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.
“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.”
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