Cummins Makes Second Investment In Loop
24 March 2020
Loop Energy, a provider of fuel cell electric range extenders for medium- and heavy-duty transport applications, announced that 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. No specific financial details were provided.
“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 Burnaby, B.C.-headquartered 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.”
Loop said that 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.
“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.”
Loop also announced that Wayne Eckerle, Cummins vice president of Global Research and Technology, has been appointed to Loop Energy’s board of directors, effective immediately.