Technology

Nimbus Power Systems Secures Financing Led by Connecticut Innovations to Accelerate Development of the World’s Most Advanced Zero-Emission Heavy-Duty Fuel Cell Engine

Published

2 weeks ago

November 7, 2024

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, gkalish@gkcomms.com, https://www.nimbuspowersystems.com/

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SOURCE Nimbus Power Systems

Technology

Max Stock Limited Announces Change in Shares Held by an Interested Party

Published

1 hour ago

November 24, 2024

CAESAREA, Israel, Nov. 24, 2024 /PRNewswire/ — Max Stock Limited (TASE: MAXO(; )the “Company”, “Max Stock“) today announced that on November 20th, 2024, Phoenix Financial Ltd. and Phoenix Investment House Ltd. (“Phoenix reporting group”), including their respective nostro account, provident funds and provident fund management companies, as well as mutual fund management companies and market maker sub entities, informed the Company that they had sold shares of the Company thereby lowering their joint holdings to 4.8% of the Company’s issued capital (4.15% and 0.65% respectively). As a result, Phoenix reporting group will no longer be an interested party in the Company.

This is an English translation of segments of a Hebrew immediate report that was published on November 24, 2024 (Ref. No: 2024-01-618032) (hereinafter: the “Hebrew Version”). This English version is only for convenience purposes. This is not an official translation and has no binding force. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

About Max Stock

Max Stock is Israel’s leading extreme value retailer, currently present in 64 locations throughout Israel and 2 locations in Portugal. We offer a broad assortment of quality products for customers’ everyday needs at affordable prices, helping customers “Dream Big, Pay Small”. For more information, please visit https://ir.maxstock.co.il

Company Contacts:

Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il

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SOURCE Max Stock Limited

Technology

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

5 hours ago

November 24, 2024

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

SOURCE Wahed

Technology

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

5 hours ago

November 24, 2024

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

For more information, visit: www.wahed.com

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