VANCOUVER, British Columbia--(BUSINESS WIRE)--Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cell-based solutions, announces a commercial agreement with Innotest AG, a Switzerland-based developer of stationary power systems.
The agreement provides the opportunity for Loop Energy's eFlow™ technology to power buildings in Europe for the first time. Innotest has committed to purchase one Loop Energy S300 (30 kW) fuel cell system for integration into its Home Power Energy System. As part of Innotest's growing product range, the Home Power Energy System is intended to be installed into residential and commercial buildings to provide heat and electricity.
The decision to select the 30 kW fuel cell system results from its ability to meet Innotest's stringent and unique performance metrics. Innotest plans to offer the Home Power Energy System in Switzerland and ultimately expand into other European markets. In addition, the companies expect to launch joint initiatives to promote the advantages of powering buildings with hydrogen fuel cells in the coming year.
"Innotest's decision to select Loop Energy's fuel cell solution demonstrates the versatility of our technology," says Loop Energy Chief Commercial Officer, George Rubin. "We are very excited to deliver a fuel cell solution from our existing product line which we believe will provide value to both Innotest and its customers across the European market."
"The climate crisis is requiring us to find innovative and zero-emission solutions to power our buildings and infrastructure," says Innotest Product Manager, Mathias Kreier. "By integrating Loop Energy's fuel cell technology into our Home Power Energy System, we aim to provide reliable and clean power to homes and businesses across Europe, contributing to driving renewable energy dominance and energy independence lifestyle."
Loop Energy President & CEO, Ben Nyland will also announce the partnership today at the Swiss-Canadian Cleantech Innovation Summit, where he is presenting the company's strategy to enter markets in Europe. More information about the summit can be found at: https://www.s-ge.com/en/contact/swiss-canadian-cleantech-innovation-summit
About Innotest AG and Brand Home Power
Innotest AG was founded in 1994 to develop and provide innovative measuring and testing technology. Innotest AG has succeeded in gaining international competence and expertise in the fields of ultrasound and electromagnetic test and measurement processes. The company's activities are research and development, test devices production and energy storage systems integration. Through Home Power, Innotest integrates innovative technologies delivering alternatives to shift renewable-energy surplus between seasons. For more information, please visit https://homepower.ch/.
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.
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 expected future demand for stationary fuel cell power systems for residential and commercial markets, Innotest AG's planned expansion into Europe, the expected fuel efficiency, reliability and performance of the Company's products, the ability of ability of the Company's products to meet Innotest's stringent and unique performance metrics and the Company's expectation of future orders for its products from Innotest AG. 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 and growth in demand for the Company's products from Innotest AG and other customers) 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 ability of the Company to execute on its strategy, progress existing and future customers through the Customer Adoption Cycle in a timely way, 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 and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 30, 2021. Loop disclaims any obligation to update these forward-looking statements.
