VANCOUVER, BC, March 29, 2021 /CNW/ - 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.
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SOURCE Loop Energy
