VANCOUVER, BC, March 2, 2021
/CNW/ – 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
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SOURCE Loop Energy
