Loop Energy Announces First Supply Shipment of Hydrogen Fuel Cell Modules to ECUBES in Europe
VANCOUVER, BC, March 29, 2021 /PRNewswire/ - Loop Energy (TSX: LPEN), a developer and manufacturer of hydrogen fuel cell-based solutions, announces the shipment of its first unit of eFlow™ fuel cell modules to ECUBES—a rapidly growing developer of hydrogen electric systems for stationary power applications based in Slovenia. This is the first in a series of shipments under the previously announced agreement between Loop Energy and ECUBES, supplying more than 50 units of hydrogen fuel cell modules over the next two years. This also marks Loop Energy's first commercial shipment to the European Union as the company continues to expand availability of products and services throughout Europe, China and other key global markets.
"Hydrogen is beginning to emerge as a solution of choice when it comes to decarbonization of the global diesel genset market and is widely expected to nearly double by 2027 from its reported 2019 base of $16.4 billion USD," said Ben Nyland, President and Chief Executive Officer of Loop Energy. "This first shipment represents a major milestone for both Loop and ECUBES, as we work hand in hand to address the rapidly increasing demand for this up-and-coming segment of the industry."
Under the terms of the agreement, Loop's high fuel-efficient fuel cell modules are to be integrated with ECUBES' proprietary Thermal Green Hydrogen Energy Storage solution HYDROGENIUM, which stores energy in solid matter with no pressurised vessels for hydrogen. Systems are designed to be supplied to a range of European customers including the European Defence Agency's "RESHUB" project (Defence RESilience Hub Network in Europe), a project that aims to improve energy efficiency in the European defence sector. ECUBES has a long history developing sector coupling projects between the power, gas, transport, and defense sectors based on hydrogen technologies. Developments include hydrogen powered stationary systems, energy storage, as well as zero-emission transport projects around the world.
Loop Energy and ECUBES intend to pursue additional opportunities once the first projects are initiated.
About ECUBES Ltd
ECUBES Ltd is a technology company developing products and solutions based on hydrogen technologies. It is an internationally respected Slovenian company with deep understanding of challenges at the transmission system operator level, focusing on clean energy infrastructure based on sector coupling approach including projects on resilience and defense sector in Europe, visit www.ecubes.eu.
About Loop Energy Inc.
Loop is a leading designer of fuel cell systems targeted for the electrification of commercial vehicles, including, light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop's products feature the Company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates. eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under "Risk Factors" in the final long-form prospectus of the Company dated February 18, 2021. Loop disclaims any obligation to update these forward-looking statements.
Source: Loop Energy Inc.
SOURCE Loop Energy
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