Hyster-Yale Materials Handling, Inc. Announces that Nuvera Sells its PowerTap® Hydrogen Generator Assets
CLEVELAND, Dec. 3, 2018 /PRNewswire/ -- 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.
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Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, (2) delays in delivery or increases in costs, including transportation costs or the imposition of tariffs, of raw materials or sourced products and labor or changes in or unavailability of quality suppliers, (3) the successful commercialization of Nuvera's technology, (4) customer acceptance of pricing, (5) the political and economic uncertainties in the countries where the Company does business, (6) the ability of dealers, suppliers and end-users to obtain financing at reasonable rates, or at all, as a result of current economic and market conditions, (7) exchange rate fluctuations and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (8) delays in manufacturing and delivery schedules, (9) bankruptcy of or loss of major dealers, retail customers or suppliers, (10) customer acceptance of, changes in the costs of, or delays in the development of new products, (11) introduction of new products by, or more favorable product pricing offered by, competitors, (12) product liability or other litigation, warranty claims or returns of products, (13) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (14) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (15) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation, the United Kingdom's exit from the European Union, the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, and (16) Hyster-Yale may not be able to successfully integrate Maximal's operations and employees.
About Hyster-Yale Materials Handling, Inc.
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers' applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., 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. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Hyster-Yale Group also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). For more information about Hyster-Yale Materials Handling, Inc. and its subsidiaries, visit the Company's website at www.hyster-yale.com.
About OneH2
OneH2, Inc., headquartered in Longview, North Carolina, is a privately held, vertically integrated hydrogen fuel company. OneH2 is emerging as a leader in providing scalable hydrogen fuel systems coupled with cost effective delivered hydrogen fuel for use in industrial vehicle and truck markets. For more information about OneH2, Inc. visit the Company's website at www.oneh2.com.
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SOURCE Hyster-Yale Materials Handling, Inc.
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