🔒CT startup raising $2.5M to develop heavy-duty fuel cell engine

A Groton-based company developing a fuel cell engine for heavy-duty vehicles – an emissions-free alternative to a traditional diesel engine – has closed a pre-seed fundraising round led by Connecticut Innovations.

Co-founder and CEO of Nimbus Power Systems Inc. Michael Gorman said Thursday that the company has raised “most” of the $2.5 million offering it reported to the U.S. Securities and Exchange Commission on Sept. 12.

Gorman said the company expects to close on the balance in early December.

The funding came from Connecticut Innovations and other investors, including Stonehenge Capital's Connecticut office, the company said. 

According to Nimbus, the new capital will allow it to focus on scaling its technology, including research and development, pilot projects and workforce expansion.

“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,” Gorman said. “Nimbus will soon announce demonstration programs, development partners and other collaborations that will build upon our core technology and products.”

Fuel cell engines work by converting hydrogen into electricity to power a motor. The electricity is created from a chemical reaction between hydrogen and oxygen, which releases water and heat as byproducts.

Konstantine Drakonakis, managing director of the ClimateTech Fund at Connecticut Innovations, said Nimbus’ technology 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,” Drakonakis said.