- Backlog increases to $37.6M at
April 30 from $16.4M at January 31,
2021, an increase of 129% in 3 months
- Entered into Phase II of the Skywell relationship with a bus
order of 10 Fuel Cell Units
VANCOUVER, BC, May 12, 2021 /CNW/ - Loop Energy (TSX:
LPEN) today announced consolidated financial results for the first
quarter ending March 31, 2021. All
amounts are in CAD dollars unless otherwise noted and have been
prepared in accordance with International Financial Reporting
Standards (IFRS).
"During Q1 2021, Loop Energy completed its $100M IPO on the TSX," said Ben Nyland, President and CEO, Loop
Energy. "This historic event marks the first time in the
Company's history of having sufficient capital to execute on a
commercial roll-out and scale up of Loop Energy's proprietary
eFlow™ technology. With this recent round of investment, the
Company has started the process of expanding our sales and
amplifying our technology and product development teams, and the
results are now beginning to show."
Q1 2021 Financial Results Highlights
(all comparisons are to Q1 2020 unless otherwise noted)
- Closed $100M in equity from
IPO.
- Loss and comprehensive loss were $4.9
million as compared to $1.9
million to the same period in 2020 or an increase of 152%,
due to increased research, product development, and general and
administrative costs, including one time costs of
$2.1 million related to the IPO.
Q1 2021 Business Highlights
- Loop Energy announced the shipment of its first unit of eFlow™
fuel cell modules to ECUBES, a developer of hydrogen electric
systems for stationary power applications based in Slovenia. This represents the 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, Loop Energy also entered agreements with
Rheintal-Transporte in Germany to
provide fuel cell modules and expertise for heavy-duty trucking
applications, and Morello in Italy
to provide fuel cell modules for integration into hydrogen electric
heavy-duty tractors, purpose-engineered for the handling of
extra-heavy loads inside industrial plants.
- In North America, Loop Energy
and BayoTech, in New Mexico,
entered a joint market development agreement for the deployment of
hydrogen vehicles and hydrogen fueling infrastructure.
2021 Outlook and Investment
- With the successful completion of Loop Energy's $100M IPO, the Company plans to focus throughout
2021 on the Heavy and Medium-Duty Motive applications, including
bus, commercial truck, as well as stationary and material handling
markets, with a goal of continuing to increase geographic
penetration in China and
Europe, while maintaining a
presence in California.
- The Company's inbound business development queries have greatly
increased to broaden its customer base in core mobility markets.
Loop is seeing a widening of fuel cell applications into more
stationary, portable and new charging applications resulting in a
total backlog of over $37M.
- In the bus market, Loop Energy recently announced the shipment
of 10 fuel cell units to be integrated into Skywell fuel cell
electric buses in Nanjing China. This is Loop's largest shipment to
date, representing a major milestone for the Company in the
1-10-100 sales phase approach. It is the second phase of a
multi-year project to deploy 300 fuel cell vehicles in Nanjing as part of an MOU signed in January of
2020 between the Lishui Economic Development Zone and InPower
Renewables, Loop's joint venture manufacturing partner in
China. With the first unit
delivered in the summer of 2020, this estimates a nine-month
timeline to move a customer from phase one into phase
two.
- A portion of product and technology investments focuses on Loop
Energy's next generation stack technology, which is expected to
yield significant performance improvements and allow the Company to
meet the needs of the 250-kW long haul truck market.
- The Company has broken ground on the initial stages of setting
up the stack and module assembly plants in China and will have portions of the operations
go live throughout 2021, with the whole plant estimated to be
completed by the end of 2021.
Q1 2021 Financial Summary
The Company will host a conference call at 11:00 a.m. EST on Thursday, May 13 for a more
detailed discussion of Loop Energy Inc. Q1 2021 results.
Dial-in by phone 5-10 min prior to the scheduled start time and
ask to join the Loop Energy call:
Toll Free Dial-In Number: +1
8449314996
International Dial-In Number: (639) 380-0062
Conference ID: 1229298
The Company's financial statements and management's discussion
& analysis are available
at investors.loopenergy.com, www.sedar.com, and
sec.gov/edgar.shtml
About Loop Energy Inc.
Loop Energy is a leading designer of hydrogen 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
