Business Wire

Loop Energy Awarded $9.75 Million in Funding From Government of Canada to Scale Production Capabilities

Share

Loop Energy™ (TSX: LPEN) announces it has been awarded $9.75 million CAD over three years from the Government of Canada through Pacific Economic Development Canada’s (PacifiCan) Jobs and Growth Fund. Loop Energy will invest the funding into increasing the manufacturing capacities of its hydrogen fuel cell stacks and modules at its Burnaby, Canada, manufacturing facility.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220502005812/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Loop Energy Awarded $9.75 Million in Funding from Government of Canada to Scale Production Capabilities (Photo: Business Wire)

The Jobs and Growth Fund helps businesses and organizations transition to a green economy and create jobs, and position local economies for long-term growth. In British Columbia, the Jobs and Growth Fund is delivered by Pacific Economic Development Canada, a regional development agency focused on British Columbia's evolving economy. After being chosen for its contribution to the clean technology sector, Loop Energy will begin receiving funding in 2022 through 2025 as an interest-free loan. Loop Energy is required to start repaying the loan commencing 2025.

Demand for Loop Energy’s hydrogen fuel cell technology continues to grow as countries roll out various initiatives and regulations aimed at advancing the adoption of green energy solutions within the transportation and stationary power sectors. To grow its production volumes, Loop Energy aims to increase its fuel cell stack and module production by integrating testing equipment, adding an additional production line and identifying opportunities for vertical integration to secure its supply chain.

“The Jobs and Growth Fund investment will help Loop Energy scale our production capacities over the coming years,” said Loop Energy Chief Financial Officer, Damian Towns. “Loop Energy appreciates the Government of Canada’s contribution and sees this as an indicator of the commitment to transition to clean technologies, including hydrogen, to support the global clean energy transition.”

“PacifiCan is a dedicated regional economic development agency for British Columbia, there to support local companies, such as Loop Energy, who are helping drive the adoption of zero-emissions vehicles in Canada and around the world,” said the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada. “Investments in companies like Loop Energy show that B.C. is building a new green climate industry, while creating well-paying middle class jobs in our communities. I look forward to seeing Loop Energy scale up to meet the rising global demand for hydrogen fuel cell technology, and build a cleaner and greener future for all.”

About The Jobs and Growth Fund
The Jobs and Growth Fund helps job creators and the organizations that support them to future-proof their businesses, build resiliency and prepare for growth by transitioning to a green economy, while enhancing competitiveness and creating jobs in every corner of the country. The Fund, delivered by Canada’s regional development agencies, provides $700 million nationally over 3 years, which includes up to $70 million dedicated to businesses created after January 2020 that meet eligibility criteria.

About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer 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™ is 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.

Forward-Looking Information
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, our future growth prospects and business outlook including without limitation the expected demand for our products, the planned growth of our customer base and the expected growth of our operations globally; our expected future manufacturing capacity and production capability as well as the integration of testing equipment, the addition of production lines and identification of opportunities for vertical integration to secure our supply chain; the future receipt of loan funding from Pacific Economic Development Canada; our ability to repay the loans in the future; and the Government of Canada’s commitment to transition to clean technologies, including hydrogen, to support the global clean energy transition. 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, the impact of COVID-19 on our operations, the availability and receipt of the loan funds from Pacific Economic Development Canada in the future and the Government of Canada’s continued support of a transition to clean technologies) 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 receipt of the loan funds from Pacific Economic Development Canada in the future, the realization of electrification of transportation, 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 disclaims any obligation to update these forward-looking statements.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Investor Inquiries:
Bill Zhang | +1 604.222.3400 Ext. 299 | bill.zhang@loopenergy.com
Laine Yonker | +1 646.653.7035 | lyonker@edisongroup.com

Media Inquiries:
Ethan Hugh | +1.604.222.3400 Ext. 304 | ethan.hugh@loopenergy.com
Lucas Schmidt | +1.604.222.3400 Ext. 603 | lucas.schmidt@loopenergy.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

LambdaTest Announces Deeper Collaboration with Appium as Strategic Partnership2.7.2025 18:00:00 EEST | Press release

