Cummins does not disclose the sum of the investment in its announcement. It does say that Loop intends to use the new capital to accelerate product development and growth plans. Loop specialises in medium and heavy-duty fuel cell buses and trucks, a niche where the company considers itself a “technical leader”.
“Cummins subsequent investment is further validation of Loop’s game-changing fuel cell technology, commercialisation momentum, and the growing recognition of the role hydrogen fuel cells will play in commercial transport applications,” said Ben Nyland, President and CEO of Loop Energy.
Representatives from Cummins are somewhat more reserved in their statement and do not use words like “breakthrough”. Still, Cummins says it is “committed to investing in a diverse energy future, including fuel cell electrification, to offer our customers the power of choice,” said Thad Ewald, Vice President of Strategy for Cummins.