Loop Energy, which provides fuel cell electric range extenders for medium and heavy-duty transport applications, 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," said Ben Nyland, President and CEO of Loop Energy.
Funds will be used for product development activities, project deployments, and growth plans as the Loop expands 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.
"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, Cummins.
"Cummins is committed to investing in an energy diverse future, including fuel cell electrification, to offer our customers the power of choice."
Wayne Eckerle, Cummins Vice President of Global Research and Technology, has also been appointed to Loop Energy's Board of Directors, effective immediately.