VANCOUVER, Oct. 1, 2019 /CNW/ - Loop Energy, a provider of fuel cell range extenders for medium and heavy-duty motive applications, announced today that the company has established a joint venture and non-exclusive license agreement with IN-Power, a leading power electronics supplier to the transport sector in China. Under the terms of the Agreement, the two companies will collaborate to produce heavy-duty motive power systems incorporating Loop Energy's fuel cell stacks for next-generation heavy-duty electric buses and trucks in China.
Fuel cells are projected to play a very important role in China's transition towards enhanced energy security and renewable fuels as they offer great potential to replace polluting diesel engines in heavy duty commercial buses and trucks, particularly in urban city environments. China's current plans include having 1,000 hydrogen stations operating by 2030 to service one million vehicles including commercial buses and trucks as heavy-duty fuel cell solutions enable long range, fast refueling, cold-weather operation, and no impact to vehicle payload.
"As China pursues aggressive deployments of zero-emission vehicles to address escalating environmental and energy challenges, the demand for advanced fuel cell solutions will continue to grow," said Ben Nyland, President & CEO of Loop Energy. "We are excited to partner with IN-Power and hope to benefit from a new product offering that is strengthened by combining IN-Power's market and manufacturing knowledge with Loop's fuel cell systems to better support the growing demand for a commercially-viable zero-emissions power solution for China's growing heavy-duty commercial bus and truck segment."
Loop Energy's fuel cell stacks incorporate its proprietary eFlow® technology to produce greater power density at a significantly lower capital cost compared to competitive fuel cells. In addition to providing fuel cell stacks, Loop will also contribute its system design to simplify and increase the efficiency of the overall fuel cell system. IN-Power will bring its manufacturing capability and power electronic expertise, including its DC/DC fuel cell inverter technologies, to provide new and existing customers with a highly efficient and more-competitive zero-emission heavy-duty truck and bus powertrain solution.
"As In-Power looked to expand its sales and product offerings, we analyzed new market segments where our proprietary knowledge, product solutions and customer base would provide a competitive advantage," said John Zhang, Founder and President of IN-Power. "After studying the fuel cell industry and its supply base in detail over a two-year period, and witnessing the tremendous support the sector has seen in China from both industry and governments, we chose to partner with Loop Energy as their team had developed the best fuel cell solution in terms of performance and cost. This collaborative agreement will allow us to provide a near-term, cost-effective powertrain solution for zero-emission trucks and buses in China."
"With this collaboration, we can take full advantage of IN-Power's expertise and production capabilities to expand our commercial framework in China," said Darren Ready, Chief Financial Officer of Loop Energy. "We are grateful to have found a partner with parallel business philosophies, local manufacturing experience, and a desire to boost their competitiveness in China's burgeoning fuel cell industry. We are grateful to Fort Capital Partners in Vancouver for making the introduction to IN-Power, an ideal partner for Loop as we launch commercial products in China."
About Loop Energy
Loop Energy provides zero-emission power systems for medium to heavy-duty transportation applications. Loop works with engine suppliers and vehicle manufacturers to design and deliver carbon-free motive solutions using both electric and hydrogen fuel cell technologies. For more information about how Loop Energy is driving the future of zero-emissions, visit www.loopenergy.com.
Founded in 2004, IN-Power is a high-tech Sino-foreign joint venture enterprise headquartered in the high-tech industrial park, Zhong Guan Cun, in Beijing. Through IN-Power's two research and development centers, and four wholly owned subsidiaries, the company develops and manufactures power electronics equipment. For more information, visit www.en.in-power.net.
SOURCE Loop Energy