Cummins Invests in Fuel Cell Technology Firm Loop Energy
Loop Energy, a provider of fuel cell electric range extenders for medium- and heavy-duty transport applications, announced that it received a cash investment from Cummins Inc.
Hydrogen fuel cells are gaining interest from transportation industry leaders as they facilitate the transition from vehicles running on fossil fuels to sustainable electric solutions. In commercial transport applications, fuel cell range extended vehicles emit no greenhouse gas or pollutant emissions and there is no impact to vehicle payload weight, power demands or refueling time compared to battery-only systems.
The quantity of the investment was not disclosed. Earlier this month, Cummins completed a $290 million acquisition of Mississauga, Ontario, Canada-based fuel-cell and hydrogen-production technology company Hydrogenics Corp. Cummins acquired an 81-percent share in Hydrgenics. Also a Canadian company, Loop Energy is based in Burnaby, B.C.
“Cummins investment in Loop Energy affirms the positioning of our company and technologies to meet the demand for a cost-effective alternative to the internal combustion engine in commercial trucking,” said Ben Nyland, president and CEO of Loop Energy. “This new investment by Cummins is solid evidence of the traction we are gaining in the market through investments, customer orders, and vehicle demonstration programs.”
Loop Energy will also supply Cummins with range extender systems for incorporation into demonstration trucks. Loop’s n-compromise module provides a breakthrough in terms of cost and power density, allowing truck operators to transition to zero emissions without an impact to cost of ownership.
“Cummins is investing in a broad portfolio of power solutions, including advancements in hydrogen fuel cell technologies and the electrification of commercial applications,” said Thad Ewald, vice president of corporate strategy, Cummins. “This investment is continued evidence of our commitment to next-generation trucking technologies, and we look forward to working with Loop Energy to further validate the provision of zero-emissions fuel cell rage extenders for customers.”
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.