Columbus-based Cummins Inc. (NYSE: CMI) says it is further investing in a Canadian company that specializes in fuel cell technology after the company successfully reached milestones set by Cummins.
The amount of the investment was not disclosed, but Cummins did say this is the second round of a cash infusion for Vancouver-based Loop Energy.
The Canadian firm provides fuel cell electric range extenders for medium and heavy-duty equipment, such as trucks and buses, to reduce carbon-emission footprint.
“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,” says Ben Nyland, president and chief executive officer of Loop Energy.
Nyland says the new funds will be used to accelerate the company’s product development and growth plans in the zero-emissions powertrain sector.
“Cummins is committed to investing in an energy diverse future, including fuel cell electrification, to offer our customers the power of choice,” said Thad Ewald, Cummins vice president of strategy and new power. “This is our latest investment in clean, high-performing products with differentiated technologies that will help us deliver value to customers in key markets.”
The companies say 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.