VANCOUVER, BRITISH COLUMBIA and OXNARD, CALIFORNIA – February 27, 2023 – Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cell solutions, has been selected by Wiggins Lift Co., a leading American material handling vehicle manufacturer, to provide the fuel cell system for its new hydrogen-powered eBull forklift product. Loop Energy will deliver the system and begin commissioning in Q2 2023 to support commercial deployment of the hydrogen-electric forklifts in late 2023.
Wiggins provides material handling vehicles to port, marina and warehouse operators across the US and is committed to offering its customers safe, reliable, zero-emissions industrial forklifts. Its decision to manufacture hydrogen-electric forklifts is due to the operating benefits fuel cell engines offer, including fast refuelling times and the ability to meet a range of duty cycles. The California-based company was one of the first manufacturers to provide battery-electric forklifts. With growing customer demand, it aims to be an early mover in the hydrogen-electric material handling vehicle segment.
The material handling market has been a key growth area for both battery-electric and hydrogen-electric vehicles. The global forklift truck segment is estimated to require over 1.5 million units of forklift trucks per annum, with as many as 60% of these trucks being fully electrified.
Wiggins’ transition is partly motivated by ports in California targeting to achieve net zero by 2030. Faced with a strained electrical grid, hydrogen has emerged as an accessible, zero-emissions solution to complete port operations. Evidence of this is the Port of Los Angeles’ Shore-to-Store project, which included unveiling two new high-capacity hydrogen fueling stations in 2022. Wiggins has customers operating its electric forklifts at the Port of Stockton and Port of West Sacramento and expects to fulfill deliveries to the Port of San Diego, Port of Long Beach and Port of Hueneme this year.
Powered by a Loop Energy S300 (30 kW) fuel cell system, Wiggins’ eBull forklift will transport boats, bulk cargo and equipment at ports and marinas. The intense and long duty cycles of material handling vehicles mean that operational uptime and fuel consumption are key contributors to an operator’s total cost of ownership. Wiggins selected Loop Energy as its technology provider after impressing across key metrics, including fuel efficiency, operating lifetime and integration and after-sales support.
“Loop Energy is proud to be selected by a market leader such as Wiggins in the push to decarbonize material handling vehicles across ports in California,” said Loop Energy President & CEO, Ben Nyland. “Wiggins’ vehicles operate in some of the world’s busiest and most productive ports. Their decision to choose our fuel cells further validates our technology and hydrogen’s role in transforming this large market segment.”
“We see the increased operational uptime and capacity to achieve higher duty cycles that fuel cell-powered vehicles can offer as key points of difference for our customers,” said Wiggins Lift Co. CEO, Michele Wiggins. “Loop Energy’s commitment to customer support and delivering a high-performing product made it easy to choose them as our technology provider.”
About Wiggins Lift Co.
Wiggins Lift Co. Inc. is a premier manufacturer of high-capacity forklifts for marine, industrial, agriculture, military, and other specialized applications. With capacities ranging to 88,000 pounds, Wiggins’ high-capacity, specialized forklifts have established the company as a global supplier for materials-handling machines. Some applications include boat-handling for dry-stack marina storage and material-handling machines for the military operation in heavy seas on board the US Navy’s Littoral Combat Ship. Other machines provide unique solutions for mining organizations, breakbulk, and agricultural enterprises. Some customers include government agencies, such as the Atomic Energy of Canada and the USA’s Jet Propulsion Laboratory. The company was founded in the 1950s in Oxnard, Calif. and remains family run and owned to this day.
About Loop Energy Inc.
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 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. 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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