Loop Energy (TSX: LPEN)

Currency in CAD

Last close As at 22/09/2023


−0.04 (−12.50%)

Market capitalisation


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.

Latest Insights

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Industrials | edison tv

Loop Energy: Equalising hydrogen-diesel fuel costs

Industrials | Initiation

Loop Energy — Commercial orders underway

edison tv

Loop Energy – executive interview

Industrials | edison tv

Webinar: Loop Energy – 2022 objectives



Key Management

  • Ben Nyland


  • Damian Towns


  • Kent Thexton


Balance Sheet

Forecast net debt (C$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (54.8) (37.8) (87.8)
Relative (54.9) (38.1) (88.2)
52 week high/low C$2.4/C$0.3


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 (TCO), providing the company with a competitive advantage. This is supported by a recent transformational commercial order with electric truck maker Tevva, won via a competitive tender process. Loop Energy is targeting disruptors and early movers in electrification of the return-to-base fleet segment of road transport, which should help it to ramp up sales and drive down costs relatively quickly. We consider only the truck and bus markets, which are a portion of the company’s total addressable market, and estimate a US$4bn market in 2030 and a c US$60bn market by 2050. Our DCF valuation for Loop Energy implies C$4.5/share at a 15% cost of capital, which is more than double the current share price. This increases sharply as the investment case de-risks.

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 0.5 (7.5) (8.9) (43.98) N/A N/A
2021A 1.4 (23.5) (25.1) (74.77) N/A N/A
2022E 4.2 (39.4) (42.5) (118.89) N/A N/A
2023E 28.0 (43.9) (47.6) (132.48) N/A N/A

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