Funding to Support the Demonstration of Innovative Technology Aimed at Decarbonizing the Heavy-Duty Transport Sector
GROTON, Conn., Nov. 7, 2024 /PRNewswire-PRWeb/ -- Nimbus Power Systems, Inc., a pioneering developer of advanced fuel cell technologies for heavy-duty vehicles, today announced the successful closing of its pre-seed financing round led by Connecticut Innovations, Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies. The investment will enable Nimbus to accelerate the development and demonstration of its cutting-edge, zero-emission heavy-duty fuel cell engine, designed to be the most advanced in the world.
The funding round also included participation from additional investors, reflecting strong support from both public and private stakeholders in the clean energy and transportation sectors. With this capital infusion, Nimbus will focus on scaling its technology and preparing to showcase the viability and performance of its zero-emission fuel cell engine and its ability to reduce emissions in the heavy-duty transport market.
"We are pleased to partner with Connecticut Innovations and our strong team of investors as we work to bring our groundbreaking technology to market," said Michael Gorman, CEO of Nimbus Power Systems. "This funding will allow us to accelerate our development timeline and demonstrate that our zero-emission fuel cell engine can meet the rigorous demands of heavy-duty applications while significantly reducing greenhouse gas emissions. Nimbus will soon announce demonstration programs, development partners, and other collaborations that will build upon our core technology and products. We are excited to be at the forefront of this clean energy transformation and look forward to collaborating with industry leaders and policymakers to achieve our shared vision of a sustainable future."
The new capital will also be used to advance research and development efforts, expand the team, and initiate pilot projects that will validate the performance and durability of Nimbus' zero-emission fuel cell technology under real-world operating conditions. The company's fuel cell engine is engineered to deliver higher efficiencies and lower emissions, compared to traditional diesel engines, addressing a critical need in the transportation industry's push toward decarbonization.
"Nimbus Power Systems is leading the way in creating the next generation of zero-emission fuel cell technology for heavy-duty vehicles," said Konstantine Drakonakis, Managing Director of the ClimateTech Fund at Connecticut Innovations. "Their innovative approach has the potential to significantly impact the global effort to reduce emissions and combat climate change. We look forward to seeing their technology contribute to a cleaner, more sustainable transportation sector."
Nimbus Power Systems is part of a growing ecosystem of clean energy and transportation innovators in Connecticut, supported by initiatives like Connecticut Innovations' strategic investments and partnerships. The company aims to be a key player in the state's established ecosystem for advanced fuel cell development and deployment.
For more information about Nimbus Power Systems visit nimbuspowersystems.com.
About Nimbus Power Systems:
Nimbus Power System Inc. develops zero-emission, fuel cell systems for the heavy-duty mobility and stationary power markets. The company's mission is to provide uncompromising zero-emission replacements for heavy-duty engines currently serving these markets.
About Connecticut Innovations:
Connecticut Innovations is the state's strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies. By offering equity and debt investments, strategic guidance and introductions to valuable partners, we help promising businesses to thrive.
Media Contact
Greg Kalish, Nimbus Power Systems, 516-620-7815, [email protected], https://www.nimbuspowersystems.com/
SOURCE Nimbus Power Systems
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