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Loop Energy Reports First Quarter 2023 Results
Monday, May 29, 2023Company Profile | Follow Company
Burnaby, BC, May 29, 2023--(T-Net)--Loop Energy (TSX: LPEN) today reported consolidated financial results for the first quarter ending March 31, 2023.
Ben Nyland, President and CEO, Loop Energy
"The fuel cell market continues to develop as end users look to hydrogen solutions to reduce emissions. Loop's proprietary technology is continuing to advance, and customers are seeing the value of Loop's products for their applications," said Ben Nyland, President and CEO.
"We are continuing to manage the business conservatively and with the reduction in workforce and cost-cutting initiatives implemented in the quarter will see operating expenses reduce going forward. We continue to focus on new product launches for buses and vertical integration. On a strategic basis, our management team and the Board of Directors continue to work closely with Credit Suisse, our financial advisor, to investigate potential partnerships, licensing opportunities, joint developments, outsourcing opportunities, sale and other ways of bringing new capital and resources to support Loop Energy's expansion plans."
Commercial Highlights Q1 2023
Financial Highlights Q1 2023
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy'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 Energy 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 ] |
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