Hydrogenics
Hydrogenics was a Canadian PEM fuel cell and electrolyzer technology company acquired by Cummins in 2019 for ~$290M; its fuel cell business (including Coradia iLint rail programs) was sold to Alstom in April 2026.
- Company typePrivate
- Founded2019
- HeadquartersMississauga, Canada
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Hydrogenics does
Hydrogenics was a Canadian-headquartered industrial technology company specializing in proton exchange membrane (PEM) fuel cell systems and electrolyzer technology for hydrogen production. Its two operating segments were (1) commercial fuel cell systems, most notably deployed in rail transportation through the Coradia iLint — recognized as the world's first hydrogen fuel cell passenger train — and the Coradia Stream H program, and (2) PEM electrolyzer systems marketed under the HyLYZER product line for industrial hydrogen generation. Manufacturing was centered at a facility in Herten, Germany for fuel cell production, with electrolyzer operations primarily based in Belgium.
Originally a NASDAQ-listed public company (HYGS) founded in Mississauga, Ontario in 1996, Hydrogenics was acquired by Cummins Inc. in 2019 for approximately $290 million. Cummins subsequently purchased Air Liquide's remaining 19% stake in 2023 to take full ownership. In April 2026, Cummins divested the Hydrogenics fuel cell business — including the Coradia iLint and Coradia Stream H programs and the Herten facility — to French rail company Alstom, retaining only the Belgian electrolyzer operations (now operated under the Accelera zero-emissions brand alongside Cummins' broader eMobility portfolio). Cummins recorded approximately $657 million in cumulative charges over a 15-month period leading up to the divestiture, citing weak demand and lower-than-expected hydrogen adoption. As a result, Hydrogenics no longer operates as an independent entity.
The company's revenue mechanics were anchored in B2B industrial equipment sales and long-cycle transportation programs, with the bulk of commercial traction concentrated in two rail deployments with Alstom as the lead OEM customer. Go-to-market relied on direct sales into rail operators and industrial hydrogen producers, supplemented by co-development partnerships; no pricing, subscription, or recurring-revenue model is disclosed. The company no longer exists as a standalone reporting entity following the April 2026 carve-out.
Hydrogenics firmographics
Firmographics- Name
- Hydrogenics
- Legal name
- Hydrogenics Corporation
- Website
- https://hydrogenics.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Acquired
- Headcount range
- 501–1,000 employees
- Short description
- Hydrogenics was a Canadian PEM fuel cell and electrolyzer technology company acquired by Cummins in 2019 for ~$290M; its fuel cell business (including Coradia iLint rail programs) was sold to Alstom in April 2026.
- Ownership category
- akta.pro rank
Hydrogenics industry classification
Industry- Product category
- Hydrogen Fuel Cell and Electrolyzer Systems
- NAICS
- Industrial Gas Manufacturing (32512), Pump and Compressor Manufacturing (33391)
- SIC
- Electrical Industrial Apparatus (3620), Electronic & Other Electrical Equipment (No Computer Equip) (3600)
- akta.pro primary industry
- Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)
- akta.pro secondary industries
- Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK), Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC), Hydrogen CHP (Fuel Cell & H2-Ready Turbines) (EUACAKAF)
Keywords
Where Hydrogenics is headquartered
LocationHeadquarters
- HQ city
- Mississauga
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Hydrogenics business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Personnel, Operations, Infrastructure
Hydrogenics product offering
Product offeringCore offering
Hydrogenics designed, manufactured, and installed commercial hydrogen fuel cell systems and PEM (proton exchange membrane) electrolyzers. The company produced fuel cell powertrains for rail applications (Coradia iLint and Coradia Stream H programs) and electrolyzer systems (HyLYZER product line) for hydrogen production. Operations spanned fuel cell manufacturing in Herten, Germany, and electrolyzer production in Belgium.
Product overview
Hydrogenics was a fuel cell and electrolyzer technology company that specialized in hydrogen energy solutions. The company operated two primary business segments: fuel cell systems for transportation (particularly rail applications) and electrolyzer technology for hydrogen production. In 2019, Cummins acquired Hydrogenics for approximately $290 million, and subsequently acquired Air Liquide's remaining stake. In April 2026, Cummins sold the Hydrogenics fuel cell business to Alstom, retaining only the Belgian electrolyzer operations. The company's fuel cell technology powered some of the world's most successful commercial fuel cell rail deployments, including the Coradia iLint and Coradia Stream H programs.
