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CUMMINS INC.

(CMI)
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Cummins to Build Gigawatt Electrolyzer Plant in Spain

05/24/2021 | 09:35am EDT

By Stephen Nakrosis

Cummins Inc. on Monday said it chose Spain for the location of its new EUR50 million PEM electrolyzer plant.

The company also said it was working with Iberdrola SA "to accelerate the growth of business opportunities in the electrolyzer market of Iberia, promoting the green hydrogen value chain and making Spain a leader of this technology and industry."

Cummins said it is searching within the Guadalajara area of Castilla-La Mancha for a site for the new plant. The facility will house system assembly and testing for about 500 MW/year and will be scalable to more than 1 GW/year, the company said. The facility is expected to open in 2023, creating 350 new jobs, Cummins said.

Cummins also said it would be the electrolyzer supplier for a 230MW green hydrogen project that Iberdrola has planned for fertilizer company Fertiberia.

"Through the experience acquired in the project, Iberdrola and Cummins will jointly collaborate in the design of solutions for large electrolysis projects," the company said.

"Cummins and Iberdrola are also collaborating on a hydrogen refueling station in Barcelona, Spain with additional partnership and broader collaboration opportunities anticipated in the future," the company said.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

05-24-21 1135ET

Stocks mentioned in the article
ChangeLast1st jan.
CUMMINS INC. -0.45% 232.1 Delayed Quote.2.66%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
HYDROGEN REFUELING SOLUTIONS 6.87% 31.9 Real-time Quote.0.00%
IBERDROLA, S.A. -1.79% 10.16 Delayed Quote.-13.16%
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Financials (USD)
Sales 2021 24 265 M - -
Net income 2021 2 361 M - -
Net Debt 2021 600 M - -
P/E ratio 2021 14,4x
Yield 2021 2,39%
Capitalization 33 934 M 33 934 M -
EV / Sales 2021 1,42x
EV / Sales 2022 1,31x
Nbr of Employees 57 825
Free-Float 65,4%
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 232,10 $
Average target price 290,48 $
Spread / Average Target 25,2%
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Managers and Directors
Norman Thomas Linebarger Chairman & Chief Executive Officer
Jennifer W. Rumsey President & Chief Operating Officer
Mark Andrew Smith Chief Financial Officer & Vice President
Jim Fier Chief Technical Officer & Vice President
Wayne A. Eckerle Vice President-Research & Technology
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