Engine giant Cummins. has announced it is buying a stake in hydrogen fuel cell maker Loop Energy, but Cummins is yet to reveal financial details of the transaction.
The move follows Cummins acquisition of Canadian hydrogen production technologies provider Hydrogenics Corp.
“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 at 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.”
As part of the deal, Loop Energy will also supply Cummins with range extender systems for incorporation into demonstration trucks, the company said.
“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 CEO 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 is a provider of zero-emission power systems for heavy-duty transportation applications.
Cummins manufactures a broad portfolio of power solutions. Its products range from diesel and natural gas engines to hybrid and electric platforms.