Differentiator
Problem solved
Functional benefit
Products and services
- Fuel Cell Technology
Companies that use Hydrogenics
Customer profileSegments1 record
Ideal customer profiles2 records
Hydrogenics technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Hydrogenics partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Alstomflagship
Scale indicators2 records
Recent moves6 records
Expansion highlights4 records
Hydrogenics competitors and assessment
Company assessmentDirect peers
- Plug Power: Plug Power is a direct peer offering PEM fuel cell systems and PEM electrolyzers (via its green hydrogen business) for mobility, material handling, and stationary applications, overlapping directly with Hydrogenics' core product lines.
- Ballard Power Systems: Ballard Power Systems designs and manufactures PEM fuel cell stacks and systems for heavy-duty mobility including buses, trucks, and rail — directly comparable to Hydrogenics' fuel cell rail and commercial transportation focus.
- Nel ASA: Nel ASA manufactures PEM and alkaline electrolyzers for industrial, mobility, and refueling applications, directly comparable to Hydrogenics' HyLYZER electrolyzer product line under Cummins/Accelera.
- ITM Power: ITM Power is a UK-based PEM electrolyzer manufacturer focused on large-scale green hydrogen production for industrial and mobility end-uses, comparable to Hydrogenics' electrolyzer business.
Broad incumbents
- Cummins (Accelera): Cummins is the strategic parent that acquired Hydrogenics in 2019 and continues to operate the electrolyzer business through its Accelera zero-emissions brand; comparable as the operating platform that absorbed Hydrogenics' technology.
- Alstom: Alstom acquired Hydrogenics' fuel cell business in April 2026 to vertically integrate the Coradia iLint and Stream H hydrogen rail programs; comparable as the current owner and operator of Hydrogenics' flagship commercial rail technology.
- Bloom Energy: Bloom Energy manufactures solid oxide fuel cell systems for stationary power and has expanded into electrolyzers, broadly comparable to Hydrogenics' distributed generation and industrial fuel cell offerings.
- Thyssenkrupp nucera: Thyssenkrupp nucera is a large-scale electrolyzer technology provider focused on alkaline water electrolysis for industrial green hydrogen, comparable to Hydrogenics' industrial hydrogen production capabilities.
Emerging players
- SFC Energy: SFC Energy develops PEM fuel cell systems for off-grid and backup power as well as mobile applications, partially overlapping with Hydrogenics' stationary and commercial fuel cell product scope.
- AFC Energy: AFC Energy develops hydrogen fuel cell systems primarily for industrial off-grid power and EV charging, an emerging player partially comparable to Hydrogenics' stationary and industrial fuel cell applications.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Hydrogenics social profiles
Digital presenceHydrogenics financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hydrogenics leadership team
Management profileNumber of profiles
Profiles4 records
Hydrogenics funding detail
Funding detailFunding overview
Funding rounds8 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hydrogenics M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hydrogenics
What does Hydrogenics do?
Hydrogenics designed, manufactured, and installed commercial hydrogen fuel cell systems and PEM (proton exchange membrane) electrolyzers. The company produced fuel cell powertrains for rail applications (Coradia iLint and Coradia Stream H programs) and electrolyzer systems (HyLYZER product line) for hydrogen production. Operations spanned fuel cell manufacturing in Herten, Germany, and electrolyzer production in Belgium.
Is Hydrogenics a public or private company?
Hydrogenics is a private company. It is classified as corporate owned and is currently acquired.
When was Hydrogenics founded?
Hydrogenics was founded in 2019. It employs 501 to 1,000 people.
Where is Hydrogenics based?
Hydrogenics is headquartered in Mississauga, Canada, in the North America region.
Who are Hydrogenics's main competitors?
Direct peers on record are Plug Power, Ballard Power Systems, Nel ASA and ITM Power. Broad incumbents are Cummins (Accelera), Alstom, Bloom Energy and Thyssenkrupp nucera. Emerging players are SFC Energy and AFC Energy.
Does Hydrogenics have an API?
No public API is recorded for Hydrogenics.
What industry is Hydrogenics in?
Hydrogenics's product category is Hydrogen Fuel Cell and Electrolyzer Systems. Its primary akta.pro industry code is IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems), with a secondary code of EUACALAK, Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM). Its NAICS code is 32512 and its SIC code is 3620.