Hydrogen fueled fast chargers will rapidly expand charging infrastructure for electric vehicles, opening doors to more accessible and affordable charging
VANCOUVER, BRITISH COLUMBIA – June 8, 2021 – GreenCore and Loop Energy (TSX: LPEN) today announced a partnership to develop and build hydrogen-powered EV charging stations. The Parties anticipate the first pilot installation to be completed within the calendar year of 2021 with more than 1,500 EV charging and hydrogen refueling stations by the end of 2026. This follows both companies’ recent announcements of partnerships with BayoTech, a leading provider of modular, scalable, and rapidly deployable hydrogen production systems.
An ever-increasing need for new charging points is not yet being met with expanded, distributed infrastructure. Electric Vehicle (EVs) sales increased by 39% in 2020 up to 2.1 million units, with a further 66% increase expected in 2021 (Canalys). This continued growth will further increase the enormous demand on the grid, requiring extensive investment to upgrade the distribution network that can take years to complete.
As a part of the cooperation GreenCore will work with Loop Energy as well as some of its ecosystem partners to design and build hydrogen-powered DC fast-charging stations based on Loop’s high-efficiency fuel cells. GreenCore charging stations will store energy in the form of compressed hydrogen and convert it to electrical power when required for charging of user’s battery-powered vehicles. This will allow the stations to be grid-independent, rapidly deployable, low cost, and small footprint. Most importantly, GreenCore’s hydrogen-powered charging stations will help solve serious issues in peak energy pricing and remote energy access currently faced by the EV industry. GreenCore will use hydrogen exclusively provided by BayoTech at the EV charging and hydrogen refueling stations.
“Loop Energy is the perfect partner to work alongside GreenCore in building better, faster, and greener EV charging stations,” says GreenCore CEO Frank Baumann. “Together, we will be able to cut peak energy costs and deliver charging points in previously unimaginable locations.”
“As electrification of personal and commercial transportation is going into overdrive, the timing for GreenCore’s hydrogen-powered DC fast-charge solution is perfect,” says George Rubin, CCO of Loop Energy. “Easily overlooked during the early going, limited grid infrastructure capabilities present a serious issue. We are very excited to support our partners at GreenCore as they roll out their solution.”
Beyond the burgeoning demand for convenient EV charging in easily accessible locations, the recent release of several off-road capable EV models displays a growing demand for off-grid charging for the more outdoorsy EV driver. Charging in remote locations where wilderness-lovers frequent will rarely be possible on the grid, and hydrogen-powered solutions present a clear solution to this problem.
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About Loop Energy Inc.
Loop Energy is a leading designer of hydrogen 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.
GreenCore’s team has constructed hundreds of EV stalls across the United States since 2015, including the two largest, most complicated EV stations in North America. Today, GreenCore delivers EV charging stations distinctive from its competitors. In short, GreenCore’s motto is better, faster, greener. Better customer experience, faster construction/build/deployment, and a greener ecological footprint. These characteristics create a trifecta that position GreenCore as an industry leader in the future of EV innovations. Lastly, GreenCore leverages a thoughtful customer-focused business model, pioneering opportunities for partnerships in the growing EV ecosystem.
SOURCE: Loop Energy Inc.