Provider of fuel cell electric range extenders for medium and heavy-duty transport Loop Energy has received an additional cash investment from Cummins Inc.
The investment announced today is the second in six months from Cummins, following the initial investment in September 2019.
“Loop Energy is focused on becoming the industry leader in fuel cell powered truck and bus engine systems, and this additional strategic investment significantly enhances our ability to execute on this plan,” said Ben Nyland, President and CEO of Loop Energy.
“Cummins subsequent investment is further validation of Loop’s game-changing fuel cell technology, commercialisation momentum, and the growing recognition of the role hydrogen fuel cells play in commercial transport applications.”
Funds for the strategic financing will be used to further accelerate Loop Energy’s product development activities, project deployments, and growth plans as it expands its technical leadership in medium and heavy-duty hydrogen fuel cell bus and trucking applications.
“We are pleased to partner with Loop Energy and further support its efforts to develop a zero emission fuel cell range-extended powertrain,” said Thad Ewald, Vice-President of Strategy and New Power at Cummins.
“Cummins is committed to investing in an energy diverse future, including fuel cell electrification, to offer our customers the power of choice.”
“This is our latest investment in clean, high-performing products with differentiated technologies that will help us deliver value to customers in key markets.”