VANCOUVER, BC, April 28, 2021
/PRNewswire/ -- Loop Energy (TSX: LPEN), a developer and
manufacturer of hydrogen fuel cell-based solutions, announces the
receipt and fulfillment of an order for ten units of the company's
proprietary eFlow® fuel cell modules from Beijing IN-Power for
integration by Skywell New Energy Vehicles Group (Skywell) in
Nanjing, China. The shipment marks the second phase of
a previously announced memorandum of understanding between the
Lishui Economic Development Zone of Nanjing and Beijing IN-Power — Loop Energy's
China-based joint venture partner
supplying the fuel cell engines.
This second phase of the agreement is a direct result of a
highly successful initial testing period. It marks a meaningful
step toward Lishui reaching their objective of deploying a
300-vehicle fleet powered by hydrogen in Nanjing. This is key in complying with
China's National Fuel Consumption
Standard—a mandate required for all new commercial heavy-duty
vehicles sold in China — and
proving out the viability of hydrogen electric energy in the bus
industry.
Skywell's newly released model NJ6106FCEV 10.5m long bus is manufactured by the company's
subsidiary Nanjing Golden Dragon Bus Co., Ltd. The vehicle is
equipped with a heavy-duty 50kW fuel cell engine, has a range of
450 kilometres with Loop Energy's signature high fuel efficiency
eFlow® technology and can eliminate more than 100 tonnes of CO2
emitted per diesel bus annually. Skywell received index approval
from China's Ministry of Industry
& Information Technology (MIIT) for a zero-emission public
transportation bus powered by Loop Energy's fuel cell engines in
2020.
"We are excited to proceed to the next stage of this project
with Loop Energy and Skywell, a project that leverages Loop's
industry leading fuel cell modules and InPower's DC-DC unit for
commercial vehicle applications in China," said John
Zhang, Founder and President of IN-Power. "IN-Power and Loop
will continue to provide Skywell with engine technology to progress
their production of hydrogen electric vehicles and look forward to
seeing their advancement in the alternative energy space."
"Embarking on the second phase of this project is an exciting
milestone as we progress towards large-scale commercial deployment
in China," said Ben Nyland, President and Chief Executive
Officer of Loop Energy. "We are optimistic for China's implementation of hydrogen fuel-based
solutions and are eager to continue our work with both Skywell and
IN-Power to achieve our shared goal of broadly deployed hydrogen
fuel cell vehicles in China."
ABOUT BEIJING IN-POWER
ELECTRIC CO., LTD.
Founded in 2004, Beijing IN-Power is a high-tech Sino-foreign
joint venture enterprise, headquartered in the High-tech Industrial
Park, Zhongguancun, of Beijing.
Through IN-Power's two R&D Centers, and four wholly-owned
subsidiaries and twenty-five offices all over China, the company is engaged in the
development, manufacturing and integration of new energy and power
electronics technology, equipment and engineering services. For
more information, please visit http://en.in-power.net/.
About Skywell New Energy Vehicles Corp.
Skywell New Energy Vehicles Corp., formed in 2011 following the
acquisition of Nanjing Jinlong Bus Manufacturing Co., is a leading
developer and global supplier of electric vehicles. With
headquarters located in the Lishui Airport Economic Development
Zone in Nanjing, China, with production factories located in
Wuhan, Shenzhen and Xianyang, Skywell manufactures
and markets an extensive range of sustainable vehicles from
light-duty automobiles, to medium and heavy-duty buses, commercial
and specialty fleet trucks. The company also operates buses in the
Lishui district of China.
www.skywellcorp.com
About Loop Energy Inc.
Loop Energy is a leading designer 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™
was 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 may contain forward-looking information
within the meaning of applicable securities legislation, which
reflect management's current expectations regarding future events.
Forward–looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond the Company's control, which could cause actual results
and events to differ materially from those that are disclosed in 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 and the factors discussed under
"Risk Factors" in the final long-form prospectus of the Company
dated February 18, 2021. Loop
disclaims any obligation to update these forward-looking
statements.
Source: Loop Energy Inc.
Loop Energy Media Contact: Ashley
Eisner | Tel: +1.212.697.2600 |
aeisner@gscommunications.com; Loop Energy Business Contact:
George Rubin | Tel: +1.604.828.8185
| grubin@loopenergy.com; Loop Energy EMEA Contact: Luigi Fusi | +39.028457.3048 |
luigi.fusi@loopenergy.com