Loop Energy Outperforms Competition to be Selected as Tevva's Fuel Cell Supplier and Grows European Customer Base
Loop Energy™ (TSX: LPEN), a developer and manufacturer of hydrogen fuel cell solutions, announces it has won the tender process to supply Tevva Motors Ltd. ("Tevva"), a British electric and hydrogen truck pioneer, with its T505 (50 kW) Series fuel cell system for Tevva's 7.5 tonne electric truck platform. The partnership grows Loop Energy's European customer base and provides the opportunity for its fuel cells to power numerous vehicles in the coming years.
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Loop Energy's T505 Series fuel cell will power Tevva's ReX 7.5t truck platform. (Photo: Business Wire)
Tevva's tender process began with a single unit order in Q4 2021 to evaluate and test the fuel cell system. Loop Energy's product outperformed multiple offerings from international fuel cell manufacturers. The evaluation process focused on fuel efficiency and reliability, and to ensure seamless integration with Tevva's Fuel Cell Range Extender for its 7.5t truck platform. The truck is designed to provide operators with up to 500 kilometres (310 miles) of all-season service range.
Following testing, Tevva selected Loop Energy as its supplier and placed initial orders for multiple units. It now enters the Scale-Up Phase of Loop Energy's Customer Adoption Cycle. The orders were included in the company's previously announced purchase orders for 2022. Both companies are now working towards finalizing a broader supply agreement.
"By combining Loop Energy's hydrogen fuel cell with our 7.5t battery electric truck platform, Tevva is taking an exciting step towards delivering our zero-emission range-extended trucks," said Tevva Founder & CEO, Asher Bennett. "Our customers are passionate about the cost, performance and emissions of their fleets, so we are highly selective about the energy systems in our trucks. We are delighted to find a technology partner in Loop Energy that can support our ambitious performance expectations and growth plans – that aim to remove 10 million tonnes of global transportation CO2 emissions by 2030."
"Our customers are at the heart of everything we do, so we are delighted to be selected to deliver products that meet Tevva's performance expectations," said Loop Energy President & CEO, Ben Nyland. "The order shows we have the technology and production capabilities to supply to OEMs who are dedicated to manufacturing the next generation of commercial vehicles as we move towards meeting zero-emissions requirements."
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 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.
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 opportunity to power number fuel cell vehicles in the future, the ability of Tevva’s trucks to meet specified range targets, the expectation that we will finalize a broader supply agreement with Tevva, the expected delivery by Tevva zero-emission range-extended trucks to the market, the ability of our engines to meet and exceed customer performance expectations and the expectation that Tevva’s performance and growth plans will remove 10 million tonnes of global transportation CO2 emissions by 2030.
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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