Cummins acquires assets of mining decarbonization company First Mode that specializes in fuel cell/battery drives
Cummins, an American multinational that designs, manufactures and distributes internal combustion engines and power generation products, has acquired the assets of Seattle-based First Mode, a company known primarily for its combined fuel cell/battery drive intended for use as a hybrid retrofit for mining haul trucks.
The deal ends several years of uncertainty over the future of First Mode, which, after being founded in 2018, was in a three-year partnership with mining corporation Anglo American to develop a non-fossil fuel engine for the company’s fleet of mining haul trucks. The company introduced a hydrogen-powered mine haul truck, at which point Anglo American announced plans to fuse First Mode with its nuGen team. However, Anglo American stopped funding the subsidiary in December, forcing First Mode to file for bankruptcy. In its filing, First Mode stated it had been unable to find a buyer for its assets.
At the start of 2025, Cummins stepped in and said it would acquire First Mode’s assets including the brand, its hybrid mining and rail product lines, its intellectual property portfolio and First Mode’s operations in Australia, the US and Chile.
First Mode said that it will continue to serve customers through the transition. It plans to ship product to customers in the first quarter of 2025.
The purchase price for First Mode was not disclosed by Cummins in its announcement; however, bankruptcy filings show that Cummins did put in a stalking-horse bid of $15 million for some of First Mode’s assets.
“This acquisition is an important step forward in our goal to lead our Power Systems customers through the energy transition,” said Jenny Bush, President of Power Systems at Cummins. “With First Mode’s hybrid retrofit technology, we are accelerating our ability to provide decarbonization solutions that meet miners’ need to drive down operating costs today.”
Cummins, which is now developing bridge technologies that it says will “enable miners to maximize the life of existing fleets while reducing carbon emissions,” will, with the addition of First Mode’s intellectual property and experience, also be in a position to help miners more fully decarbonize operations without having to completely replace technologies and infrastructure.
Source: Cummins
