Loop Energy Customer NGVI Launches Hydrogen-Electric Transit Bus for Korean Market

VANCOUVER, BRITISH COLUMBIA and SEOUL, SOUTH KOREA – September 13, 2022 – Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells, announces its customer, NGVI Inc., unveiled its hydrogen-electric transit bus platform at H2 Meet in Seoul. The bus will begin trials with local fleet operators within the next few weeks.

Working with the Loop Energy integration team, NGVI successfully retrofitted a diesel bus platform into a zero-emissions urban transit bus. The 11-metre bus with a capacity of 46 passengers is powered by a Loop Energy 60 kW fuel cell and has completed the vehicle homologation process for Korea.

The new bus platform will now undergo trials with Korean fleet operators to demonstrate the range of benefits hydrogen-electric transit buses can deliver in the field. The continuation of the two companies’ relationship aims to help NGVI to continue to grow in the dynamic Korean bus market. NGVI is well positioned within the South Korean bus market, with Seoul Bus company and TCHA Partners having a share of ownership.

“We would like to congratulate NGVI on launching their first hydrogen-electric bus, and we look forward to working together to develop more zero-emissions vehicles for the Korean market in the future,” said Loop Energy Chief Commercial Officer, George Rubin. “With trials beginning shortly, we are excited for this platform to demonstrate how we can provide a high-performing solution for transit operators. From the onset, we felt that NGVI’s unique understanding of Korea’s fleet operators’ needs combines perfectly with our leading-edge technology to develop a successful platform for this exciting market.”

“We are pleased to continue our relationship with Loop Energy and look forward to supporting the integration of their fuel cells into vehicles throughout Korea,” said NGVI CEO, David Jung. “South Korea has identified hydrogen-electric vehicles as an effective pathway to replace diesel vehicles without sacrificing performance and drastically increasing costs, and the timing of our new bus launch aligns with the local push for fuel cell bus adoption in Korea.”

As part of its transition to net zero, South Korea has developed a clear roadmap to deploy 60,000 hydrogen-electric buses by 2040. The government is supporting OEMs and fleet operators by providing incentives for manufacturers to receive subsidies of up to 70% per battery-electric bus and up to 85% per hydrogen-electric bus.

While attending H2 Meet for the bus unveiling, Loop Energy was also awarded the H2 Innovation Award for its eFlow™ technology.

About NGVI

NGVI (Next Generation Vehicles International) is a South-Korea based company specializing in the first compressed natural gas fuel storage and supply system modules. Founded in 2000, NGVI is an IATF 16949 certified company and provides 2,000 modules per year to its customers. In addition to natural gas vehicles, NGVI also assists with the design, development and manufacturing of fuel storage and supply systems for hydrogen vehicles and is planning to extend its services to other areas of transportation, including trains and ships. www.ngvi.co.kr

 

About Loop Energy Inc.

Loop Logo on white background

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.

 

Source: Loop Energy Inc.

Investor Inquiries:

Investor Relations | Tel: +1 604.222.3400  |  investors@loopenergy.com
Laine Yonker | Tel: +1 646.653.7035  |  lyonker@edisongroup.com

Business Inquiries:

George Rubin | Tel: +1.604.828.8185  |  grubin@loopenergy.com

Media Inquiries:

Lucas Schmidt | Tel: +1.604.222.3400 Ext. 603  |  lucas.schmidt@loopenergy.com

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