Skip to main content

"Revolutionizing the Future of Sustainable Transport: PUNCH Group Secures €40m in Funding to Optimize Hydrogen Engine Technology"

 



image source:(unsplash.com-Precious Madubuike)

The PUNCH Group, a Belgian-based leader in the design of propulsion and control systems for hybrid and electric vehicles, has been bestowed a generous €40m grant from the European Investment Bank (EIB) to further advance its cutting-edge hydrogen engine technology and hasten the transition to zero-emission transport. This substantial investment will empower the company to enhance the capabilities of its hydrogen engine, enabling it to conduct research, development, and innovation activities at its headquarters in Turin, Italy and Strasbourg, France.


Guido Dumarey, the founder, owner, and CEO of the PUNCH Group, remarked on the significance of this funding, stating, "The EIB's support will be a crucial element in realizing our vision of sustainable mobility for all. We aim to expand our technological expertise in the field of electric and hydrogen propulsion, and we believe in the immense potential of hydrogen engines, particularly for heavier or commercial vehicles, off-road vehicles, and the marine sector."


PUNCH Torino, established in 2005 as the Engineering and Development Centre of General Motors, and has been a leading facility for propulsion and mobility systems since 2020, and PUNCH Hydrocells, a subsidiary of the company, is actively working to advance the hydrogen engine, with experience in converting diesel engines to run on hydrogen. This hydrogen engine expertise is now supported by sizeable funding to accelerate the transition to sustainable transport.


Gelsomina Vigliotti, the EIB Vice-President, further explained, "Operations such as this one with the PUNCH Group are vital in promoting the decarbonization of the automotive, industrial and commercial vehicle sectors through the development of innovative solutions such as hydrogen, fuel-cell, and electric engines. The EIB, as the EU climate bank, plays a significant role in transforming mobility and moving it towards a low-carbon future."


The funding, which is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, will be utilized by PUNCH to design novel hydrogen engine technologies and energy storage systems (hydrogen fuel cells) for the automotive, commercial, and industrial vehicle sectors, aligning with the Paris Agreement and the EIB's transport sector financing policy. Advancing the hydrogen engine could be crucial to achieving net-zero goals across Europe.


Paolo Gentiloni, the European Commissioner for Economy, concluded, "Investing in technologies that promote sustainable mobility is essential to reaching our climate objectives. So it is great news that the EIB, backed by the Investment Plan for Europe, will provide this financing for the development of technologies for hydrogen engines for commercial and industrial vehicles in Italy and France. This will create jobs and support the development of innovative green technologies for the benefit of all Europeans."

source:innovationnewsnetwork.com

#Hydrogen #EVS #Cleanpower #Punchgroup #Innovation #Hydrogenengine



Comments

Post a Comment

Popular posts from this blog

Pertamina Geothermal Energy,GDC and AGIL to develop 200 MW Suswa ,Narok Geothermal Field

Pertamina Geothermal Energy, GDC, and AGIL Agree to Accelerate Development of 2 Geothermal Fields in Kenya By: Robert Buluma Nairobi, Kenya, March 8, 2024 – PT Pertamina Geothermal Energy Tbk (PGE) has reached an agreement with Kenya's geothermal development companies, Geothermal Development Company Ltd. (GDC), and Africa Geothermal International Ltd. (AGIL), to expedite the development of geothermal fields in the African nation. Exploration of two geothermal fields in Kenya, developed by PGE along with its partners, is expected to commence in 2024. In high-level discussions held at GDC's headquarters in Nairobi on Wednesday (3/6/2024), PGE and GDC discussed the support from the Kenyan government in accelerating the geothermal field development project in Suswa, a volcanic area located in Narok, Kenya. GDC is a government-owned geothermal developer in Kenya. The PGE delegation, led by President Director Julfi Hadi and accompanied by PGE's Director of Exploration and Develop
Post a Comment
Read more

Polands Geothermal Wells hits 5km depth Eyeing a 7Km Threshold

Geothermal Milestone Reached: Banska PGP-4 Well in Szaflary, Poland Hits 5-Kilometer Depth By : Robert Buluma In a significant development for geothermal energy enthusiasts, drilling operations at the Banska PGP-4 well in Szaflary, Poland have reached a depth of 5 kilometers, marking a major milestone in the project's progress towards its 7-kilometer target. Since its inception, the ambitious geothermal drilling project in Szaflary has been making steady strides. As of the end of 2023, the well has successfully reached a depth of 5000 meters, uncovering promising results along the way. Notably, the well has tapped into a sizable reservoir boasting temperatures of 120 °C. The drilling will persist until it reaches the targeted depth of 7000 meters, where another aquifer is anticipated. The entire drilling endeavor is slated for completion within the first quarter of 2024. Initiated in 2019, the plans to drill a 7-kilometer geothermal well in Podhale, Szaflary aimed at gathering cruc
Post a Comment
Read more

Eavor Goes Deeper in Geretesried In Search For Geothermal

Revolutionizing Energy Production: The Birth of Eavor Technology in Geretesried By: Robert Buluma In the picturesque town of Geretesried, nestled in the heart of Germany, a groundbreaking project is underway that promises to reshape the future of energy production as we know it. Welcome to the world of Eavor Technology – where innovation meets sustainability in a bid to tackle the pressing challenges of climate change and energy security. Imagine a technology that harnesses the Earth's natural heat to generate both electricity and warmth without emitting harmful greenhouse gases. Sounds like science fiction? Well, it's not. Thanks to the relentless efforts of visionaries and engineers, the world's first Eavor loop for heat and electricity is currently under construction right here in Geretesried. At the forefront of this remarkable endeavor is the ambitious drilling project that has reached an astonishing depth of 7000 meters beneath the Earth's surface. Achieving such
Post a Comment
Read more