NACCO MATERIALS HANDLING GROUP ANNOUNCES ACQUISITION OF HYDROGEN FUEL CELL COMPANY
Cleveland, Ohio, December 18, 2014 – NACCO Materials Handling Group, Inc. (“NMHG”)
announced today that it acquired a leading hydrogen fuel cell company, Nuvera Fuel Cells, Inc. The deal reinforces the commitment of HysterCompany and Yale Materials Handling Corporation, operating divisions of NMHG, to provide a broad range of alternative energy solutions to the lift truck market and positions them to become the first OEM manufacturers to integrate and factory-fit fuel cell technology directly into their products.
Headquartered in Billerica, Mass., Nuvera is a leader in the development and production of fuel cell stack sub-systems and the supporting on-site hydrogen production and dispensing systems.
Hyster Company and Yale Materials Handling Corporation, which presently offer several alternative energy lift trucks including battery-electrics and hybrids in addition to their internal combustion engines (ICEs), intend to commercialize and rapidly integrate this technology across large parts of their lift truck product ranges to offer customers an additional environmentally friendly choice.
In addition to factory-fitted power options, Nuvera’s Orion® fuel cell stacks are configurable to accommodate aftermarket and retrofit solutions and designed to fit almost any brand electric powered lift truck in the market today.
“Both our Hyster® and Yale® brands work diligently to develop innovative products that address critical market needs,” said Colin Wilson, President and Chief Executive Officer, NACCO MaterialsHandling Group.
“There is no doubt that our customers want clean, fuel-efficient options in their lift trucks. This acquisition creates a unique opportunity to develop an integrated solution to optimize performance and energy efficiency. It also allows us to provide full life cycle maintenance, service and fueling requirements to meet the customers’ needs and offer lower total cost of ownership.”
In addition to offering configurable fuel cell stack technology to efficiently meet a wide range of power needs, the acquisition will allow Hyster and Yale to provide commercial grade on-site hydrogen generation and refuelling capabilities. Retrofitting and servicing will be provided through Nuvera authorized dealers.
About NACCO Materials Handling Group, Inc.
A world leader in the lift truck industry, NACCO Materials Handling Group (NMHG) designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. NMHG is a wholly owned subsidiary of Hyster-Yale Materials Handling, Inc. (NYSE:HY). Hyster-Yale Materials Handling, Inc. and its subsidiaries, headquartered in Cleveland, Ohio, employ approximately 5,200 people worldwide.
About Nuvera Fuel Cells, Inc.
Nuvera Fuel Cells is a leader in the development of fuel cell systems and hydrogen generation and dispensing products for both end users and OEMs. With offices located in the U.S. and Europe, Nuvera provides clean, safe, and efficient products for industrial vehicles and equipment.