VANCOUVER, BC, April 6, 2021 /PRNewswire/ -- With the
shared goal of accelerating the transition to cost-effective,
zero-emissions commercial vehicle and power generator technologies,
Loop Energy and BayoTech announced a joint market
development agreement for the deployment of hydrogen vehicles and
hydrogen fueling infrastructure. The collaboration aims at reducing
the complexity of adopting hydrogen electric solutions by providing
fleet operators with clear and actionable strategic direction in
respect to fuel cell powered vehicles and hydrogen fuel
infrastructure.
Under the agreement, Loop and BayoTech will collaborate on
development of market opportunities for deployment of vehicles
manufactured by Loop's OEM customers in combination with on-site
hydrogen generation infrastructure provided by BayoTech. The
initial scope of such market development activities is further
centered around the vertical markets of materials handling,
warehouse and port logistics, including drayage; transit and coach
bus service; urban delivery services; and stationary power
applications.
The initiative forms an integral part of Loop's Total Customer
Care strategy aimed at combining a full portfolio of industry
leading hydrogen fuel cell modules with a 360-degree hydrogen
ecosystem of integration service providers, component suppliers and
fueling solutions to help accelerate time-to-market and reduce
product launch burdens for Loop's OEM customer.
The agreement further supports BayoTech's objective of offering
fleet operators a clear path to market leading cost of ownership
based on the company's unique on-site hydrogen production
solution, best-in-class fuel efficiency and
performance of the vehicles powered by Loop's eFlow™ technology.
BayoTech, headquartered in Albuquerque,
New Mexico, is an energy solutions company committed to
addressing the global need for consistent, cost-effective supply of
hydrogen through modular, scalable, and rapidly deployable hydrogen
production systems.
"Fleet operators are facing increased pressure to transition to
zero-emissions and our partnership with Loop Energy creates an
ecosystem that removes many of the barriers to adoption of hydrogen
fuel cells as a solution," said Stewart
Stewart, Chief Commercial Officer at BayoTech. "Both Loop
and BayoTech are focused on enabling the lowest cost of ownership
solutions to the fleet operator customers. We look forward to
building on the foundation of this important strategic partnership
as we continue to work together towards mass-market adoption of
hydrogen fuel cell technologies."
Loop Energy's proprietary eFlow™ fuel cell modules for
commercial vehicle and stationary power generation have quickly
gained market traction with customers in Asia, Europe,
and North America due to their
market-leading characteristics, including fuel efficiency and
ease-of-integration.
"We believe that hydrogen vehicle cost of ownership and easy,
economical access to the hydrogen fuel are closely intertwined and
are both critical to successful project development," said
George Rubin, Chief Commercial
Officer of Loop Energy. "Our collaboration with BayoTech widens the
hydrogen ecosystem, supports our OEM customers in market and sales
channel development process, and helps bring down the barriers and
the cost of adoption of hydrogen electric solutions by commercial
vehicle operators. This is yet another progressive chapter in the
global acceleration of hydrogen adoption."
About BayoTech On-Site Hydrogen
BayoTech is an energy solutions company committed to addressing
the need for consistent, cost-effective supply of low-carbon,
zero-carbon and even carbon negative-hydrogen. We offer modular,
scalable, and rapidly deployable hydrogen production systems
through sales, rentals, leases, and gas-as-a-service to customers
worldwide. Headquartered and produced in New Mexico, USA, BayoTech's on-site hydrogen
generators are energy efficient and eliminate the need for wasteful
and expensive liquification and transportation, leading to lower
carbon emissions and low-cost
hydrogen. https://www.bayotech.us/
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.
