VANCOUVER, British Columbia, March 17, 2022–(BUSINESS WIRE)–Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cell-based solutions, announces a business agreement with Innotest AG, a Swiss-based developer of stationary power systems .
The agreement offers Loop Energy the opportunity to use its eFlow™ technology for the first time in Europe to power buildings. Innotest has committed to purchase a Loop Energy S300 (30 kW) fuel cell system to integrate it into your home electrical power system. As part of the growing Innotest product range, the Home Power energy system is designed for installation in residential and commercial buildings for heating and power supply.
The decision in favor of the 30 kW fuel cell system was made because it meets Innotest’s strict and specific performance criteria. Innotest plans to offer the home electric power system in Switzerland and eventually expand to other European markets. In addition, the companies intend to launch joint initiatives next year to demonstrate the benefits of powering buildings with hydrogen fuel cells.
“Innotest’s decision to purchase Loop Energy’s fuel cell solution is a testament to the versatility of our technology,” said George Rubin, chief commercial officer for Loop Energy. “We are very pleased to be able to offer a fuel cell solution from our existing product line that we believe will add value to both Innotest and its customers in the European market.”
“The climate crisis forces us to find innovative and emission-free solutions for the energy supply of our buildings and infrastructures”, says Mathias Kreier, Product Manager of Innotest. “By integrating Loop Energy’s fuel cell technology into our home electrical power system, we aim to provide households and businesses across Europe with clean and reliable power, thus contributing to the dominance of renewable energy and a energy independent lifestyle.
Ben Nyland, President and CEO of Loop Energy, will also announce the partnership today at the Swiss-Canadian Cleantech Innovation Summit, where he will present the company’s strategy for entering European markets. More information about this event can be found at: https://www.s-ge.com/en/contact/swiss-canadian-cleantech-innovation-summit
About Innotest AG and the Home Power brand
Innotest AG was founded in 1994 with the aim of developing and offering innovative test and measurement technology. Since then, Innotest AG has gained international experience in the fields of ultrasonic and electromagnetic test and measurement methods. The company is engaged in research and development, production of test equipment and integration of energy storage systems. Through Home Power, Innotest integrates innovative technologies that offer alternatives to switch surplus renewable energy between stations. You can find more information at https://homepower.ch/.
About Loop Energy Inc.
Loop Energy is a leading developer and manufacturer of fuel cell systems for the electrification of commercial vehicles, including light commercial vehicles, transit buses, and medium and heavy duty trucks. Loop products feature patented eFlow™ technology in the fuel cell bipolar plates. the fuel cell stack. eFlow™ was developed to enable business customers to maximize performance and minimize cost. Loop is working with OEMs and key vehicle subsystem suppliers to enable the production of hydrogen fuel cell electric vehicles. To learn more about how Loop is moving toward a zero emissions future, visit www.loopenergy.com.
This press release contains forward-looking information within the meaning of applicable securities laws. This information reflects management’s current expectations and forecasts of future events. Forward-looking information includes statements about the Company’s expectations regarding future results, performance, achievements, prospects or opportunities, or the markets in which we operate. These include, but are not limited to, the expected future demand for stationary fuel cell power systems for residential and commercial markets, the planned expansion of Innotest AG into Europe, the expected fuel efficiency, reliability and performance of the company’s products. company, the ability of the company’s products to withstand Innotest AG’s stringent and unique key performance indicators and the company’s expectations regarding future orders for its Innotest AG products. Forward-looking information is based on a number of assumptions (including, without limitation, assumptions about the current and future performance of the Company’s products and the growth in demand for the Company’s products by Innotest AG and other customers) and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and which could cause actual results and events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the Company’s ability to execute its strategy and quickly move current and potential customers through the customer acceptance cycle, completion of transportation electrification, phasing out of diesel fuel and the continued support of these developments by the government, the anticipated growth in demand for fuel cells for the commercial transportation market, and the factors detailed under “Risk Factors” in the Company’s annual report dated March 30, 2021. Loop assumes no obligation to update any such forward-looking statements.
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lucas smith | +1.604.222.3400 Ext. 603 | [email protected]
Inquiries about Innotest AG and the Home Power brand:
Mathias Kreier | +4171.970.0970 | [email protected]