LambdaTest, a unified agentic AI and cloud engineering platform, has announced it has become a strategic sponsor of Appium, the world’s most widely used open-source framework for mobile automation. This collaboration aims to significantly simplify and accelerate mobile test automation by integrating Appium’s capabilities into LambdaTest’s cloud-based distributed testing platform. LambdaTest has an active open-source program that provides access to LambdaTest’s testing infrastructure to community projects, so maintainers can run comprehensive test suites without worrying about servers or setup. The organization had also launched LambdaTest Grants for Open Source to support innovation in software testing frameworks and toolsets. As part of the Grants, LambdaTest had announced a $250,000 grant for open source projects and contributors building solutions for the QA and Testing community. With this Appium Strategic Partnership, LambdaTest is doubling down on the commitment made to the open

IO Interactive Announces Olivier Perbet as Chief Marketing and Revenue Officer2.7.2025 16:00:00 EEST | Press release

IO Interactive, the award-winning developer and publisher behind the globally-acclaimed HITMAN franchise, is proud to announce the promotion of Olivier Perbet to Chief Marketing and Revenue Officer (CMRO). In this expanded role, Olivier will now oversee both marketing and revenue operations across the studio’s portfolio, including Digital and Physical Sales, Business Development, and go-to-market strategy, as IOI enters an exciting new chapter of growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702593970/en/ © IO Interactive A/S Olivier joined IO Interactive as Chief Marketing Officer in 2023, bringing with him over 20 years of experience across gaming, consumer electronics, and entertainment. Since then, he has played a key role in scaling IOI’s global publishing capabilities, supporting the set-up of IOI Partners and delivering standout campaigns. Under Olivier’s leadership, IOI recently celebrated major milestone

Seoul Semiconductor’s World’s No.1 Technology Targets EV and Autonomous Vehicle Markets2.7.2025 16:00:00 EEST | Press release

Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890), the world’s No. 1 company in LED backlight, announced on July 2nd that its proprietary No-wire technology, WICOP, has been supplied to the automotive market in the form of Mini LED displays since May. As the world’s first No-wire LED technology, WICOP has already proven its performance across various applications—including smartphones, TVs, lighting, and automotive headlamps. Recognized for its superior brightness and durability even in extreme automotive environments, WICOP has now officially entered the automotive display market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702244031/en/ [Figure] Comparison of 1st-Generation LED and 2nd-Generation ‘WICOP’ Structure (Image: Seoul Semiconductor) The No-wire WICOP technology applied to Mini LED enables ultra-slim display designs, making it ideal for full array local dimming. This allows for deeper contrast and higher bright

Barilla Launches 7th Edition of Good Food Makers to Shape the Future of Food2.7.2025 15:20:00 EEST | Press release

Barilla officially opens applications for Good Food Makers 2025, its open innovation program dedicated to startups and innovative companies focused on creating a more sustainable and connected food system. Now in its seventh edition, the program welcomes a new format — Good Food Makers – ECOSYSTEM — developed in collaboration with Almacube, the innovation hub of the University of Bologna and Confindustria Emilia. This year’s goal is to build a true innovation ecosystem by involving Barilla’s value chain partners and accelerating the adoption of emerging technologies. Three selected startups will join a four-week co-development journey with Barilla professionals and partner companies, working side-by-side to create impactful solutions across the entire food chain — from field to fork. Applications are open until the end of July, with the program running from September to January 2026, concluding with the Innovation Day. “Good Food Makers reflects our commitment to open innovation that g

SE Labs Award Reinforces NetApp Status as the Most Secure Storage on the Planet2.7.2025 15:00:00 EEST | Press release

NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that it was recognized as a standout performer in cybersecurity in the SE LABS ® Awards 2025. NetApp won the 2025 SE Labs Award for Enterprise Data Protection, validating NetApp’s status as the most secure storage on the planet. This recognition as a winner of a 2025 SE Labs Award is a result of NetApp’s exceptional innovation in cyber resiliency to deliver NetApp ONTAP® Autonomous Ransomware Protection with Artificial Intelligence (ARP/AI), which was tested and validated by SE Labs. NetApp ARP/AI demonstrated 99 percent detection of tested, advanced full-file encryption ransomware attacks with zero false positives, indicating a strong ability to operate in a business context without contributing to alert fatigue. “Great security doesn’t just happen—it’s built, tested and proven,” says Simon Edwards, Founder and CEO of SE Labs. “Behind every high performing security product is a team committed to excel

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye