The investment was made following Loop’s successful completion of 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,” says Ben Nyland, president and CEO of Loop Energy.
“Cummins’ subsequent investment is further validation of Loop’s fuel cell technology, commercialization momentum and the growing recognition of the role hydrogen fuel cells will play in commercial transport applications,” he adds.
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 in medium- and heavy-duty hydrogen fuel cell bus and trucking applications.
Photo: The Loop FC-REX, a range-extending generator for battery electric vehicles