VANCOUVER, BRITISH COLUMBIA – March 2, 2021 – Loop Energy Inc (TSX: LPEN) and Morello Giovanni S.r.l. (Morello) announced today the signing of a strategic cooperation agreement for the development and manufacture of heavy-duty hydrogen electric material handling equipment.
The agreement anticipates Loop supplying Morello with its eFlow™ fuel cell modules for integration into hydrogen electric heavy-duty tractors, purpose-engineered for the handling of extra-heavy loads inside industrial plants, including steel and paper mills. The two companies are targeting design completion within the first half of 2021 followed by construction and deployment of the initial quantity of 10 heavy-duty tractors powered by Loop fuel cells with early adopter customers over the following 18 months.
As a global leader in extra-heavy material handling equipment, Morello is renowned for its industrial vehicles which can operate with payloads up to 1,000 tons. Previously, Morello successfully designed and launched a battery electric version of their heavy-duty industrial tractor vehicle.
“By electrifying our heavy-duty material handling vehicles using fuel cells, we can provide customers with an environmentally friendly electric option that offers improved performance, yet with lower operating costs,” said Amedeo Morello, co-owner of Morello. “Hydrogen is the final piece of the puzzle, and we are excited about working with Loop to combine the benefits and learnings of our battery solution with Loop fuel cells to provide our customers with a product that delivers superior operating duration and a much faster refueling time.”
Loop Energy’s eFlow™ fuel cell modules have quickly gained market traction with customers in Asia, Europe, and North America due to their market-leading characteristics, including fuel efficiency and ease-of-integration.
“Our partners at Morello have decades of experience designing and building material handling vehicles for some of the world’s roughest applications,” said Ben Nyland, President and Chief Executive Officer of Loop Energy. “eFlow™ is a perfect match to support the mission critical customer requirements Morello is addressing with its zero-emission electric solution. We are very proud to be selected as a supplier of their hydrogen fuel cell solutions for these amazing machines.”
Loop Energy and Morello intend to pursue additional opportunities within multiple market verticals upon successful completion of the initial product launch.
About Morello
MORELLO Company is a leader in the design, manufacture, and global supply of material handling solutions. Since foundation over 70 years ago, Morello has incorporated cutting-edge technologies to meet customer needs with a focus on productivity, safety, environmentally friendly technologies, and Made in Italy quality into a wide range of material handling equipment. www.morellogiovanni.it
About Loop Energy
Loop is a leading designer 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™ was 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 fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations 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, which could cause actual results and events to differ materially from those that are disclosed in 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” in the final long-form prospectus of the Company dated February 18, 2021. Loop disclaims any obligation to update these forward-looking statements.
SOURCE: LoopEnergy
Loop Energy Investor Contact: Darren Ready, CFO | Tel: +1 604-222-3400 Ext. 302 | darren.ready@loopenergy.com
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