VANCOUVER, BC and SEVILLE, SPAIN / ACCESSWIRE / August 8, 2023 / Loop Energy™ (TSX:LPEN), a leading hydrogen fuel cell manufacturer, is pleased to announce it has been selected to supply fuel cell systems for a new fire truck platform by an established specialty vehicle OEM with significant global presence operating in 14 countries with over 1,400 employees.
The new hydrogen electric fire truck will be fitted with two of Loop Energy's T505 fuel cell systems. In the first stage of the roll-out plan, a pilot project will see a vehicle put into operation at an airport in Spain. In subsequent stages, the OEM is looking to scale production for use in other locations with production expected to begin in Q4 of 2023.
With this new partnership, Loop Energy is entering the market for special-purpose vehicles, which presents a significant opportunity for electrification via hydrogen fuel cells due to their unique operating requirements including high operational uptime and power needs.
Loop Energy's Vice President of Sales and Business Development EMEAR, Luigi Fusi said, "Special-purpose vehicles like fire trucks have their unique challenges when it comes to electrification. Fuel efficiency and storage capacity play a critical role in determining range of the vehicle and its ability to operate longer without the need to refuel, which are critical as these vehicles are designed to service many mission-critical situations. We are excited to see Loop Energy fuel cells being used in a new category of vehicles, and look forward to the successful completion of this pilot project."
Loop Energy fuel cells were selected for their high fuel efficiency compared to competitive products - a key differentiator of the eFlow™ proprietary technology.
About Loop Energy Inc.
Loop Energy™ is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including transit buses and medium to heavy-duty trucks. Loop Energy's products feature the company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates. eFlow™ technology enables commercial customers to achieve superior performance and higher fuel efficiency, delivering lower cost of ownership and shortest time to market. Loop Energy works closely with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Particularly, statements regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, the ability of the Company's eFlow™ technology to maintain uniform operation over time, the impact of such technology on fuel cell durability, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company's products, growth in demand for the Company's products, the Company's ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 23, 2022. Loop Energy disclaims any obligation to update these forward-looking statements.
Source: Loop Energy Inc.
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SOURCE: Loop Energy Inc