Cummins Inc., based in Columbus, Indiana, has entered an agreement to acquire fuel cell systems provider Hydrogenics Corp. Hydrogenics has multiple locations around the globe, with its US offices in Carlsbad, California.

The deal is worth approximately $290 million and was approved unanimously by Hydrogenics stakeholders.

“We are excited that Cummins has reached an agreement with Hydrogenics to welcome the employees and innovations of one of the world’s leading fuel cell and hydrogen generation equipment providers to our company,” said Tom Linebarger, chairman and CEO, Cummins Inc. “We look forward to partnering closely with Hydrogenics’ team in the coming weeks as we work toward closing the transaction. Upon closing, we will share more details about the acquisition and our strategy to offer a broad portfolio of power solutions to meet our customers’ needs.”

As a part of the transaction, The Hydrogen Co., a wholly-owned subsidiary of L’Air Liquide, S.A. and Hydrogenics’ current largest equity shareholder, will maintain its ownership in Hydrogenics.

The closing of the acquisition is still subject to customary closing conditions. Morgan Stanley & Co. LLC is serving as a financial adviser, and Gowling WLG (Canada) LLP and Barnes & Thornburg LLP are serving as legal counsel to Cummins.

Cummins Inc. has exhibited at the PRI Trade Show since 2017.

For more information, visit cummins.com.