- Hydrogen fueled fast chargers will rapidly expand charging
infrastructure for electric vehicles, opening doors to more
accessible and affordable charging
VANCOUVER, BC, June 8, 2021 /PRNewswire/ -- GreenCore and Loop
Energy today announced a partnership to develop and build hydrogen
powered EV charging stations. The Parties anticipate the first
pilot installation to be completed within calendar year of 2021
with more than 1,500 EV charging and hydrogen refueling stations by
the end of 2026. This follows both companies' recent announcements
of partnerships with BayoTech, a leading provider of modular,
scalable, and rapidly deployable hydrogen production systems.
An ever-increasing need for new charging points is not yet being
met with expanded, distributed infrastructure. Electric Vehicle
(EVs) sales increased by 39% in 2020 up to 2.1 million units, with
a further 66% increase expected in 2021 (Canalys). This continued
growth will further increase the enormous demand on the grid,
requiring extensive investment to upgrade the distribution network
that can take years to complete.
As a part of the cooperation GreenCore will work with Loop
Energy as well as some of its ecosystem partners to design and
build hydrogen powered DC fast charging stations based on Loop's
high efficiency fuel cells. GreenCore charging stations will store
energy in the form of compressed hydrogen and convert it to
electrical power when required for charging of user's
battery-powered vehicles. This will allow the stations to be grid
independent, rapidly deployable, low cost, and small footprint.
Most importantly, GreenCore's hydrogen powered charging stations
will help solve serious issues in peak energy pricing and remote
energy access currently faced by the EV industry. GreenCore will
use hydrogen exclusively provided by BayoTech at the EV charging
and hydrogen refueling stations.
"Loop Energy is the perfect partner to work alongside GreenCore
in building better, faster, and greener EV charging stations," says
GreenCore CEO Frank Baumann.
"Together, we will be able to cut peak energy costs and deliver
charging points in previously unimaginable locations."
"As electrification of personal and commercial transportation is
going into over-drive, the timing for GreenCore's hydrogen powered
DC fast-charge solution is perfect," says George Rubin, CCO of Loop Energy. "Easily
overlooked during the early going, limited grid infrastructure
capabilities present a serious issue. We are very excited to
support our partners at GreenCore as they roll-out their
solution."
Beyond the burgeoning demand for convenient EV charging in
easily accessible locations, the recent release of several off-road
capable EV models displays a growing demand for off grid charging
for the more outdoorsy EV driver. Charging in remote locations
where wilderness-lovers frequent will rarely be possible on the
grid, and hydrogen-powered solutions present a clear solution to
this problem.
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.
About GreenCore:
GreenCore's team has constructed hundreds of EV stalls across
the United States since 2015,
including the two largest, most complicated EV stations in
North America. Today, GreenCore
delivers EV charging stations distinctive from its competitors.
In short, GreenCore's motto is better, faster,
greener. Better customer experience, faster construction /
build / deployment, and a greener ecological footprint. These
characteristics create a trifecta that position GreenCore as an
industry leader in the future of EV innovations.
Lastly, GreenCore leverages a thoughtful customer-focused
business model, pioneering opportunities for partnerships in the
growing EV ecosystem.
Sources:
Loop Energy Inc.
Canalys Report on EV Sales:
https://www.businesswire.com/news/home/20210208005423/en/Canalys-Global-Electric-Vehicle-Sales-up-39-in-2020-as-Overall-Car-Market-Collapses
For media requests, please contact: Loop Energy: Ashley Eisner, +1 (212) 697-2600,
aeisner@gscommunications.com, www.loopenergy.com; GreenCore Public
Relations: Sam Tesh,
sam.j.tesh@greencore.global, +1 (678) 463-5215,
www.GreenCore.Global