Investment to fund product development, project deployments and growth plans
VANCOUVER, Sept. 18, 2019 /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 a cash investment from Cummins Inc. (NYSE: CMI).
Hydrogen fuel cells are gaining interest from transportation industry leaders as they can 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.
"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 Chief Executive Officer 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 no-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 range extenders for customers."
For more information or to learn more about Loop Energy, please visit www.loopenergy.com
About Loop Energy
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 units that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel and natural gas engines to hybrid and electric platforms, as well as related technologies, including battery systems, fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana (U.S.A.), since its founding in 1919, Cummins employs approximately 62,600 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 customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and over 7,600 dealer locations and earned about $2.1 billion on sales of $23.8 billion in 2018. 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. Follow Cummins on Twitter at www.twitter.com/cummins and on YouTube at www.youtube.com/cumminsinc.
SOURCE Loop Energy