Loop Energy Receives and Fulfills Fuel Cell Module Order For Ten Transit Bus Fleet in Nanjing, China

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VANCOUVER, BC, April 28, 2021 /PRNewswire/ - Loop Energy (TSX: LPEN), a developer and manufacturer of hydrogen fuel cell-based solutions, announces the receipt and fulfillment of an order for ten units of the company's proprietary eFlow® fuel cell modules from Beijing IN-Power for integration by Skywell New Energy Vehicles Group (Skywell) in Nanjing, China. The shipment marks the second phase of a previously announced memorandum of understanding between the Lishui Economic Development Zone of Nanjing and Beijing IN-Power — Loop Energy's China-based joint venture partner supplying the fuel cell engines.

This second phase of the agreement is a direct result of a highly successful initial testing period. It marks a meaningful step toward Lishui reaching their objective of deploying a 300-vehicle fleet powered by hydrogen in Nanjing. This is key in complying with China's National Fuel Consumption Standard—a mandate required for all new commercial heavy-duty vehicles sold in China — and proving out the viability of hydrogen electric energy in the bus industry.

Skywell's newly released model NJ6106FCEV 10.5m long bus is manufactured by the company's subsidiary Nanjing Golden Dragon Bus Co., Ltd. The vehicle is equipped with a heavy-duty 50kW fuel cell engine, has a range of 450 kilometres with Loop Energy's signature high fuel efficiency eFlow® technology and can eliminate more than 100 tonnes of CO2 emitted per diesel bus annually. Skywell received index approval from China's Ministry of Industry & Information Technology (MIIT) for a zero-emission public transportation bus powered by Loop Energy's fuel cell engines in 2020.

"We are excited to proceed to the next stage of this project with Loop Energy and Skywell, a project that leverages Loop's industry leading fuel cell modules and InPower's DC-DC unit for commercial vehicle applications in China," said John Zhang, Founder and President of IN-Power. "IN-Power and Loop will continue to provide Skywell with engine technology to progress their production of hydrogen electric vehicles and look forward to seeing their advancement in the alternative energy space."

"Embarking on the second phase of this project is an exciting milestone as we progress towards large-scale commercial deployment in China," said Ben Nyland, President and Chief Executive Officer of Loop Energy. "We are optimistic for China's implementation of hydrogen fuel-based solutions and are eager to continue our work with both Skywell and IN-Power to achieve our shared goal of broadly deployed hydrogen fuel cell vehicles in China."

ABOUT BEIJING IN-POWER ELECTRIC CO., LTD.

Founded in 2004, Beijing IN-Power is a high-tech Sino-foreign joint venture enterprise, headquartered in the High-tech Industrial Park, Zhongguancun, of Beijing. Through IN-Power's two R&D Centers, and four wholly-owned subsidiaries and twenty-five offices all over China, the company is engaged in the development, manufacturing and integration of new energy and power electronics technology, equipment and engineering services. For more information, please visit http://en.in-power.net/.

About Skywell New Energy Vehicles Corp.

Skywell New Energy Vehicles Corp., formed in 2011 following the acquisition of Nanjing Jinlong Bus Manufacturing Co., is a leading developer and global supplier of electric vehicles. With headquarters located in the Lishui Airport Economic Development Zone in Nanjing, China, with production factories located in Wuhan, Shenzhen and Xianyang, Skywell manufactures and markets an extensive range of sustainable vehicles from light-duty automobiles, to medium and heavy-duty buses, commercial and specialty fleet trucks. The company also operates buses in the Lishui district of China. www.skywellcorp.com

About Loop Energy Inc.

Loop Energy 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 hydrogen 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