Truck scale

Loop Energy and Mobility & Innovation move to commercial scaling phase

Vancouver, British Columbia–(BUSINESS WIRE)–Loop energyMT (TSX: LPEN) announces that Mobility & Innovation (M&I) has purchased 10 additional fuel cell systems to meet growing demand for its hydrogen electric city bus. The order sees Loop Energy move into the scaling phase with a second bus manufacturer.

Upon delivery of the additional S300 (30 kW) fuel cell systems, Loop Energy will aim to help M&I increase production of its 8-meter city bus and monitor operational performance. Previously, the two companies teamed up to develop the prototype bus, carry out field tests and obtain European type approval.

After its launch in March 2022, M&I presented the bus in various European markets. Throughout the tour, the bus demonstrated increased fuel efficiency, allowing it to achieve greater range with less fuel storage on board. This is a great feature for fleet operators looking for a zero-emission solution to electrify transit bus fleets.

“We now have the opportunity to deliver our hydrogen electric city bus to some of Europe’s largest and most progressive markets for hydrogen electric vehicles,” said János Onódi, co-owner and CEO of Mobility & Innovation. “We offer a solution to decarbonize urban transport, and with the technology and support of Loop Energy, we hope to deploy our buses in cities across Europe in the near future.”

“Mobility & Innovation has made tremendous inroads into the market over the past few months, and we are proud to be their fuel cell partner as they continue their journey,” said George Rubin, chief commercial officer of Loop Energy. “The accelerated growth in the volume of orders for our fuel cell engines directly reflects the rapid expansion of demand for hydrogen electric vehicles in our core markets.

M&I’s progress to the scale-up phase builds on Loop Energy’s recent success in entering full production phase with Tevva Motors after finalizing a multi-year fuel cell supply agreement with commitments delivery of more than 12 million US dollars. Due to the accelerated adoption of its technology and strong customer growth, Loop Energy will provide an update on its purchase order guidance during its second quarter 2022 financial results on August 4. For login details, visit: https://loopenergy .com/news/q2-2022-earnings-results-call/.

About Mobility & Innovation Production sro

Mobility & Innovation Production sro is a Slovak company responsible for the development of a zero-emission lightweight composite city bus platform. M&I’s platform is known for its industry-leading hydrogen-electric powertrain and GVWR (gross vehicle weight rating) for a zero-emissions transit vehicle, while its low curb weight allows for greater passenger capacity while meeting the most stringent axle load requirements. For more information, please visit http://mobility-inovation.sk/hu.html.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of fuel cell systems for commercial vehicle electrification, including light-duty vehicles, city buses, and medium and heavy-duty trucks. Loop’s products incorporate the company’s proprietary eFlow™ technology into bipolar fuel cell plates. eFlow™ is designed to enable commercial customers to maximize performance and minimize costs. Loop is working with OEMs and major vehicle subsystem suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information on how Loop is moving toward an emissions-free future, visit www.loopenergy.com.

Forward-looking warning

This press release contains forward-looking information within the meaning of applicable securities laws, which reflects management’s current expectations and projections regarding future events. In particular, statements regarding the Company’s expectations regarding future results, performance, achievements, prospects or opportunities or the markets in which we operate are forward-looking information, including, without limitation, energy efficiency and expected performance of the Company’s products and the Company’s expectations regarding future orders of its products from Mobility & Innovation. Forward-looking information is based on a number of assumptions (including, without limitation, assumptions regarding current and future performance of the Company’s products and growth in demand for the Company’s products from Mobility & Innovation and other customers) and are 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 differ materially from those disclosed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the Company’s ability to execute its strategy, progress existing and future customers through the customer adoption cycle in a timely manner, achieve electrification transportation, phase out diesel fuel and continued government support for these 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 forecasts. – look at the statements.