Cummins Inc - CMI STOCK NEWS

Cummins Inc. announced over $1 billion in investments across its U.S. manufacturing network during President Biden's recent visit to its Fridley, Minnesota plant. This investment aims to enhance facilities in Indiana, North Carolina, and New York to support fuel-agnostic engine platforms capable of utilizing low carbon fuels, including hydrogen. The Fridley plant will manufacture electrolyzers, essential for producing green hydrogen. Cummins' efforts align with the Inflation Reduction Act's goals of driving innovation and clean energy solutions. The company's dual path strategy focuses on advancing both engine technologies and zero-emission solutions.

Cummins Inc. has announced that its business segment, Accelera, will supply a 90-megawatt (MW) proton exchange membrane (PEM) electrolyzer system to Varennes Carbon Recycling in Quebec, Canada. This project aims to enhance the green hydrogen economy in North America. The electrolyzer, composed of four HyLYZER-5000 units, can produce up to 10 tons of hydrogen per day and will assist in converting waste materials into low-carbon fuels and circular chemicals. The facility is expected to be operational by 2025, signifying a major advancement in renewable energy technologies.

President Biden will visit Cummins (NYSE: CMI) in Fridley, Minnesota on April 3 as part of his Investing in America tour. The visit will highlight Cummins' role in supporting manufacturing, innovation, and clean energy initiatives. Cummins plans to invest over $1 billion in its U.S. engine manufacturing network, creating jobs and advancing clean technology. Key initiatives include producing electrolyzers for green hydrogen and investing $452 million in the Jamestown Engine Plant to develop the industry’s first fuel-agnostic engine platform. These actions aim to decarbonize the economy while retaining and creating jobs.

Cummins Inc. has signed a Memorandum of Understanding with Leclanché SA to enhance integrated power solutions for marine and rail applications. This collaboration enables the offering of hybrid, battery-only, and fuel cell packages utilizing diverse power sources including hydrogen, battery packs, and engines. It aligns with Cummins' Destination Zero decarbonization strategy and supports their Planet 2050 environmental sustainability goals. Both companies aim to provide efficient, cleaner energy solutions while optimizing installation, training, and aftersales support.

Cummins employees engaged in over 20 projects globally in March to celebrate World Water Day on March 22, highlighting the importance of fresh water. These initiatives included river cleanups, community education on sanitation, and oil recycling efforts across various countries including South Africa, India, and Turkey. Launched in 2021, Cummins Water Works aims for the company to achieve net water positivity by 2030, with ongoing multi-million dollar projects in countries such as Brazil, Ghana, and China. A notable project in Brazil reached 1,200 students advocating for water sanitation awareness.

Cummins Inc. (NYSE: CMI) has launched its new office, the Cummins Atlanta Hub (CAH), in Atlanta, Georgia, aimed at enhancing supply chain and IT operations. This hub is part of Cummins' strategy to attract top talent from nearby institutions, including the Georgia Institute of Technology and local HBCUs, fostering a diverse workforce. The office is well-positioned for connectivity with existing Atlanta facilities, improving operational efficiency and employee experience. Cummins continues its commitment to social justice and community engagement through its Advocating for Racial Equity initiative, highlighting Atlanta as a key focus city.

Cummins (NYSE: CMI), through its Accelera brand, will supply a 90 MW proton exchange membrane (PEM) electrolyzer system for Varennes Carbon Recycling's (VCR) plant in Quebec, Canada. This initiative aims to enhance North America's green hydrogen economy.

The plant will utilize renewable hydrogen and oxygen to convert non-recyclable waste into low-carbon biofuels and circular chemicals, with operations expected to begin in 2025. Each electrolyzer can produce up to 10 tons of hydrogen daily, demonstrating Accelera's significant capacity in hydrogen production.

Cummins Inc. (NYSE: CMI) announced that Mary Chandler will retire this spring as Vice President of Corporate Responsibility and CEO of the Cummins Foundation. Jim Schacht, currently on the Corporate Responsibility Leadership Team, will succeed her on April 1. Chandler led significant community programs over her 12 years, including initiatives focused on technical education, women's empowerment, racial equity, and water conservation. Schacht aims to continue this legacy, leveraging his business experience in previous roles within Cummins. The company remains dedicated to its community impact initiatives and sustainability goals.