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Last close As at 25/01/2023
▲ 0.01 (0.95%)
Headquartered in Vancouver, Loop Energy develops and manufactures patented hydrogen fuel cells. Its primary target is the ‘return-to-base’ fleet market of commercial vehicles such as buses and trucks. Having launched a 120kW fuel cell system, Loop Energy now has a wider power range on offer, with its fuel cell systems specifically designed for mid- to heavy-duty commercial vehicles. The latest system builds on Loop Energy’s existing technology, to give up to 54% fuel-to-wheel efficiency, compared to 20–25% for a diesel engine vehicle. In 2022 the business announced that it had achieved fuel cost parity with diesel fuel in some regions of the world. Management claims that this beat market expectations by up to eight years.
Loop Energy has recently launched a 120kW fuel cell system which is a step up in power range and scope compared with its other fuel cell products and is specifically designed for medium- to heavy-duty commercial vehicles, opening up a new market. The new system builds on Loop Energy’s existing technology to give up to 54% fuel to wheel efficiency compared to 20–25% for a diesel engine powered vehicle. More efficient use of fuel cuts the total cost of ownership and brings fuel cost parity with diesel forward by four-to-eight years.
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Loop Energy’s patented PEM fuel cell technology has a leading combination of fuel efficiency, power density and durability, resulting in an attractive total cost of ownership for fuel cell vehicle fleet operators. The company is targeting early movers in the electrification of the return-to-base fleet segment of the road transportation market, which should help it to ramp up sales and drive down costs relatively quickly. For example, it has won a transformational multi-year commercial order worth over US$12m from electric truck maker Tevva.
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