VANCOUVER, British Columbia--(BUSINESS WIRE)--Loop Energy (TSX:LPEN), a developer and manufacturer of hydrogen fuel cell-based solutions, announces their joint market development agreement with Técnicas Reunidas (TR) – a global provider of services for investors in hydrogen infrastructure based in Madrid, Spain. Under this agreement, both parties will aim to secure future opportunities that require both TR’s hydrogen know-how and Loop Energy’s fuel cell technology.
The initial scope of this joint market agreement focuses on providing hydrogen-based solutions to several key vertical markets: transport agencies, truck, transit and coach bus service fleets, materials handling, warehouse and port logistics including drayage, urban delivery services and stationary power applications. With the assistance of TR’s on-site production and supply equipment, creating hydrogen both via water electrolysis and steam reforming of natural gas, biogas or bioethanol, Loop will be able to provide more convenient and cost-effective hydrogen solutions to their global customers. Loop and TR are also exploring partnership opportunities to develop solutions that leverage both Loop’s proprietary eFlow™ fuel cell technology and TR’s know-how and experience in hydrogen technologies.
“We are ready to embark on this partnership with Loop Energy and strongly believe our experience in hydrogen technologies, paired with Loop’s proprietary eFlow technology, will aid in building a robust hydrogen electric vehicle market across North America and globally by simplifying the path to FCEV adoption,” said Miguel Angel Vega of Técnicas Reunidas.
This agreement further expands Loop Energy’s Total Customer Care initiative, aimed at combining a portfolio of industry leading ecosystem of service providers and suppliers that customers can trust in their hydrogen technology adoption and integration. This marks another step towards providing a solution for OEMs to accelerate time-to-market and reduce engineering bottlenecks.
“Our collaboration with Técnicas Reunidas is a major milestone in widening the hydrogen ecosystem and supporting our OEM customers in the market and sales channel development process,” said George Rubin, Chief Commercial Officer of Loop Energy. “This is yet another progressive chapter in the global acceleration of hydrogen adoption and we are excited to provide our clients with access to a broad range of the best-in-class hydrogen technology available through partnerships like these.”
About Técnicas Reunidas
Técnicas Reunidas (TR) is a company specialized in the design and management of the execution of industrial plant projects throughout the world. Throughout its almost 60-year history, Técnicas Reunidas has designed and managed the construction of more than 1,000 industrial plants in over 50 countries and specialize in the following business areas: refining & petrochemical, upstream & natural gas and power & water. Técnicas Reunidas helps its customers develop their projects from the initial phase to their full execution and aims to minimize development costs, optimize the customer’s business model, ensure project financing and preserve maximum environmental commitment. www.tecnicasreunidas.es
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’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 hydrogen 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.