VANCOUVER, B.C. – Cummins has announced an increased investment in Loop Energy, a Canadian producer of fuel cell electric range extenders for medium- and heavy-duty trucks.
Cummins made an initial investment in the company in September 2019, and Loop secured the further investment by completing milestone requirements.
“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. “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.”
“We are pleased to partner with Loop Energy and further support its efforts to develop a zero-emission fuel cell range-extended powertrain,” added 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.”
Wayne Eckerle, Cummins vice-president of global research and technology, has been appointed to Loop Energy’s Board of Directors, effective immediately.
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