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.
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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.
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