Loop Energy, a provider of fuel cell electric range extenders for medium- and heavy-duty transport applications, announces the company has received an additional cash investment from Cummins Inc.. The further investment was made following Loop's successful completion of milestone requirements established at the time of Cummins 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," says Ben Nyland, President and Chief Executive Officer of Loop Energy. "Cummins' subsequent investment is further validation of Loop's game-changing fuel cell technology, commercialization momentum, and the growing recognition of the role hydrogen fuel cells will play in commercial transport applications."
Funds from the strategic financing will be used to further accelerate the company's product development activities, project deployments, and growth plans as the company expands its technical leadership in medium- and heavy-duty hydrogen fuel cell bus and trucking applications.
The role of commercial freight transport in a clean and sustainable energy future is driving industry leaders to invest in a range of power solutions including fuel cell technologies due to their long range, responsive power and quick refueling capabilities. Loop's fuel cell range-extended power solutions provide industry-leading power density and cost advantages, ensuring no impact to a trucking operator's cost-of ownership, but with zero emissions.
"We are pleased to partner with Loop Energy and further support its efforts to develop a zero-emission fuel cell range-extended powertrain," says Thad Ewald, Vice President of Strategy and New Power, 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."
The company is also announces that Wayne Eckerle, Cummins Vice President of Global Research and Technology, has been appointed to Loop Energy's Board of Directors, effective immediately.