to develop and costs reduce. They added that infrastructure is a current barrier and will require action and engagement from both private industry and government to increase the pace of adoption of hydrogen fuel cell solutions.
Chairman and CEO Tom Linebarger said: “As the world transitions to a low carbon future, Cummins has the financial strength to invest in hydrogen and battery technologies as well as advanced diesel and natural gas powertrains.”
Speaking at the conference, Amy Davis, President, New Power Segment at the company said: “Demand for electrolyzers is growing rapidly with an opportunity to utilize green hydrogen to replace less environmentally friendly grey hydrogen in industrial processes while interest in fuel cells is growing in certain end markets.
“Cummins is participating in markets where we see early adoption of these technologies, leveraging our technology leadership, customer relationships, application knowledge, and global service and support capabilities. We also continue to invest in new technologies, such as solid oxide fuel cells, that show promise in stationary power applications.”
“The production of green hydrogen and the adoption of fuel cell technologies in markets that are served by fossil fuels today will be critical to lowering greenhouse gas emissions globally and also will enable Cummins to achieve carbon neutrality by 2050,” Linebarger added. “We will continue to bring hydrogen fuel cell products to market and we have many products already in the field, including in on-highway trucks, rail, marine and other applications, as well as hundreds of electrolyzers.”
In addition to discussing the outlook for the New Power Segment, including electrolyzer revenues of at least $400 million in 2025, Chief Financial Officer Mark Smith underscored how continued strong performance of Cummins’ existing products allows for further investment in new technologies.
“Cummins has the financial strength to keep investing in multiple technologies, including hydrogen production and fuel cells, to further advance our leadership position in this vital area,” Mr. Smith said.