New 15-liter platform to be capable of running
on zero carbon Hydrogen fuel
Transport Enterprise Leasing, LLC (TEL) a leading commercial
truck and trailer equipment lease and remarketing provider, and
Cummins Inc. (NYSE: CMI), a global power solutions provider,
announced today that TEL has signed a letter of intent planning to
purchase Cummins’ 15-liter hydrogen internal combustion engines
when available. TEL will integrate the Cummins’ X15H hydrogen
engines into their fleet of heavy-duty trucks.
“Our customers are at the heart of our company. Providing them
with the best-value trucks equipped with lower emissions power
options will ensure that we are prioritizing their continued
success and also reducing our environmental footprint,” said Doug
Carmichael, Chief Executive Officer, Transportation Enterprise
Leasing, LLC. “Cummins’ investment in multiple technologies
minimizing emissions allows us to achieve both.”
“We are pleased to see the leadership of customers like TEL, who
are exploring solutions like our fuel agnostic platform to help
their own customers. The future will include many solutions to help
customers decarbonize that meet their varied needs and duty cycles,
and we believe hydrogen internal combustion engines will play an
important role,” said Amy Boerger, Vice President and General
Manager North America, Cummins Engine Business.
Since announcing the fuel agnostic platform, which includes the
Hydrogen option in both the 15 liter and 6.7 liter displacements,
Cummins has responded to customer interest globally about the
potential of the platform, and Hydrogen in particular.
“We believe this technology is not only essential for the future
of our planet but also for our customers to have access to options
that work for them,” said Jim Nebergall, General Manager, Cummins
Hydrogen Engine Business. “Internal combustion engines that run on
Hydrogen will provide customers a financially feasible and familiar
power option.”
Hydrogen engines offer OEMs and end-users the benefit of
adaptability by continuing to use familiar mechanical drivelines
with vehicle and equipment integration. This mirrors current
powertrains while continuing to provide the power and capability
for meeting application needs. Significant reuse of parts and
components from Cummins’ existing platforms drives scale advantages
on cost and is also projected to deliver reliability and durability
equal to diesel.
Hydrogen engines can use zero-carbon green hydrogen fuel,
produced by Cummins-manufactured electrolyzers. The projected
investment in renewable hydrogen production globally will provide a
growing opportunity for the deployment of hydrogen-powered fleets
utilizing either Cummins fuel cell or engine power.
Cummins Inc. will showcase its commitment to decarbonization at
the industry’s largest tradeshow in Hannover, Germany this
September. Cummins will display both medium- and heavy-duty
hydrogen products, highlighting the technology’s ability to support
decarbonization across multiple duty-cycles.
About Transport Enterprise Leasing (TEL)
Transport Enterprise Leasing, LLC. is a premier commercial truck
and trailer equipment lease and remarketing provider. Since its
inception in 2004, TEL has grown exponentially, with over 8,500
pieces of equipment leased throughout the United States, averaging
over 6,000 wholesale equipment transactions per year. With over 100
staff and physical locations in Tennessee and Indiana, TEL has
continued to offer customers quick access to best-value trucks and
trailers with sustainable pricing and reduced maintenance exposure.
More information can be found at www.tel360.com.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from diesel, natural gas, electric and
hybrid powertrains and powertrain-related components including
filtration, aftertreatment, turbochargers, fuel systems, controls
systems, air handling systems, automated transmissions, electric
power generation systems, batteries, electrified power systems,
hydrogen generation and fuel cell products. Headquartered in
Columbus, Indiana (U.S.), since its founding in 1919, Cummins
employs approximately 59,900 people committed to powering a more
prosperous world through three global corporate responsibility
priorities critical to healthy communities: education, environment
and equality of opportunity. Cummins serves its customers online,
through a network of company-owned and independent distributor
locations, and through thousands of dealer locations worldwide and
earned about $2.1 billion on sales of $24.0 billion in 2021. See
how Cummins is powering a world that’s always on by accessing news
releases and more information at
https://www.cummins.com/always-on.
Cummins forward-looking disclosure statement
Information provided in this release that is not purely
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding our forecasts, guidance, preliminary results,
expectations, hopes, beliefs and intentions on strategies regarding
the future. These forward-looking statements include, without
limitation, statements relating to our plans and expectations for
our revenues and EBITDA. Our actual future results could differ
materially from those projected in such forward-looking statements
because of a number of factors, including, but not limited to: any
adverse results of our internal review into our emissions
certification process and compliance with emission standards;
increased scrutiny from regulatory agencies, as well as
unpredictability in the adoption, implementation and enforcement of
emission standards around the world; changes in international,
national and regional trade laws, regulations and policies; any
adverse effects of the U.S. government's COVID-19 vaccine mandates;
changes in taxation; global legal and ethical compliance costs and
risks; increasingly stringent environmental laws and regulations;
future bans or limitations on the use of diesel-powered products;
raw material, transportation and labor price fluctuations and
supply shortages; aligning our capacity and production with our
demand; the actions of, and income from, joint ventures and other
investees that we do not directly control; large truck
manufacturers' and original equipment manufacturers' customers
discontinuing outsourcing their engine supply needs or experiencing
financial distress, bankruptcy or change in control; product
recalls; variability in material and commodity costs; the
development of new technologies that reduce demand for our current
products and services; lower than expected acceptance of new or
existing products or services; product liability claims; our sales
mix of products; failure to complete, adverse results from or
failure to realize the expected benefits of the separation of our
filtration business; our plan to reposition our portfolio of
product offerings through exploration of strategic acquisitions and
divestitures and related uncertainties of entering such
transactions; challenging markets for talent and ability to
attract, develop and retain key personnel; climate change and
global warming; exposure to potential security breaches or other
disruptions to our information technology environment and data
security; political, economic and other risks from operations in
numerous countries including political, economic and social
uncertainty and the evolving globalization of our business;
competitor activity; increasing competition, including increased
global competition among our customers in emerging markets; labor
relations or work stoppages; foreign currency exchange rate
changes; the performance of our pension plan assets and volatility
of discount rates; the price and availability of energy; continued
availability of financing, financial instruments and financial
resources in the amounts, at the times and on the terms required to
support our future business; and other risks detailed from time to
time in our SEC filings, including particularly in the Risk Factors
section of our 2021 Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220831005514/en/
Jon Mills Director, External Communications 317-658-4540
Jon.mills@cummins.com
Cummins (NYSE:CMI)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Cummins (NYSE:CMI)
Historical Stock Chart
Von Jul 2023 bis Jul 2024