Nimbus Power Systems Secures Funding for Zero-Emission Fuel Cell Engine Development
Key Ideas
  • Nimbus Power Systems, based in Groton, has successfully closed a pre-seed fundraising round led by Connecticut Innovations, raising most of the $2.5 million offering.
  • The funding, which also involved Stonehenge Capital's Connecticut office, will support the scaling of Nimbus' technology and workforce expansion for their zero-emission fuel cell engine for heavy-duty vehicles.
  • The company aims to demonstrate the effectiveness of their fuel cell engine in reducing greenhouse gas emissions and meeting the demands of heavy-duty applications through upcoming demonstration programs and collaborations.
  • Connecticut Innovations sees Nimbus' technology as a significant contributor to global emission reduction efforts and a key player in creating a cleaner and more sustainable transportation sector.
Nimbus Power Systems Inc., a Groton-based company, has successfully closed a pre-seed fundraising round led by Connecticut Innovations to support the development of their zero-emission fuel cell engine for heavy-duty vehicles. Co-founder Michael Gorman announced that most of the $2.5 million offering had been raised, with the remaining balance expected to be secured by early December. The funding, which also involved investors like Stonehenge Capital's Connecticut office, will enable Nimbus to focus on scaling its technology, conducting research and development, initiating pilot projects, and expanding its workforce. Gorman stated that this financial boost will accelerate their development timeline and showcase the engine's capability in reducing greenhouse gas emissions while meeting the demands of heavy-duty applications. The company plans to announce demonstration programs, development partners, and collaborations to further enhance their core technology and products. Fuel cell engines operate by converting hydrogen into electricity to power a motor, generating water and heat as byproducts. Konstantine Drakonakis from Connecticut Innovations expressed optimism about Nimbus' technology, highlighting its potential to significantly impact the global emission reduction efforts and create a more sustainable transportation sector.
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