Cummins makes a further step towards the implementation of fuel cell solutions. Loop Energy announced that it has received an additional cash investment from Cummins. The further investment was made following Loop’s successful completion of requirements established at the time of Cummins initial investment in September 2019.
Last year Cummins, which prides itself to be the bigger independent engine builder in the world, has acquired Hydrogenics and named a vice president for fuel cell technologies, proving a growing focus on this technology. «Cummins definitely see fuel cell being a very important choice in the long term» is what Brian Wilson, General Manager of Cummins Global Bus Business, told Sustainable Bus.
Cummins accelerates on hydrogen
Loop Energy is Canada-based provider of fuel cell electric range extenders for medium and heavy-duty transport applications. Funds from the strategic financing (the amount of the investment is not specified) will be used to further accelerate the company’s product development activities, project deployments, and growth plans as the company expands its technical skills on medium and heavy-duty hydrogen fuel cell bus and trucking applications, Loop Energy points out.
Canada is also the home country of the leading supplier Ballard Power Systems, whose fuel cell modules are mounted on Van Hool and Solaris fuel cell buses and, generally speaking, on some 570 buses and 2,000 trucks all over the world.
Loop Energy wants to become a leader
Following this operation, Wayne Eckerle, Cummins Vice President of Global Research and Technology, has been appointed to Loop Energy’s Board of Directors, effective immediately.
“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 Chief Executive Officer 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,” 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. This is our latest investment in clean, high-performing products with differentiated technologies that will help us deliver value to customers in key markets.”