VANCOUVER, BRITISH COLUMBIA – January 30, 2023 – Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells for commercial mobility, is pleased to announce the addition of Brad Miller to its Board of Directors. Miller’s appointment is the next step to evolving Loop Energy’s board, an effort which began last year with the appointment of Kent Thexton as Board Chair and Paul Cataford as Director, Corporate Secretary and CFO. Loop Energy continues to strengthen its leadership and expertise at the board level as it focuses on the next stage of growth and develops a path to profitability.
Miller brings a wealth of experience and success as a leader who has built and scaled multiple clean technology manufacturing businesses to profitability. Miller’s AdvanTec Global Innovations expanded into developing reformers for stationary hydrogen-electric generators and hydrogen fuelling station equipment. Previously Miller founded IMW Industries, a manufacturer of compressed natural gas (CNG) equipment, and he grew the business to over $100 million in revenue and 700 employees worldwide.
In conjunction with this appointment, Neil Murdoch has resigned from the board.
“We are excited to welcome Brad and look forward to drawing on his extensive experience in the hydrogen and cleantech manufacturing sectors,” said Loop Energy Chairman, Kent Thexton. “Brad’s knowledge and expertise in scaling manufacturing operations is a key value-add at the board level as we grow Loop Energy and leverage its proprietary technology. We’d like to extend our gratitude to Neil Murdoch for his dedication and contribution to the board.”
“Brad’s experience scaling manufacturing operations and driving profit margins will be beneficial to Loop Energy and our team” said Loop Energy President & CEO, Ben Nyland. “More focus on emerging and profitable market segments and an emphasis on sizing our operation to current market conditions will drive profitability and shareholder value appreciation sooner. Management and the Board are aligned on a vision and a direction forward.”
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. At the core of this innovation is its modified geometry that delivers improved uniform current density across the entire active area and increases gas velocity throughout the plate to enhance performance and water management. This innovative design provides OEMs and fleet operators with new levels of fuel efficiency, peak power and durability. For more information about how Loop Energy 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, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, 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 realization of electrification of transportation and hydrogen adoption rates, 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, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology 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.
Source: Loop Energy Inc.
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