Second investment in Loop Energy within a six-month period
VANCOUVER, March 24, 2020 /PRNewswire/ - Loop Energy, a leading provider of fuel cell electric range extenders for medium and heavy-duty transport applications, announced today that the Company has received an additional cash investment from Cummins Inc. (NYSE: CMI). The further investment was made following Loop's successful completion of milestone requirements established at the time of Cummins initial investment in September 2019.
"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."
Funds from the strategic financing will be used to further accelerate the company's product development activities, project deployments, and growth plans as the Company expands its technical leadership in medium and heavy-duty hydrogen fuel cell bus and trucking applications.
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 due to their long range, responsive power and quick refueling capabilities. Loop's fuel cell range-extended power solutions provide industry-leading power density and cost advantages, ensuring no impact to a trucking operator's cost-of ownership, but with zero emissions.
"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."
The Company is also pleased to announce that Wayne Eckerle, Cummins Vice President of Global Research and Technology, has been appointed to Loop Energy's Board of Directors, effective immediately.
Loop Energy provides zero-emission power systems for heavy-duty transportation applications. Loop works with leading vehicle manufacturers to design and deliver carbon-free motive solutions using both electric and hydrogen fuel cell technologies. Loop powertrains deliver superior performance to conventional diesel engines at a competitive cost of ownership, without subsidies. For more information about how Loop Energy is driving the future of zero-emissions, visit www.loopenergy.com.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/always-on.