2023-2024 Cummins Sustainability Progress Report: Innovation

Rhea-AI Summary

Cummins, a leader in power solutions, is driving innovation through its Destination Zero strategy. The company achieved $34.1 billion in revenue in 2023, a 21% increase from 2022. Cummins invested a record $1.4 billion in research and development to advance low- and zero-emissions technologies.

Key innovations include:

• The diesel X15 engine, compliant with 2027 EPA and CARB regulations
• HELM™ fuel agnostic platform
• X15N natural gas engine with over 35,000 units in global production
• Hydrogen internal combustion engines for off-highway applications

Cummins is leveraging its acquisition of Meritor to expand its integrated powertrain offerings and has secured over $100 million in new business globally. The company's focus on technology integration, including Acumen smart computing hardware, positions it to meet future emission standards and customer needs in the ongoing energy transition.

Building on a History of Innovation To Deliver the Solutions Customers and the Planet Need

Cummins

NORTHAMPTON, MA / ACCESSWIRE / August 2, 2024 / The history of Cummins is rooted in innovation, driven first by the company's founders Clessie Cummins and W.G. Irwin. They believed in the power of ideas and had a shared vision of what ingenuity and hard work could achieve. Their vision took diesel technology at the time and transformed it into a reliable and everyday power source.

Clessie's engineering ingenuity was complemented by the Irwin Family's belief in the impact of diesel technology and an appreciation for taking the long view - that investing in innovative ideas takes time.

That sentiment guides the company's strategy today - to lead the industry in providing smarter, cleaner power.

For the last 100 years, Cummins has built on and improved diesel technology while advancing a broader product portfolio to meet the needs of its diverse customers amidst a critical energy transition in the commercial and industrial vehicle industry.

Driving Cummins' Destination Zero strategy

Two years ago, Cummins introduced Destination Zero as the company's winning growth strategy - and it is proving to be the right strategy for customers, the environment and for the continued success of the business. Last year, the company achieved $34.1 billion in revenue, 21% higher than 2022. Excluding the impacts related to the agreement to resolve U.S. regulatory claims, 2023 was a record year for earnings before interest, taxes, depreciation and amortization (EBITDA), net income and earnings per share (EPS) for Cummins.

Advancing this strategy requires significant investment across the business, in the company's people, facilities and suppliers.

In 2023, Cummins continued to make investments to develop new products and improve current technologies to meet future emission standards around the world, allocating a record $1.4 billion to research and development. Such investments include improvements in fuel economy performance of diesel and natural gas-powered vehicles and related components, as well as development activities around hydrogen engine solutions, battery electric, fuel cell electric and hydrogen production technologies.

Bridging the transition to a sustainable future

Destination Zero is a customer-driven, multi-solution approach that includes advancing the company's core business as well as developing new, zero-emissions solutions through Accelera™ by Cummins. While the diesel engine has been the heart of Cummins, today, the company is thinking beyond the fuel and flywheel. In doing so, Cummins has built the broadest combination of low- and zero-emissions technologies and drivetrain components in the commercial vehicle industry, allowing the development of a fully integrated powertrain system that creates a better experience, lowers emissions and reduces overall costs to customers.

This year, Cummins announced its most efficient heavy-duty diesel engine, the diesel X15, which is compliant with the U.S. EPA and CARB 2027 regulations.

This is the latest addition to Cummins HELM™ - a fuel agnostic platform (B, X10 and X15) that translates to "higher efficiency, lower emissions and multiple fuels." The platform is supported by a more than $1 billion investment across the company's U.S., engine manufacturing network.

"The next generation X15 is the next evolution of technology, truly proving to the world that we never stop innovating."

JOSÉ SAMPERIO, VICE PRESIDENT, NORTH AMERICA ON-HIGHWAY AT CUMMINS

Included in the Cummins HELM™ platform is the X15N natural gas engine that now has more than 35,000 global production engines running outside North America. Last year, Cummins began testing five X15 natural gas engines with Walmart's private fleet, which was fueled by Chevron's compressed natural gas (CNG) linked to renewable natural gas (RNG). Having opportunities to advance and test new technologies allows Cummins to expertly support decarbonization goals for customers around the world.

The integrated powertrain is in part a result of the acquisition of Meritor, which was completed in August 2022. The combined capabilities and technologies of CumminsMeritor serve global customers across a range of combustion and electric applications. The company has realized that growth this year with more than $100 million in new business globally: continued growth in North America, South America, India and Europe; aftermarket growth in Australia; and expansion of the off-highway product portfolio in China.

The role of technology becomes increasingly important as the powertrain becomes more sophisticated, complex and digitalized. Flexible electronics, advanced sensor arrays and actuators are designed to meet and exceed the stringent requirements of both current and future emission landscapes. Today, the new X15 is equipped with Acumen, Cummins smart computing hardware, which enables digital direct, immediate access to a range of applications and capabilities that support the life cycle of the engine.

Hydrogen internal combustion engines can meet the demands of the extreme operating and environmental conditions found in several off-highway applications with elevated levels of dust in the air, greater vibrations and extreme ambient temperatures. Last year, Cummins showcased a B6.7H hydrogen engine aimed at agricultural tractors and machinery, with a top rating of 290 hp and a peak torque of 1200 Nm. Additionally, Cummins and Versatile signed a letter of intent to integrate the Cummins 15L hydrogen engines in Versatile's equipment to lead the decarbonization of the agricultural market.

Read more aboutInnovation at Cummins in the 2023-2024 Sustainability Progress Report

View additional multimedia and more ESG storytelling from Cummins Inc. on 3blmedia.com.

Contact Info:
Spokesperson: Cummins Inc.
Website: https://www.3blmedia.com/profiles/cummins-inc
Email: info@3blmedia.com

SOURCE: Cummins Inc.

View the original press release on accesswire.com

FAQ

What was Cummins' revenue in 2023?

Cummins achieved $34.1 billion in revenue in 2023, which was 21% higher than 2022.

How much did Cummins invest in R&D in 2023?

Cummins allocated a record $1.4 billion to research and development in 2023.

What is Cummins' Destination Zero strategy?

Destination Zero is Cummins' growth strategy focused on providing smarter, cleaner power solutions and leading the industry through the energy transition.

What is the HELM™ platform by Cummins (CMI)?

HELM™ is Cummins' fuel agnostic platform that stands for 'higher efficiency, lower emissions and multiple fuels,' supported by a $1 billion investment in U.S. engine manufacturing.

How many X15N natural gas engines has Cummins produced globally?

Cummins has over 35,000 X15N natural gas engines running in global production outside North America.