Loop Energy Enters into a Multi-Year Commercial Agreement with ECUBES for the Supply of eFlowtm Fuel Cell Modules

VANCOUVER, BC, Jan. 28, 2021 /CNW/ - Loop Energy, a developer and manufacturer of hydrogen fuel cell-based solutions, announced today the signing of a Memorandum of Understanding and Commercial Agreement with ECUBES ? a rapidly growing developer of hydrogen electric systems for stationary power applications based in Slovenia, Europe. The agreement contemplates deliveries in excess of fifty Loop Energy eFlowtm fuel cell modules to ECUBES over a two-year period.

Under the terms of the agreement, Loop's high fuel-efficient fuel cell modules will be integrated with ECUBES proprietary Thermal Green Hydrogen Energy Storage solution HYDROGENIUM, storing energy in solid matter with no pressurised vessels for hydrogen. Systems are designed to be supplied to a range of European customers including the European Defence Agency's "RESHUB" project (Defence RESilience Hub Network in Europe), a project that aims to improve energy efficiency in the European defence sector.

"We are very excited about the partnership with ECUBES as it constitutes an important step in Loop's European expansion strategy, as well as an entry into the rapidly growing zero emission stationary power market," said Ben Nyland, President and Chief Executive Officer of Loop Energy. "We appreciate ECUBES entrusting Loop to support their go-to-market strategy and look forward to supporting their goal of providing customers with one of the best cost and high-performing solutions on the market."

ECUBES has a long history developing sector coupling projects between the power, gas, transport, and defense sectors based on hydrogen technologies. Developments include hydrogen powered stationary systems, energy storage, as well as zero emission transport projects around the world including Project Zero Emission Mobility Corridor Slovenia, Pan European defence project RESHUB led by SI-MOD, and the Project Hydrogen Zero Emission Mobility Programme for the Asian Games 2018 organised in Indonesia under the Olympic Committee of Asia and supported by Imperial College London. 

When choosing a fuel cell product partner for its next chapter of growth, ECUBES was particularly focused on fuel efficiency as the primary driver of its overall system economics.

"To realize a vision for clean energy and economic growth, governments must succeed in implementing new energy concepts that involve a high penetration of renewables in the power mix," said Aleksander Gerbec, President of ECUBES. "This can only be achieved by aligning the interests of all participants in the value chain, working both top-down from the vision and bottom-up from the practicalities of each site and of each technology. The critical part is using highly efficient technologies which are vital to enabling the success of current and future sector coupling projects. Fuel efficiency is the number one factor that we, and our customers, pay attention to when validating the financial use-case viability for a zero-emission hydrogen electric solution. We have done our homework, and Loop's eFlowtm was an easy choice, however our decision was based on more than technology alone. From the onset of our interaction, Loop's entire team has gone the extra mile to help us navigate the technical details of this project. Their entire team has been fantastic, and we look forward to working together for years to come."

Loop Energy and ECUBES intend to pursue additional opportunities once the first projects are initiated. Hydrogen fuel cells are considered one of the cleanest, resilient, and efficient technologies for transforming power generation and transport to sustainable energy systems. When using hydrogen as the fuel, electricity is generated without CO₂ emissions.

About Loop Energy Inc.

Loop Energy provides zero-emission power systems for medium and heavy-duty transportation applications as well as stationary power. Loop works with engine suppliers and vehicle manufacturers to design and deliver carbon-free motive solutions using both electric and hydrogen fuel cell technologies, as well as stationary power developers and integrators. For more information about how Loop Energy is driving the future of zero-emissions, visit www.loopenergy.com.

About ECUBES Ltd

ECUBES Ltd is a technology company developing products and solutions based on hydrogen technologies. It is an internationally respected Slovenian company with deep understanding of challenges at the transmission system operator level, focusing on clean energy infrastructure based on sector coupling approach including projects on resilience and defense sector in Europe, visit www.ecubes.eu.

SOURCE Loop Energy Inc.