An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Cummins, Inc. Makes Minority Investment in Exergy Energy, LLC.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Cummins Inc. (NYSE:CMI) has acquired a minority stake in Exergy Energy, LLC, enhancing its capability to provide backup power systems for businesses. This partnership allows customers to adopt Cummins' power solutions without upfront costs, significantly improving their energy resiliency during outages and peak usage. Exergy handles the capital investment and maintenance, transferring ownership to customers at the end of their contracts. Both companies aim to meet sustainability goals while reducing barriers to adopting backup power solutions.
Positive
Cummins acquires a minority stake in Exergy Energy, expanding its power solutions market.
Customers can access backup power systems without initial capital expenditure.
Exergy's service includes maintenance and eventual ownership transfer to customers.
Negative
None.
COLUMBUS, Ind.--(BUSINESS WIRE)--
Cummins Inc. (NYSE:CMI) has taken a minority stake in Exergy Energy, LLC.
The Cummins – Exergy Energy partnership allows for the installation of Cummins power system solutions such as generator sets, energy storage systems, and switching equipment at the customer location to power the entire operation during grid outages or times of peak usage with no upfront CAPEX investment by the customer. Exergy Energy’s sophisticated software monitors the grid, and during periods of peak usage, automatically shifts the loads to the backup power system before an outage or peak demand charges occur.
Exergy Energy, the Always On, Always Green, Always Save, software and asset management firm, installs, owns and operates backup generator sets sized to power 100% of a facilities’ load during times of power outages and peak utility usage.
As owner of the asset, Exergy is responsible for the capital investment, service and maintenance and managing participation in grid programs. Exergy Energy earns substantial ancillary revenues by participating in grid-sponsored programs, such as demand response and synchronous reserves. Exergy shares a portion of the cash flows generated from these programs with its customers, thereby defraying part (or in some cases, all) of the costs associated with the program. At the end of the contract, ownership of the backup power system is transferred to the customer.
“Cummins is committed to helping its customers meet their resiliency and sustainability goals,” stated Wissam Balshe, Business Director of Cummins Energy Management Solutions business. “We recognize that the upfront capital expense of a generator set and power system components, coupled with the complexity of participating in grid services was causing organizations to avoid the difficult decision of finding a solution.”
He continued: “Exergy makes the process simple by removing the cost barriers of installing and operating a backup generator. Their platform is a breakthrough solution that provides the lowest cost way to achieve resiliency and sustainability in a single package.”
Exergy Energy’s CEO Dave March commented: “We appreciate the confidence the Cummins has shown in Exergy and our services platform, and we look forward to helping customers meet their resiliency and sustainability needs with no upfront cost.”
To learn more about Cummins power system solutions, please visit www.cummins.com
About Cummins:
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel and natural gas engines to hybrid and electric platforms, as well as related technologies, including battery systems, fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana (U.S.A.), since its founding in 1919, Cummins employs approximately 62,600 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 customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and over 7,600 dealer locations and earned about $2.1 billion on sales of $23.8 billion in 2018.
