CIT makes investment in Fuel Cell Co. Marz Industries

Virginia's Center for Innovative Technology said it has made an investment in Marz Industries Inc., a local company that is developing hydrogen fuel-cell technology designed to improve the fuel efficiency of diesel engines.

The investment, in the form of a convertible loan, is part of a round of funding that Marz Industries announced on Sept 8 it would receive from both private investors and the Center for Innovative Technology.

The company plans to use the money to test its fuel-cell technology for use in commercial truck fleets.

The Center for Innovative Technology did not disclose the amount of its investment. The nonprofit corporation, which works to develop Virginia's technology industry, said it has made about 40 investments worth $4 million since 2005.

Marz Industries said its hydrogen fuel-cell technology, the Marz Ranger Fuel Efficiency System, can improve the efficiency of diesel engines by at least 10 percent and reduce emissions.

The company is using the funding to conduct fleet validation tests this fall.

"We are building a small volume of the Ranger system and deploying it through a number of trucking companies that are interested in testing the technology," said Scott Green, the company's vice president of marketing and strategy.

The company expects to have units available for sale by the end of the year. Marz Industries is based in the Dominion Resources Greentech Incubator in Ashland.