Loop Energy Awarded $9.75 Million in Funding From Government of Canada to Scale Production Capabilities
Loop Energy™ (TSX: LPEN) announces it has been awarded $9.75 million CAD over three years from the Government of Canada through Pacific Economic Development Canada’s (PacifiCan) Jobs and Growth Fund. Loop Energy will invest the funding into increasing the manufacturing capacities of its hydrogen fuel cell stacks and modules at its Burnaby, Canada, manufacturing facility.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220502005812/en/
Loop Energy Awarded $9.75 Million in Funding from Government of Canada to Scale Production Capabilities (Photo: Business Wire)
The Jobs and Growth Fund helps businesses and organizations transition to a green economy and create jobs, and position local economies for long-term growth. In British Columbia, the Jobs and Growth Fund is delivered by Pacific Economic Development Canada, a regional development agency focused on British Columbia's evolving economy. After being chosen for its contribution to the clean technology sector, Loop Energy will begin receiving funding in 2022 through 2025 as an interest-free loan. Loop Energy is required to start repaying the loan commencing 2025.
Demand for Loop Energy’s hydrogen fuel cell technology continues to grow as countries roll out various initiatives and regulations aimed at advancing the adoption of green energy solutions within the transportation and stationary power sectors. To grow its production volumes, Loop Energy aims to increase its fuel cell stack and module production by integrating testing equipment, adding an additional production line and identifying opportunities for vertical integration to secure its supply chain.
“The Jobs and Growth Fund investment will help Loop Energy scale our production capacities over the coming years,” said Loop Energy Chief Financial Officer, Damian Towns. “Loop Energy appreciates the Government of Canada’s contribution and sees this as an indicator of the commitment to transition to clean technologies, including hydrogen, to support the global clean energy transition.”
“PacifiCan is a dedicated regional economic development agency for British Columbia, there to support local companies, such as Loop Energy, who are helping drive the adoption of zero-emissions vehicles in Canada and around the world,” said the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada. “Investments in companies like Loop Energy show that B.C. is building a new green climate industry, while creating well-paying middle class jobs in our communities. I look forward to seeing Loop Energy scale up to meet the rising global demand for hydrogen fuel cell technology, and build a cleaner and greener future for all.”
About The Jobs and Growth Fund
The Jobs and Growth Fund helps job creators and the organizations that support them to future-proof their businesses, build resiliency and prepare for growth by transitioning to a green economy, while enhancing competitiveness and creating jobs in every corner of the country. The Fund, delivered by Canada’s regional development agencies, provides $700 million nationally over 3 years, which includes up to $70 million dedicated to businesses created after January 2020 that meet eligibility criteria.
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, our future growth prospects and business outlook including without limitation the expected demand for our products, the planned growth of our customer base and the expected growth of our operations globally; our expected future manufacturing capacity and production capability as well as the integration of testing equipment, the addition of production lines and identification of opportunities for vertical integration to secure our supply chain; the future receipt of loan funding from Pacific Economic Development Canada; our ability to repay the loans in the future; and the Government of Canada’s commitment to transition to clean technologies, including hydrogen, to support the global clean energy transition. 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, growth in demand for the Company's products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, the impact of COVID-19 on our operations, the availability and receipt of the loan funds from Pacific Economic Development Canada in the future and the Government of Canada’s continued support of a transition to clean technologies) 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 receipt of the loan funds from Pacific Economic Development Canada in the future, 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, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology 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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005812/en/
Bill Zhang | +1 604.222.3400 Ext. 299 | email@example.com
Laine Yonker | +1 646.653.7035 | firstname.lastname@example.org
Ethan Hugh | +1.604.222.3400 Ext. 304 | email@example.com
Lucas Schmidt | +1.604.222.3400 Ext. 603 | firstname.lastname@example.org
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Laserfiche Recognized as a Strong Performer in Independent Analyst Report on Content Platform Providers24.3.2023 19:38:00 CET | Press release
