Loop Energytm (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells for commercial mobility, will unveil its landmark 120 kW fuel cell system at IAA Transportation 2022 in Hannover, Germany, today.
The announcement marks a milestone for Loop Energy as it believes this new product is a significant achievement in advancing the global hydrogen industry and the transition of commercial transport industries by achieving fuel cost parity with diesel by up to eight years earlier than previously possible.
The 120 kW fuel cell system, the S1200, builds on Loop Energy's existing technology, to provide an additional efficiency gain of 20% when it generates electricity. The S1200 is designed to deliver up to 60% in net system efficiency (1), this efficiency enables an electric vehicle powered by a Loop Energy fuel cell to deliver up to 54% (2) fuel to wheel efficiency compared to the typical fuel to wheel efficiency delivered by a diesel engine powered vehicle of 20% to 25%(3).
Loop Energy believes the S1200 and its next-generation technology will significantly benefit commercial vehicle manufacturers, fleet operators and associated industries, as well as the global clean energy transition as governments seek to reach net zero emissions by 2050.
Loop Energy has achieved this efficiency gain because of its patented eFlowtm fuel cell architecture. Specifically, Loop Energy uses a signature trapezoid plate with narrowing channels for its bipolar plates, which increases gas velocity down the plate to deliver superior performance for fuel efficiency, and power output.
For fleet managers, operators of commercial vehicles and the wider hydrogen infrastructure market, that means less hydrogen fuel used per kilometre, lowering the total cost of ownership (TCO) of hydrogen-electric commercial vehicles.
Fuel costs make up roughly half of the total cost of ownership for heavy-duty hydrogen vehicles, which makes advancement in fuel efficiency a significant factor in creating a tipping point for commercial transition from diesel to clean fuels.
Loop Energy's presence at IAA Transportation 2022 also signifies its commitment to the European continent, where it plans to expand its presence and customer base. Loop Energy already has offices in Italy and the UK, and is actively engaged with OEMs across the region. Loop Energy is also active in Asia, with its new manufacturing facility in Shanghai.
The S1200 opens up a new market for Loop Energy as the product is specifically designed for medium- to heavy-duty commercial vehicles, which is a step up in power range and scope compared to its other fuel cell products.
The S1200 is delivered as a complete fuel cell system which simplifies and quickens integration for vehicle OEMs, and makes it a ready-to adopt solution for heavy-duty transportation and power system applications.
Loop Energy President & CEO, Ben Nyland said: "With the launch of our new fuel cell system, we are proud to be leading the way in making transport electrification economically viable. The S1200 brings world-leading fuel efficiency levels for medium to heavy-duty vehicles, crucially making the total cost of ownership lower and bringing fuel cost parity forward by four-to-eight years."
"We are keen to work with OEMs, governments and the wider hydrogen industry to help meet zero-emission targets. We strongly believe that energy transition must happen now, and hydrogen fuel cell technology is in prime place as an alternative to diesel-powered vehicles."
Canadian Minister of Environment and Climate Change, The Honourable Steven Guilbeault, said: "Very happy to see Canadian companies such as Loop Energy leading in the global clean energy sector. They are creating sustainable jobs for workers, while contributing to our global climate objectives and a better future for everyone."
Specifications of the S1200 fuel cell system:
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 Loop Energy's proprietary eFlowtm technology in the fuel cell stack's bipolar plates. eFlowtm 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 Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
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 statements regarding the ability for Loop Energy's technology to accelerate or achieve cost parity between diesel and hydrogen and the expectation that the S1200 will accelerate demand for the Company's products.
Forward-looking information is based on a number of assumptions (including without limitation assumptions regarding the price of hydrogen, the potential growth of the bus and truck market and the continued government support for the transition to net zero emissions) 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, hydrogen and diesel fuel cost prices reaching targeted price ranges, fuel cells and diesel engines delivering upon stated efficiency levels, commercial uptake of the Loop Energy's products increasing 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.
1 Net system efficiency includes power consumption of the air compressor, coolant pump, and other system components;, the gross design efficiency of the underlying Loop fuel cell stack is up to 65%
2 Assumes a 90% drivetrain efficiency of the electric vehicle (3)
3 Hjelkrem et.al., Estimation of tank-to-wheel efficiency functions based on type approval data, Applied Energy 276 (2020)