Cummins Inc. said Wednesday it was buying the U.K. automotive battery systems business from London-based Johnson Matthey PLC for an undisclosed amount.
As part of the deal, Cummins, which makes diesel and natural gas engine and related systems, and Johnson Matthey have agreed to collaborate on developing high-energy battery materials for commercial heavy-duty applications.
“The addition of Johnson Matthey Battery Systems’ technical expertise and customer base in markets that are more rapidly adopting electrification further positions us as a global energy storage supplier,” said Cummins Chief Executive Tom Linebarger.
“By combining our electrification capabilities, portfolio of diverse power solutions, and global network, Cummins is uniquely positioned to lead in electrification.”
Cummins’ stock was indicated up nearly 1% in premarket trade, while Johnson Matthey’s U.K.-listed shares was rallying 1.9%. Over the past 3 months, Cummins’ stock has gained 5.9% through Tuesday, while Johnson Matthey shares have slipped 0.4% and the S&P 500 has climbed 9.6%.
By Tomi Kilgore
Source: MarketWatch
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?
