Loop Energy and BayoTech Commit to Accelerated Deployment of Hydrogen Vehicles and Fueling Infrastructure through Joint Market Development Agreement
Vancouver, Bc (ots/PRNewswire)
With the shared goal of accelerating the transition to cost-effective, zero-emissions commercial vehicle and power generator technologies, Loop Energy and BayoTech announced a joint market development agreement for the deployment of hydrogen vehicles and hydrogen fueling infrastructure. The collaboration aims at reducing the complexity of adopting hydrogen electric solutions by providing fleet operators with clear and actionable strategic direction in respect to fuel cell powered vehicles and hydrogen fuel infrastructure.
Under the agreement, Loop and BayoTech will collaborate on development of market opportunities for deployment of vehicles manufactured by Loop's OEM customers in combination with on-site hydrogen generation infrastructure provided by BayoTech. The initial scope of such market development activities is further centered around the vertical markets of materials handling, warehouse and port logistics, including drayage; transit and coach bus service; urban delivery services; and stationary power applications.
The initiative forms an integral part of Loop's Total Customer Care strategy aimed at combining a full portfolio of industry leading hydrogen fuel cell modules with a 360-degree hydrogen ecosystem of integration service providers, component suppliers and fueling solutions to help accelerate time-to-market and reduce product launch burdens for Loop's OEM customer.
The agreement further supports BayoTech's objective of offering fleet operators a clear path to market leading cost of ownership based on the company's unique on-site hydrogen production solution, best-in-class fuel efficiency and performance of the vehicles powered by Loop's eFlow(TM) technology. BayoTech, headquartered in Albuquerque, New Mexico, is an energy solutions company committed to addressing the global need for consistent, cost-effective supply of hydrogen through modular, scalable, and rapidly deployable hydrogen production systems.
"Fleet operators are facing increased pressure to transition to zero-emissions and our partnership with Loop Energy creates an ecosystem that removes many of the barriers to adoption of hydrogen fuel cells as a solution," said Stewart Stewart, Chief Commercial Officer at BayoTech. "Both Loop and BayoTech are focused on enabling the lowest cost of ownership solutions to the fleet operator customers. We look forward to building on the foundation of this important strategic partnership as we continue to work together towards mass-market adoption of hydrogen fuel cell technologies."
Loop Energy's proprietary eFlow(TM) fuel cell modules for commercial vehicle and stationary power generation 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.
"We believe that hydrogen vehicle cost of ownership and easy, economical access to the hydrogen fuel are closely intertwined and are both critical to successful project development," said George Rubin, Chief Commercial Officer of Loop Energy. "Our collaboration with BayoTech widens the hydrogen ecosystem, supports our OEM customers in market and sales channel development process, and helps bring down the barriers and the cost of adoption of hydrogen electric solutions by commercial vehicle operators. This is yet another progressive chapter in the global acceleration of hydrogen adoption."
About BayoTech On-Site Hydrogen
BayoTech is an energy solutions company committed to addressing the need for consistent, cost-effective supply of low-carbon, zero-carbon and even carbon negative-hydrogen. We offer modular, scalable, and rapidly deployable hydrogen production systems through sales, rentals, leases, and gas-as-a-service to customers worldwide. Headquartered and produced in New Mexico, USA, BayoTech's on-site hydrogen generators are energy efficient and eliminate the need for wasteful and expensive liquification and transportation, leading to lower carbon emissions and low-cost hydrogen. https://www.bayotech.us/
About Loop Energy Inc.
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(TM) technology in the fuel cell stack's bipolar plates. eFlow(TM) 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: Loop Energy Inc.
George Rubin | Tel: +1.604.828.8185 | email@example.com
Loop Energy EMEA Contact: Luigi Fusi | +39.028457.3048 |
Loop Energy Media Contact: Ashley Eisner | Tel: +1.212.697.2600 |
BayoTech Business Contact: Scott Dyer | Tel: +1.970.215-3161 |
BayoTech Media Contact: Jeff Mitchell | Tel: +188.8.131.5206 |