Loop EnergyTM (TSX: LPEN) has signed a multi-year fuel cell
supply agreement with Tevva Motors Ltd (Tevva), which includes
delivery commitments in excess of US$12 million thru 2023. As a
result of the agreement, which extends through to 2024, Tevva
becomes the first customer to move into the Full Production Phase
of Loop Energy’s Customer Adoption Cycle. Details to join the
analyst conference call on July 5 are at the end of release.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220705005245/en/
Tevva Motor's Hydrogen-Electric Truck
which utilizes Loop Energy's fuel cell system (Photo: Business
Wire)
Tevva will integrate Loop Energy’s fuel cell systems into its
manufacturing process as it scales production of its
Hydrogen-Electric Trucks to meet demand in 2023. The two companies’
relationship continues to gain momentum after Loop Energy’s eFlowTM
technology won the competitive tender process in 2021, which
resulted in Tevva placing initial orders.
Building upon Tevva’s orders for 2022, the significant surge in
order volume in 2023 increases Loop Energy’s confidence that it
will meet and exceed its previous purchase order guidance. The
growth in order volume indicates the commercial mobility sector’s
willingness to adopt hydrogen fuel cell technology as a
zero-emissions solution.
“The market for zero-emissions commercial vehicles continues to
develop quickly, and this supply agreement with Tevva puts Loop
Energy on the path to not only technology leadership, but fuel cell
market leadership,” Loop Energy President & CEO, Ben Nyland
said. “This is amongst the largest fuel cell product supply
agreements in recent years. The contract with Tevva is indicative
of the surge in interest we see in Europe for hydrogen-electric
vehicles and the fuel cells that power them. Tevva is quickly
establishing itself as a leader in the zero-emission commercial
vehicle market in Europe, and we are looking forward to providing
the fuel cell systems they need to succeed.”
”Development of our Hydrogen-Electric Truck platform has been
extremely encouraging, and we are seeing growing demand for our
product line,” Tevva Founder & CEO, Asher Bennett said. ”Loop
Energy continues to show it can support our production targets and
provide a fuel cell solution that will deliver lower costs and
improved performance to our customers. As a result, we are moving
closer to our corporate goal of reducing 10 million tonnes of
global transportation CO2 emissions by 2030.”
Tevva unveiled its first Hydrogen-Electric Truck alongside Loop
Energy at the Road Transport Expo in Warwickshire, UK, on Thursday,
June 30. It is anticipated that the first of the trucks will be on
the road in 2022. Once deployed, the trucks are expected to rapidly
add to the 500,000 kilometres of on-road service Loop Energy’s fuel
cells have already powered.
Loop Energy will host an analyst conference call on Tuesday,
July 5, at 7:00 am PT (10:00 am ET) to discuss the supply
agreement. To attend, please dial 1-877-704-4453 (toll-free) or
1-201-389-0920 (international). A replay of the call will be
available for 2 weeks following the call by dialing 1-844-512-2921
(toll-free) or 1-412-317-6671 (international) and entering replay
pin 13731384.
About Tevva Motors Ltd.
Tevva is a British electric and hydrogen truck pioneer. Tevva
designs and manufactures zero-emission medium-duty trucks with a
revolutionary combination of battery electric and hydrogen
fuel-cell range extender technology. Tevva trucks are built to
revitalize urban freight and logistics – optimising range, cost,
driver experience, and environmental impact. Tevva trucks are
already on the road and have accrued hundreds of thousands of miles
in customer hands. For more information, please visit
https://www.tevva.com.
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell
systems targeted at 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.
About Loop Energy’s Customer Adoption Cycle
The Customer Adoption Cycle ensures Loop Energy supports its
customers and partners who are committed to scaling the production
of hydrogen-electric vehicles and power applications. Loop Energy’s
customer-centric approach includes three phases which support
customers in commercializing their products and generates short-and
long-term demand for Loop Energy’s fuel cells. The three phases
include:
Pilot Phase: Focuses on early-stage prototyping and
integration for design, testing and certification.
Scale-Up Phase: Prioritizes increasing production and
deploying a limited number of applications for operational use.
Full Production Phase: Involves the commercial rollout of
hydrogen-electric product offerings to fleet operators and
end-users.
Forward Looking Warning
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
delivery commitments, Tevva’s progression to the Full Production
Phase of Loop Energy’s Customer Adoption Cycle, the integration of
Loop Energy’s fuel cell systems into Tevva’s manufacturing process,
deployment of trucks taking place in 2022 and the expectations of
Tevva’s performance and growth plans.
Forward-looking information is based on a number of assumptions
(including without limitation assumptions with respect the current
and future performance of, and growth in demand for, our products
and Tevva’s products) 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, our ability and the ability of Tevva to execute on our
respective strategies and growth plans, 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 23, 2022. Loop
disclaims any obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220705005245/en/
Investor Inquiries: Investor Relations | Tel: +1
604.222.3400 | investors@loopenergy.com Laine Yonker | Tel: +1
646.653.7035 | lyonker@edisongroup.com
Business Inquiries: George Rubin | Tel: +1.604.828.8185 |
grubin@loopenergy.com Europe: Luigi Fusi | Tel: +39.028457.3048 |
luigi.fusi@loopenergy.com
Media Inquiries: Lucas Schmidt | Tel: +1.604.222.3400
Ext. 603 | lucas.schmidt@loopenergy.com Ian Silvera Tel: +44 (0)
7703 846 164 | tevvauk@secnewgate.co.uk
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