Laserfiche — the leading SaaS provider of intelligent content management and business process automation — has been named a Strong Performer in The Forrester Wave™: Content Platforms, Q1 2023. Laserfiche was one of 13 vendors evaluated on the strength of its strategy and current offering. Laserfiche earned the highest rating possible in seven criteria: Packaged Applications Search Lifecycle Management Developer Resources App Design/Development Tools Commercial Model Intelligent document extraction According to the report, “Laserfiche has successfully transitioned its 30-plus-year track record in content management into a modern SaaS platform with a well-balanced set of services to deliver a very broad range of vertical and horizontal apps. Its product vision focuses on deeper integration of analytics, structured data sources, and AI/ML, prioritized to align to the needs of its well-defined verticals.” The report also states, “Organizations, including larger enterprises, looking for a S
Q4 Inc. Ranks on The Globe and Mail’s Women Lead Here Benchmark of Executive Gender Diversity24.3.2023 14:15:00 CET | Press release
Q4 Inc. (TSX: QFOR) (“Q4” or “the Company”), a leading capital markets communications platform provider, is proud to announce it has been included on The Globe and Mail’s 2023 Report on Business magazine’s Women Lead Here list. This annual editorial benchmark identifies top-notch Canadian businesses with the highest executive gender diversity. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230324005019/en/ The Executive Women Leaders of Q4 Inc. - Pictured from left to right are Dorothy Arturi, CPO; Lorie Coulombe, SVP, Marketing & Communications; and Donna de Winter, CFO & COO. (Photo: Business Wire) This benchmark was established in 2020 by Report on Business magazine and applies a proprietary research methodology to determine Canadian corporations with the highest degree of gender diversity among executive ranks. The ranking companies have made tangible and organizational progress related to executive gender parity. “I am
ClickHouse, Inc. and Alibaba Cloud Announce a New Partnership24.3.2023 14:00:00 CET | Press release
Today, ClickHouse, Inc., creators of ClickHouse online analytical processing (OLAP) database, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, announced a partnership that will enable Alibaba Cloud to offer ClickHouse as an enterprise, first-party service on its platform. This partnership is an exclusive agreement between ClickHouse, Inc. and Alibaba Cloud in mainland China to offer a joint first-party enterprise service in APAC. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230324005222/en/ Aaron Katz, Founder & CEO, ClickHouse, Inc. (Photo: Business Wire) ClickHouse is the world's fastest and most resource-efficient analytical database, and since it was released as an open-source project in 2016, adoption has grown exponentially – globally. Organisations large and small benefit from the blazing fast speed - with peak processing performance for a single query standing at more than two t
Westlake Epoxy Promoting NEW AZURES™ Systems24.3.2023 11:00:00 CET | Press release
Westlake Corporation (NYSE: WLK) today announced that Westlake Epoxy will launch its new AZURES™ product range at the European Coatings Show 2023, to be held in Nuremberg, Germany, March 28 to 30, 2023. Westlake Epoxy’s Azures™ products are newly developed epoxy resins, modifiers and curing agents that are free of any SVHC- and CMR-labelled substances. As such, they provide better sustainable alternatives to existing technologies used in coatings, civil engineering and adhesives while keeping the same level of performance. “This is definitely another important milestone in Westlake Epoxy’s strategy to contribute to a safer and cleaner world,” said Ann Frederix, Vice President, Westlake Epoxy. Recently, Westlake Epoxy’s European business also confirmed its receipt of the 2022 Platinum Medal from EcoVadis, the world’s largest and most trusted provider of business sustainability ratings, and Westlake Epoxy’s Pernis, Netherlands site has successfully passed the audit for its International
Fischbein International and Votech Expand Manufacturing Footprint in Reusel and Announce New Company Name as Votech, a Duravant Company24.3.2023 09:00:00 CET | Press release
Votech announced today the grand opening of their newly expanded manufacturing facility and company headquarters in Reusel, The Netherlands. This marks the completed integration of two renowned leaders in the packaging industry, Fischbein International and Votech, who came together in 2021 through the acquisition of Votech by Duravant, a global engineered equipment and automation solutions provider to the Food Processing, Packaging and Material Handling sectors. The merger brought together 100+ years of packaging expertise and created a portfolio of technologies that expands the company’s ability to serve customers across a wide array of end markets including agriculture, animal nutrition, fruits and vegetables, ingredients, milk powders and other industrials. Alongside this announcement, the company unveiled their new company logo and brand campaign that reflects the organization’s transformation into a full-line packaging equipment provider. “The names Fischbein, Saxon and Votech, al
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom