We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
Home » NACCO Materials Handling Group acquires hydrogen fuel cell company Nuvera
newsworthy

NACCO Materials Handling Group acquires hydrogen fuel cell company Nuvera

December 22, 2014
DC Velocity Staff
No Comments

In a deal that could boost hydrogen's prospects as an alternative energy source for warehouse lift trucks, NACCO Materials Handling Group Inc. (NMHG), a wholly owned subsidiary of Hyster-Yale Materials Handling Inc., said Thursday it acquired Nuvera Fuel Cells Inc., a maker of hydrogen fuel cells and hydrogen generation and dispensing products. Specific terms of the transaction were not disclosed.

Nuvera, headquartered in Billerica, Mass., develops and manufactures fuel cell stack subsystems and on-site hydrogen production and dispensing systems. Nuvera said its Orion fuel cell stacks can be factory-fitted or retrofitted for most brands of electric-powered lift trucks.

NMHG said its Hyster and Yale operating divisions plan to commercialize Nuvera's technology and rapidly integrate it into many of their lift truck offerings. According to NMHG, Yale and Hyster will become the first original equipment manufacturers (OEMs) to integrate and factory-fit fuel cell technology directly into their products.

Hydrogen fuel cells show promise as alternatives to batteries because they are quick and easy to refuel and are environmentally friendly and efficient power sources, particularly in cold interior environments. However, hydrogen has struggled to gain market share due to the high cost of the fuel and the infrastructure required to provide it. As a result, fuel cell technology has not been widely adopted and still remains in the development and testing stage.

A major obstacle to adopting fuel cell technology for lift trucks is the infrastructure costs of producing and delivering the hydrogen and for refueling the cells. Lift truck manufacturers must also conduct detailed testing on individual truck models before they can approve them for retrofitting with fuel cells. To address cost and technical concerns, NMHG said that Yale and Hyster will integrate the technology into their original design and production of lift trucks. In addition, the acquisition will allow Hyster and Yale to provide commercial-grade, on-site hydrogen generation and refueling capabilities. Retrofitting and servicing will be provided through Nuvera-authorized dealers.

NMHG said it expects Nuvera to generate significant operating losses over the next two to three years. NMHG plans to spend up to $50 million during that period for additional research and development to commercialize the technology and reach breakeven. The company said the acquisition was completed "for a modest purchase price" and requires certain contingency payments to the selling shareholders "based on future deployment of certain elements of the acquired technology."

Until the NMHG announcement, Nuvera had all but disappeared from the lift truck market. Meanwhile, the strongest domestic player, Plug Power Inc., continues to struggle with profitability. But Plug Power said its sales and customer pilot programs have grown in the past year since it rolled out its "GenKey" service, which integrates equipment, fueling, infrastructure, and maintenance solutions into a single package. The service saves customers money and reduces the complexity of using the technology, according to Plug Power.

Material Handling Internal Movement Batteries/Chargers/Motors/Fuel Lift Trucks, Personnel & Burden Carriers Green Logistics
KEYWORDS Hyster NACCO Materials Handling Group Nuvera Plug Power Inc. Yale
  • Related Articles

    NACCO Materials Handling Group hires 400 workers

    Plug Power acquires Canadian fuel cell vendor

    Sponsored By
    Hyster

    Adopting Hydrogen Fuel Cell-Powered Lift Trucks Makes Financial and Operational Sense

Recent Articles by DC Velocity Staff

Truckload carrier predicts challenging year ahead for industry

Train kept a rollin’

Werner invests in autonomous trucking firm TuSimple

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Cold chain giant Lineage Logistics buys its own rail operator

  • For container lines and ports, what a difference a year makes

  • Outlook 2021: What’s in store for logistics supply chain?

  • Cushman & Wakefield Brokers Sale of 170 Acres plus Lease for 1MSF Build-to-Suit for Home Improvement Retailer in Commerce City, CO.

  • Capacity challenges will continue in 2021

Now Playing on DCV-TV

2mw 01 11 21 thumb

Ocean Sector Shaping the Next Shipageddon

DCV-TV 4: Viewer Contributed
If you're a shipper, it's never good when a rep for an ocean carrier tells you, "You better sit down before you read this." We've been seeing astoundingly high increases in the ocean sector and they seem to have staying power. While the ocean carriers used blank sailings last year to tip the balance of supply and...

FEATURED WHITE PAPERS

  • Proven Benefits: A Compendium of Slotting Optimization Success Snapshots

  • Bridging Information Gaps in Dock and Yard Operations

  • How Intelligent Sensor Solutions Turn Data Into Action

  • Order picking Solutions: Understanding Your Options

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2021. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing