Loop Energy announces delivery of first hydrogen fuel cell modules to the EU

Loop Energy (TSX:LPEN), a developer and manufacturer of hydrogen-based fuel cell solutions, has announced the delivery of its first batch of eFlow™ fuel cell modules to Slovenia-based ECUBES, a rapidly growing developer of stationary hydrogen-powered power systems.

This is the first shipment under a previously signed agreement between Loop Energy and ECUBES, which provides for the supply of more than 50 hydrogen fuel cell modules over the next two years. This also marks Loop Energy's first commercial shipment to the European Union, and the company will continue to expand the availability of products and services in Europe, China and other key global markets.

“There is consensus that hydrogen is beginning to emerge as a decarbonization solution to replace diesel generator sets in the global market, which will nearly double by 2027 from the $16.4 billion reported in 2019,” said Ben Nyland, President and CEO of Loop Energy. “This first production is a significant milestone for both Loop and ECUBES as we work together to address the rapidly growing demand in this emerging segment of the industry.”

Under the terms of the agreement, Loop's high-efficiency fuel cell modules will be integrated with ECUBES' proprietary green hydrogen storage solution, which stores energy in solid matter and does not require the use of pressurized hydrogen containers. The system is intended to be supplied to a range of European customers, including the European Defense Agency's "RESHUB" project (European Defense Resilience Hub Network), which aims to improve energy efficiency in the European defense sector. ECUBES has a long history of developing coupling projects between the power, gas, transportation and defense sectors based on hydrogen technology. Developments include hydrogen fuel stationary systems, energy storage, and zero-emission transportation projects around the world.

Once the first project is underway, Loop Energy and ECUBES intend to pursue additional opportunities for collaboration.

About ECUBES Ltd

ECUBES is a technology company developing products and solutions based on hydrogen technologies. It is an internationally renowned Slovenian company with a deep understanding of the challenges at the transmission system operator level, focusing on clean energy infrastructure based on sector coupling technologies, including projects in the European defense sector.

About Loop Energy Inc.

Loop is a leading fuel cell system design company targeting the electrification of commercial vehicles, including light commercial vehicles, transit buses, and medium and heavy-duty trucks. Loop's products utilize the company's proprietary eFlow™ technology in the bipolar plates of the fuel cell stack. eFlow™ is designed to help commercial customers maximize performance and minimize costs. Loop works with OEMs and major automotive subsystem suppliers to make fuel cell electric vehicles production-ready.

(News source: Loop Energy/ECUBES Global Hydrogen Energy Network, New Energy Network Comprehensive)