Cummins

Cummins, established in 1919, is a global power technology company. It designs, manufactures, distributes, and services diesel and natural gas engines, as well as related components and electric power generation systems. Cummins is the leading manufacturer of diesel engines for commercial trucks, off-highway machinery, and railroad locomotives, and also produces standby and prime power generators. Its product portfolio includes powertrain components like transmissions, turbochargers, aftertreatment systems, and fuel systems. The company operates through four segments: Engine, Power Generation, Components, and Distribution. Cummins serves its customers through a vast network of over 600 company-owned and independent distributor locations, and more than 6,500 dealer locations in over 190 countries.

Gbile Adewunmi

Executive Director Power Systems Industrial and Aftermarket Business

Ricardo Roman

Vice President of Components Finance

15 past transactions

First Mode

Acquisition in 2025
First Mode is a company focused on developing and manufacturing decarbonization solutions tailored for heavy industry partners committed to advancing clean energy initiatives. The company specializes in retrofitting vehicles to incorporate diesel hybrid, battery electric, and hydrogen fuel cell systems, thereby assisting mining and rail fleets in achieving zero emissions. In addition to its product offerings, First Mode provides comprehensive services that encompass concept development, detailed design, analysis, integration, testing, and deployment of technologies across various sectors, including space, natural resources, automotive, and high-tech. By addressing the unique challenges faced in extreme environments, First Mode aims to demonstrate that effective decarbonization is feasible, contributing to sustainability for both people and the planet.

Platform Science

Series D in 2024
Platform Science develops and integrates hardware solutions, software solutions, and Internet of Things (IoT) infrastructure tailored for the transportation industry. The company's flagship product is an enterprise-grade IoT fleet management platform designed to enhance logistics processes. This platform provides core telematics functionality, including applications for compliance, safety, and productivity, while supporting dynamic hardware configurations and partner integrations. Additionally, Platform Science offers fleet management apps aimed at managing compliance, improving driver experience, and maximizing productivity. Founded in 2014, the company is headquartered in La Jolla, California, and operates as a subsidiary of Daimler Trucks North America LLC.

VoltStorage

Series C in 2022
VoltStorage GmbH is a German company specializing in the development and production of solar energy storage systems. Based in Olching, Germany, it utilizes eco-friendly vanadium redox flow technology to create power storage devices that allow homeowners to store surplus solar energy generated during the day for use at night. This innovative approach aims to provide renewable energy availability around the clock, contributing to a cleaner and fairer world for future generations. VoltStorage also offers installation and technical support services for its products, which are sold online. The company's commitment to sustainability underscores its mission to enhance the accessibility of renewable energy.

Meritor

Acquisition in 2022
Meritor, Inc. is a manufacturer of integrated systems, modules, and components tailored for the commercial vehicle and industrial markets. Established in 1909 and headquartered in Troy, Michigan, the company specializes in drivetrain, mobility, braking, and suspension solutions for various applications, including medium- and heavy-duty trucks, trailers, off-highway machinery, and defense vehicles. Meritor operates through two main segments: Commercial Truck, which focuses on supplying drivetrain systems and components like axles and brakes, and Aftermarket and Industrial, which provides replacement parts to commercial vehicle and industrial aftermarket customers. The company markets its products under several brands, including Meritor, Euclid, and AxleTech, and distributes them primarily in North America, South America, Europe, and the Asia Pacific. With over a century of experience, Meritor is committed to delivering innovative solutions that meet the needs of original equipment manufacturers and aftermarket clients globally.

Jacobs Vehicle Systems

Acquisition in 2022
Jacobs Vehicle Systems is a leading manufacturer and supplier specializing in engine retarding and valve actuation technology for the automobile industry. The company is renowned for its high-quality and reliable engine brakes, including exhaust, bleeder, and compression release brakes. Jacobs Vehicle Systems focuses on innovation, with research and engineering efforts comparable to those in the aerospace sector. By providing advanced products, the company helps clients enhance productivity, meet delivery schedules, and significantly reduce costs and waste. Its commitment to performance and reliability positions Jacobs as a key player in the engine braking market.

Sion Power

Corporate Round in 2021
Sion Power Corporation, founded in 1989 and based in Tucson, Arizona, specializes in the research, development, and manufacturing of lithium-sulfur rechargeable batteries. The company is recognized as a leader in developing high-energy rechargeable batteries, particularly for applications in electric vehicles, unmanned aerial vehicles, and stationary power markets. Sion Power's innovative Licerion technology significantly enhances battery performance, offering up to 500 Wh/kg energy density, which is twice that of traditional lithium-ion batteries while maintaining the same size and weight. The company also focuses on selling or licensing its proprietary protected lithium anode materials to manufacturers looking to integrate advanced battery solutions into their products. Through its cutting-edge advancements, Sion Power aims to meet the evolving demands of the electric vehicle and aerospace sectors.

