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.”