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Cummins and NRG Launch Major Technology Platform to Reduce Energy Costs for Large Businesses
—New Solution Simplifies Customer Integration to Deliver
Reliable, Cleaner Energy and Reduce Stress on Grid—
COLUMBUS, IND. AND PRINCETON, N.J. – December 13, 2017 – Today Cummins Inc. (NYSE: CMI) and NRG Energy, Inc. (NYSE: NRG) announced a strategic partnership to deploy a resilient, cleaner and cost-effective distributed energy platform for commercial and industrial customers. This easy-to-implement solution provides customers an opportunity to transition to a smarter energy consumption model. The platform, with a preliminary estimated hundreds of megawatts capacity or enough to power tens of thousands of homes, enhances a customer's energy usage through Cummins-powered generators and NRG distributed energy resource capabilities.
The companies see the solution potentially saving customers up to 15 percent over their current energy costs, often at no enrollment expense. Beyond giving customers more control over their energy future, the platform is expected to significantly reduce environmental impact and grid stress. The platform architecture allows for more capacity to meet expanding market needs.
While the formal partnership is new, the companies have successfully implemented distributed energy models for several customers over recent years and are now ready to bring this proven, cost-effective solution to more customers throughout the northeast United States.
"Reliable power remains critical in the overall distributed energy equation, and this model leverages Cummins' expertise in making power generation equipment for the most harsh and demanding of operating conditions," said Norbert Nusterer, President – Power Systems Business, Cummins Inc. "Having deployed several hundred megawatts and delivered strong economic returns and reliability to customers, this partnership is intended to expand on the experience we have gained. Our partnership with NRG brings together nearly 125 years of energy leadership to give more customers new ways to achieve their goals in environmental stewardship and cost and risk reduction."
"Cummins and NRG have a shared vision to use new technologies, like this platform, to provide customers with reliable power and help navigate the increasingly complex energy market," said Robert Gaudette, President of NRG Business Solutions. "This is just one example of how we can continue to optimize new and existing energy technologies so customers can use less, and pay less, for electricity. The power producer of tomorrow will do more than just move electrons; it will direct them where needed most – with measurable benefits for the customer, the grid and the environment."
Cummins and NRG will form a joint development team to pursue solution sales, and market and maintain energy assets to guarantee outcomes for end-use customers.
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service diesel and natural gas engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins currently employs approximately 55,400 people worldwide and serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 7,400 dealer locations. Cummins earned $1.39 billion on sales of $17.5 billion in 2016. Press releases can be found on the Web at www.cummins.com. Follow Cummins on Twitter at www.twitter.com/cummins and on YouTube at www.youtube.com/cumminsinc.
NRG is the premier integrated power company in the U.S., built on the strength of our leading retail platform and competitive electric generation portfolio. A Fortune 500 company, NRG creates value through best-in-class operations, reliable and efficient electric generation, and a retail platform serving residential and commercial businesses. Working with electricity customers, large and small, we deliver energy solutions that power millions of homes and businesses – to protect, enhance and simplify life. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
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NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Any estimates are based on assumptions the company believed to be reasonable as of that date. NRG disclaims any current intention to update such estimates, except as required by law. The foregoing review of factors that could cause NRG's actual results to differ materially from those contemplated in the forward-looking statements included in this presentation should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.
For Cummins: For NRG:
Jon Mills Marijke Shugrue
@nrgenergy | @nrginsight