CLEVELAND - Hyster-Yale Materials Handling, Inc. (NYSE: HY) announced today that its wholly owned subsidiary, Nuvera Fuel Cells, LLC, has signed a definitive agreement to contribute substantially all of its PowerTap® hydrogen generator assets, excluding related intellectual property, to OneH2, a hydrogen fuel company. The terms of the agreement also provide OneH2 with a limited license to produce PowerTap® hydrogen generators. In exchange, Nuvera will receive an approximately 15% ownership interest in OneH2 and a seat on OneH2's Board.
OneH2 has developed an innovative, delivered hydrogen solution that provides a simple, low-cost installation option for hydrogen infrastructure to allow for the rapid deployment of fuel cell solutions. OneH2's solution enables a fast and seamless transition from battery or internal combustion power to fuel cell power for most lift truck users, while other solutions generally require high fixed costs and long installation periods. This simplified solution enables users to gain the benefits of hydrogen fuel cell power more quickly and allows customers the flexibility to increase their use of fuel cells at a pace which meets their needs. The OneH2 system also provides users a convenient pathway into on-site hydrogen fuel availability for over the road trucks and passenger vehicles.
Nuvera has been working closely with OneH2 over the past year and believes that this transaction allows Nuvera and OneH2 to combine the benefits of each of their solutions since Nuvera's PowerTap® hydrogen generator makes low-cost, fuel-cell-grade hydrogen on site primarily for lift truck customers. The transaction will also enable Nuvera to focus its personnel and financial resources on delivery of its fuel cell engine solutions for use in lift trucks, and high-power, heavy-duty applications, including port equipment, buses and delivery vans.
Over the next six months, Nuvera and OneH2 will have a phased transition of service for existing Nuvera hydrogen appliance customers. By the end of the six month period, OneH2 will take over the service of existing generators as well as the supply of additional hydrogen requirements to those customers.
