Cummins To Form JV With NPROXX For Hydrogen Storage Tanks - Quick Facts

(RTTNews) - Power solutions company Cummins Inc. (CMI) announced Tuesday an agreement to form a joint venture with NPROXX, a leader in hydrogen storage and transportation, for hydrogen storage tanks. The joint venture will continue under the name NPROXX.

Cummins said the addition of hydrogen storage to its existing capabilities in hydrogen production and fuel cells enables it to accelerate the viability and adoption of these technologies in commercial markets.

The joint venture will provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications.

Cummins and NPROXX will each own 50 percent 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.