Metropolitan Economic Development Association(MEDA)

Grant in 2021
Meda provides business consulting, access to capital, and market opportunities for minority entrepreneurs. Meda also operates a business development center under cooperative agreement with the Minority Business Development Agency (MBDA) of the U.S. Department of Commerce. The Minneapolis MBDA Business Center connects Minnesota Minority Business Enterprises (MBEs) with business opportunities. In 2016, Meda served 676 customers through our combined service offerings and helped minority businesses secure $165 million in contracts. Since its beginning in 1971, Meda has helped more than 20,000 entrepreneurs of color and assisted in the start-up of more than 550 businesses.

Loop Energy

Corporate Round in 2020
Loop Energy Inc. specializes in the design, development, and marketing of electric and hydrogen fuel cell solutions, primarily targeting heavy-duty transportation applications. Founded in 2000 and based in Burnaby, Canada, the company aims to provide pollution-free transportation solutions that significantly reduce harmful gas emissions. Loop Energy's innovative fuel cell technology systems are designed for various applications, including backup power and portable solutions, offering a competitive cost of ownership compared to traditional heavy-duty diesel engines while eliminating the associated pollution burden. The company, previously known as PowerDisc Development Corp, rebranded as Loop Energy in February 2016.

Loop Energy

Post in 2019
Loop Energy Inc. specializes in the design, development, and marketing of electric and hydrogen fuel cell solutions, primarily targeting heavy-duty transportation applications. Founded in 2000 and based in Burnaby, Canada, the company aims to provide pollution-free transportation solutions that significantly reduce harmful gas emissions. Loop Energy's innovative fuel cell technology systems are designed for various applications, including backup power and portable solutions, offering a competitive cost of ownership compared to traditional heavy-duty diesel engines while eliminating the associated pollution burden. The company, previously known as PowerDisc Development Corp, rebranded as Loop Energy in February 2016.

Efficient Drivetrains

Acquisition in 2018
Efficient Drivetrains, Inc. is a technology firm that specializes in the development and marketing of plug-in hybrid electric vehicle (PHEV) architectures and related technologies for electric vehicles (EVs) and hybrid electric vehicles (HEVs). The company offers a range of products, including high-efficiency continuously variable transmissions, drivetrain controllers, battery modules, and vehicle control software designed to manage energy systems and reduce fuel consumption and emissions. Efficient Drivetrains also provides engineering support, technology licensing, and electrification kits to assist vehicle manufacturers and integrators in developing PHEV, HEV, and EV systems. Founded in 2006 and headquartered in Milpitas, California, with a research and development center in Dixon, the company serves clients globally, including in the United States, Canada, Europe, and Asia. As of August 2018, Efficient Drivetrains operates as a subsidiary of Cummins Inc.

Brammo

Acquisition in 2017
Brammo is an electric vehicle technology company based in North America, specializing in the design and development of electric motorcycles. Its product lineup includes models such as the Enertia, Empulse, and Engage, as well as a range of plug-in electric options, including sport and off-road motorcycles. Brammo serves as an original equipment manufacturer (OEM) and provides innovative solutions through its Brammo Digital Drivetrain systems, which encompass the Brammo Power battery pack and vehicle management system. The company operates distribution and marketing channels across North America, Europe, and Asia, contributing to the automotive industry's shift towards greener, emission-free transportation solutions.

Cummins Turbo Technologies

Funding Round in 2016
Cummins Turbo Technologies, a subsidiary of Cummins Inc., specializes in the manufacturing and distribution of turbochargers for diesel engines. Established in 1996, the company is headquartered in Wuxi, China. It focuses on providing advanced turbocharging solutions to enhance engine performance and efficiency.

ReliOn

Funding Round in 2013
ReliOn is a leading company specializing in the development and marketing of modular, cartridge-based proton exchange membrane (PEM) fuel cell technology. It offers a diverse range of stationary fuel cells designed for emergency and backup power, uninterruptible power supplies, and off-grid power applications. ReliOn serves a variety of sectors, including telecommunications, energy, transportation, and government entities. The company has successfully sold and delivered over 1,900 kW of fuel cells both in the United States and internationally, establishing a customer base that includes major telecommunications providers, governmental communication sites, and utility companies. Its products encompass outdoor enclosures and fuel cell systems tailored to meet specific energy needs.

Hilite International

Acquisition in 2012
Hilite International is a manufacturer of automotive systems and components, serving the passenger car and commercial vehicle markets. The company operates across Asia, Europe, and North America, providing a range of products that include engine components, e-mobility solutions, thermal systems, and transmission assemblies. Hilite International focuses on developing technologies that contribute to reducing fuel consumption and minimizing exhaust emissions from combustion engines, aligning with the industry's push for greater efficiency and sustainability.

Nelson Industries

Acquisition in 1997
Nelson is a filtration and exhaust manufacturer.
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