Cummins to Reassess Electrolyser Business Amid Mounting Losses and Policy Uncertainty

Cummins is launching a full-scale strategic review of its electrolyser business following a $240 million non-cash charge and growing losses within its Accelera segment. Although the division reported a 10% year-over-year sales increase to $121 million, EBITDA losses widened to $336 million in Q3 2025—pulling overall net income down to $536 million, compared to $809 million a year ago.

The write-down, equal to $1.73 per diluted share, was attributed to “policy-driven shifts in hydrogen adoption expectations,” the company stated.

CEO Jennifer Rumsey said Cummins faces “weaker prospects for demand” and confirmed a comprehensive review aimed at reassessing the company’s electrolyser manufacturing and deployment strategy. While reaffirming Cummins’ “diversified portfolio and disciplined cost structure,” Rumsey acknowledged ongoing uncertainty across multiple markets. The move follows a $312 million impairment last year and underscores a deeper restructuring within Accelera.

The downturn mirrors broader turbulence in the U.S. hydrogen sector, where the incoming Trump administration’s rollback of the 45V production tax credit and reduced funding for hydrogen hubs have undercut investment confidence. Cummins, which recently opened 500MW electrolyser plantsin Spain and Minnesota, may now pivot toward European opportunities, though regulatory delays there persist.

A Global Hydrogen Compass report by the Hydrogen Council recently warned that demand—not supply—remains the critical bottleneck for clean hydrogen, despite over $110 billion in global commitments.