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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

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2 years ago

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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

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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19 minutes ago

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

Published

19 minutes ago

on

July 23, 2026

By

NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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Fathom Applauds Introduction of the FRONTIER Act, the First Federal Blueprint for Independent AI Verification

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19 minutes ago

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July 23, 2026

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Reps. Lori Trahan (D-MA-03) and Jay Obernolte (R-CA-23) introduce a bill to build a competitive marketplace of independent verifiers for frontier AI models.

WASHINGTON, July 23, 2026 /PRNewswire/ — Fathom welcomes the introduction of the FRONTIER Act, the most complete federal framework yet for independent, third-party verification of frontier AI. The legislation is built to earn public trust as AI technology continues to accelerate. As frontier systems begin to take autonomous action in the world, the gap between what these models can do and our ability to keep them in check is widening. FRONTIER is the starting point to close that gap.

“AI governance keeps running into the same wall. The technology is hard to measure and it moves faster than any law can keep up with,” said Andrew Freedman, Co-Founder and CEO of Fathom. “Trying to write the perfect rules and freezing them in place won’t work. What will work is a competitive market of independent verifiers who are accountable for real-world outcomes and who the government can actually count on. The FRONTIER Act shows we can move fast and still get this right.”

The bill gets the fundamentals correct. It sets one public standard – the adequate mitigation of catastrophic risk – and holds both the AI companies and their independent verifiers accountable to it. FRONTIER does not freeze a single testing method into statute. Instead, it licenses competing verification organizations, allows them to sharpen their methods, and gives the government the power to revoke a license when a verifier’s work does not hold up in the field. That is how you build a system that keeps pace with the science instead of falling behind it.

Fathom thanks Reps. Trahan and Obernolte for their leadership, and for their courage in releasing a discussion draft, inviting scrutiny, and incorporating substantive improvements from across the field. One priority improvement as the bill advances: giving the government a fuller range of tools to act upstream – for pushing companies to close identified gaps in risk mitigation early, rather than only once a catastrophe is imminent. We are committed to working with these sponsors, committees of jurisdiction, and Congressional leadership to continue refining the bill in the weeks and months ahead.

About Fathom
Fathom is an independent nonprofit whose mission is to build a governance architecture that helps society navigate the transition to a world with AI by fostering trust, safety, and innovation. Fathom has developed and championed the independent verification model for AI and works with policymakers across the country to put it into practice. Learn more at http://fathom.org.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fathom-applauds-introduction-of-the-frontier-act-the-first-federal-blueprint-for-independent-ai-verification-302833546.html

SOURCE Fathom AI Inc.

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