Loop Energy Outperforms Competition to be Selected as Tevva's Fuel Cell Supplier and Grows European Customer BaseMonday, May 2, 2022
Loop Energy's T505 Series fuel cell will power Tevva's ReX 7.5t truck platform. (Photo: Business Wire)
Burnaby, BC, May 2, 2022--(T-Net)--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., 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.
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. according to the company.
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."
Ben Nyland, President and CEO, Loop Energy
"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.
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.
Forward Looking Information
This press release may contain forward-looking statements with respect to us and the fuel cell industry. Such statements reflect our current expectations and projections regarding future events. Forward-looking information is based on a number of assumptions 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. [ MORE ]
Forward Looking Information
This press release may contain forward-looking statements with respect to us and the fuel cell industry. Such statements reflect our current expectations and projections regarding future events. Forward-looking information is based on a number of assumptions 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 ability of the Company to execute on its strategy and the factors discussed under "Risk Factors Company's Annual Information Form dated March 30, 2021. Also refer to the section entitled "Cautionary Statement Regarding Forward Looking Information" in our current Management's Discussion and Analysis for more information. Loop does not undertake to update, correct, or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.
Non-IFRS Financial Measures
Product back-log is a non-IFRS financial measure intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning under IFRS and therefore may not be comparable to a similar measure presented by other companies. This non-IFRS measure is used by management, and we believe that it assists investors and other users of our financial reports in assessing our financial performance and monitoring our ongoing financial position.
Our product backlog represents the estimated aggregate value of all future conditional orders, binding and non-binding commitments and memorandums of understanding from customers who have placed at least one committed purchase order with us for at least one fuel cell stack or module with written intention (including binding and non-binding commitments) of follow-on unit orders. Our product backlog is currently comprised of a relatively limited number of contracts and a relatively limited number of customers and there can be no assurance that any such conditions will be fulfilled, or that our product backlog will be equal to our future revenues.
Given the relative immaturity of our industry and customer deployment programs, our product backlog is potentially vulnerable to risk of cancellation, deferral or non-performance by our customers for a variety of reasons, including: risks related to continued customer commitment to a fuel cell program; risks related to customer liquidity; credit risks; risks related to changes, reductions or eliminations in government policies, subsidies and incentives; risks related to macro-economic conditions including trade, public health (including the ongoing impact of the COVID-19 pandemic), and other geopolitical risks; risks related to slower market adoption; risks related to vehicle integration challenges; risks related to the development of effective hydrogen refueling infrastructure; risks related to the ability of our products to meet evolving market requirements; and supplier-related risks.
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