Hyster-Yale buys fuel cell company

Cleveland, Ohio – Lift truck maker Hyster-Yale Materials Handling Inc.’s NACCO Materials Handling Group has acquired hydrogen fuel cell producer Nuvera Fuel Cells Inc.

Nuvera, located in Billerica, Massachusetts, focuses on fuel cell stacks for vehicles and equipment for on-site hydrogen production and dispensing. Nuvera offers Hyster-Yale the opportunity for direct access to fuel cells particularly suitable for lift truck applications, as well as the supporting fuel technologies that are applicable to its product lines.

Following the acquisition of Nuvera, the company intends to commercialize Nuvera's research and technology through the rapid integration of this fuel-cell technology across large parts of its lift truck product range.

The company expects to be able to offer its Hyster and Yale customers an integrated, factory-fitted fuel-cell solution as well as associated hydrogen generation and delivery capability. In addition, the company will offer aftermarket solutions designed to fit most electric-powered lift trucks.

While Nuvera technologies have proven capabilities, commercialization of products that utilize these technologies remain in the development stage. As a result, Nuvera is expected to generate significant operating losses over the next two to three years before it can fully commercialize the technology and achieve breakeven results.

The acquisition was completed for a modest purchase price with certain contingency payments that are expected to be paid to the selling shareholders based on future deployment of certain elements of the acquired technology. In addition, Hyster-Yale expects to expense up to $40 to 50 million during the next two to three years for additional research and development to commercialize the technology and reach break-even.

Source: Hyster-Yale Materials Handling Inc.