First Mode is evolving.

Following the decision of First Mode’s majority shareholder, Anglo American, to conclude its funding of First Mode as part of its capital prioritisation programme, Cummins Inc. has acquired the majority of First Mode’s assets and staff. As of 11 February 2025, we are excited to confirm that the world-class technical innovation and speed-of-delivery of the First Mode team will combine with the global footprint and manufacturing scale of the Cummins Inc. Power Systems business unit to create a new industry-leading organization. The acquisition includes:

• The First Mode brand
• First Mode’s hybrid mining and rail product lines
• Full IP portfolio including our hydrogen and battery powertrain solutions
• Global commercial portfolio
• Manufacturing and testing capabilities and facilities, which includes First Mode’s mine haul proving grounds in the United States
• Engineering, commercial, deployment, operations, and manufacturing staff in Australia, Chile, and the United States

Thank you to all the global First Mode teams, some who will carry on the journey with the new Cummins Inc.-owned organization, and some who are following new paths. Thank you too to our loyal supply chain partners and stakeholders. Everybody’s contributions live on, having been true entrepreneurs and innovators, and leading decarbonization and electrification of the mining and rail industries.

First Mode continues to serve customers through the transition and will meet customers’ needs by shipping hybrid retrofit kits in Q1-2025. We have a robust customer pipeline that we will deliver to this year, and then scale our commercial trials into fleet trials in 2026. The acquisition of First Mode by Cummins Inc. will bring even tighter collaboration with industry partners, removing any challenges to market entry and scale.

Cummins Inc. is at the forefront of developing multiple technology pathways to help the mining industry transition to a sustainable future. Through product hybridization and clean fuels such as ethanol and methanol, Cummins Inc. is developing bridge technologies that enable miners to maximize the life of existing fleets while reducing carbon emissions. With its vast global service network, Cummins Inc. will support newly developed bridge technologies, ensuring seamless integration and ongoing support for mining and rail applications.