Credit follows $30 MM Award by the Department of Energy to Expand Production Capabilities, Build America’s Clean Energy Capacity

Billerica, Massachusetts – April 8, 2024 – Nuvera Fuel Cells, LLC, a leading provider of fuel cell power solutions, has been awarded more than $14 million of investment tax credits from the U.S. Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit (48C) funded by the Inflation Reduction Act. The 48C program, which provides up to 30 percent investment tax credits for selected clean energy manufacturing projects, is designed to support secure and resilient domestic clean energy supply chains.

Nuvera anticipates using the tax credits to expand fuel cell production capacity at its Billerica, Massachusetts headquarters. Billerica is Nuvera’s primary location for technology R&D, product development and engineering, and fuel cell stack and system manufacturing.

Nuvera was also recently awarded a $30 million federal grant from the U.S. Department of Energy (DOE), part of a broader $750 million from the Bipartisan Infrastructure Law to fund 52 projects that directly support the national clean hydrogen strategy. Nuvera will utilize these federal funds to develop the high-volume production process for its next-generation fuel cell stack technology.

“This award of $14 million in tax credits, combined with our previously announced award of $30 million from the Department of Energy, will help provide Nuvera a path for increased production of our fuel cell technology at volumes designed to meet anticipated growth in demand for zero-emission power solutions for a myriad of applications,” said Kedar Murthy, chief commercial officer, Nuvera Fuel Cells. “We’ve demonstrated our technology through many successful customer implementations. These two sources of support from government agencies will greatly amplify Nuvera’s capabilities.”

“The Inflation Reduction Act represents the largest climate investment in U.S. history, which we believe will greatly accelerate hydrogen and fuel cell adoption,” said Gus Block, Nuvera’s director of corporate development. “Through substantial interagency cooperation, the federal government has launched a major initiative to decarbonize both the transportation and industrial sectors through the increased supply of clean hydrogen. We’re extremely grateful for this recent funding that will support Nuvera’s efforts to accelerate the clean energy revolution with hydrogen fuel cell technology.”

This federal funding will be used to enable faster time to market for Nuvera’s hydrogen fuel cell stacks at a lower cost. It will also provide a solution for our customers to meet the requirements of government environmental policies and growing emission mandates with American-manufactured clean energy technology.

Nuvera brings more than three decades of continuous hydrogen fuel cell technology development and experience in real-world operations to furthering the aims of the Inflation Reduction Act. Nuvera’s ninth-generation stack technology has the performance and power density to help accelerate the adoption of fuel cell power systems for on and off-road vehicle, port equipment, maritime and stationary power applications.

ABOUT NUVERA FUEL CELLS, LLC

Nuvera Fuel Cells, LLC is a manufacturer of heavy-duty, zero-emission engines for mobility applications. With teams located in the U.S., Europe, and Asia, Nuvera provides clean, safe, and efficient products designed to meet the rigorous needs of industrial vehicles and other transportation markets.

Nuvera is a subsidiary of Hyster-Yale Group, Inc., which 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. Hyster-Yale Group is a wholly owned subsidiary of Hyster-Yale Materials Handling, Inc. (NYSE:HY). Hyster-Yale Materials Handling, Inc. and its subsidiaries, headquartered in Cleveland, Ohio, employ approximately 8,600 people worldwide.