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

xFusion Held the European Partner Summit Under the Theme of "Together for a Better Future"19.5.2022 20:00:00 EEST | Press release

On May 19, xFusion held its first 2022 European Partner Summit in Paris, under the theme of "Together for a Better Future." xFusion Digital Technologies Co., Ltd. invited dozens of core partners from more than 10 countries, including France, Germany, Switzerland, Sweden, Poland, Hungary, and countries in the Nordic region to discuss the future and new value exploitation of the industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005813/en/ (Photo: Business Wire) Terry Fang, President of xFusion Global Marketing and Sales Department, gave a welcome speech on behalf of xFusion. Intel and other partners then shared the latest concepts and practices within the European digital economy, focusing on topics such as industrial digitization and intelligentization, while offering suggestions for the development of industrial digital intelligence. Cooperation with Partners for a New European Digital Ecosystem Europe is transi

RMS Expands Global Risk Views Coverage19.5.2022 17:30:00 EEST | Press release

RMS ®, a Moody’s Analytics company and world-leading risk modeling and solutions company, announces it will be launching new global views for acute and chronic perils and their climate change impact. RMS already offers a range of regional peril and climate change models, which support detailed acute physical loss modeling products, as well as data products covering hazard and risk scores, and loss costs for individual locations, across multiple time horizons. RMS climate change models and data products have been welcomed by the market, and allow users to stress test portfolio management, risk mitigation, and adaption strategies. The newly announced global views significantly extend RMS’s peril and climate change impact coverage to provide fully correlated global views of risk, and include event frequency and severity, and analysis for current baseline and future climate views. With these new global views, RMS not only delivers a view of risk for acute peril-specific risks, but also chr

Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 202219.5.2022 17:29:00 EEST | Press release

GIGABYTE, a world leader in computer technology, will be presenting “Power of Computing” as its theme of the year, and exhibiting its leading products and solutions designed for various industries and fields in the upcoming COMPUTEX Taipei. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005640/en/ Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 2022 GIGABYTE has curated its presentation around the theme “Power of Computing” to demonstrate that, everything from the cloud to the edge, from team collaboration to individual creation, from business applications to personal use, computing done by servers in data centers to process massive data and embedded systems in IoT and personal computers to render real-time information is the key behind groundbreaking innovations that appear in the fields of AI, cloud deployment, smart technologies, and digital content creation, etc. Data Center is an i

Immervision Brings Human-Like Vision Capabilities to Halodi Robotics19.5.2022 16:17:00 EEST | Press release

Immervision, the world’s leading developer of advanced vision systems combining optics, image processing, and sensor fusion technology, is proud to announce it was chosen by Halodi Robotics to provide their next generation vision system for their humanoid service robot platform, capable of handling both human and computer vision. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005594/en/ (Graphic: Business Wire) Robots are capable of performing a wide variety of tasks that are difficult or dangerous for humans to perform. To intelligently and accurately perform these tasks, they require mobility and the aptitude to explore, understand and function within various environments. For a robot to work autonomously, or problem-solve with human assistance, it requires sensor data to understand the human world and the ability to process the data and respond in a timely manner. The difficulty is that for certain applications, a r

Mary Kay Inc. Collaborates With European Partners to Support Native Oyster Restoration Projects19.5.2022 16:03:00 EEST | Press release

Oyster reefs benefit humans and the environment through a suite of ecosystem services. A single oyster can filter up to 240 liters of water a day, resulting in increased water quality and clarity and support a unique and highly diverse community of fish and invertebrate marine species. At the same time, oyster reefs are the world’s most threatened marine habitat, with an estimated 85 percent loss globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005168/en/ Mary Kay logo In celebration of World Endangered Species Day and International Day for Biological Diversity, Mary Kay Inc., a global leader in corporate sustainability, announced its collaboration with The Nature Conservancy (TNC) and European partners to support native oyster restoration projects in the UK and continental Europe. TNC helped to launch the Native Oyster Restoration Alliance (NORA), a European network made up of governmental agencies, scientists

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