VANCOUVER, British Columbia & BRISBANE, Australia--(BUSINESS WIRE)--$LPEN #cleanenergy--Loop Energy™ (TSX: LPEN), a leading manufacturer of hydrogen fuel cell solutions, and MYNT First Element, a leading Australian power generator manufacturer, is proud to announce a strategic partnership for manufacturing of hydrogen electric power generators. Under the agreement, Loop Energy’s hydrogen fuel cell modules are integrated into MYNT’s lineup of Purple H2 generators. The Purple H2 is designed to provide a clean energy alternative solution to diesel generators in base load applications for mining, industrial and construction clients. The agreement was signed after a successful market introduction of the Purple H2 product line in the first quarter of 2023. MYNT is planning 3 trials in the second half of 2023 in Queensland and New South Wales. With the first units of the generators already in production, MYNT expects customer demand to significantly increase over the next two years in the Australian market.
Fuel efficiency, product longevity, and total cost of ownership are critical to the viability of zero-emissions gensets in order to be practical as a replacement for diesel generators. MYNT selected Loop Energy largely due to its advanced eFlow™ technology, which delivers up to a 16% fuel efficiency advantage; 90% more peak power; and, up to a 10 times improvement in current density uniformity over comparable products currently available in the market. These attributes will enable MYNT’s Purple H2 generators to provide MYNT’s customers with the total of cost of ownership and reliability benefits often required in mission critical applications.
“The MYNT team has been in the business of off-grid fuel optimized and carbon reduced power generation for over 20 years. In order to be a practically viable replacement for diesel generators, hydrogen-powered generators will require a service life in excess of 20,000 hours. For the last three years we have sought out a hydrogen fuel cell partner with the technical capability, scale and vision to work with us in product development to deliver a genuine, emission-free alternative to diesel generators in base load applications,” said Gary Radford, MYNT First Element’s Managing Director. “Loop Energy’s team culture and proprietary technology has added such significant value on both our supply chain capability and ability to deliver genuine best value customer outcomes in the hydrogen space to our customers, that we actively pursued supply arrangement with Loop Energy as the preferred powertrain for our Purple H2 hydrogen power generator range.”
As a part of the agreement, Loop Energy has further appointed MYNT as an exclusive value-added distribution partner for the Australian market.
“MYNT’s system level knowledge and integration expertise is second to none. We are very excited to extend their knowledge and experience to other Australian OEMs as they gear up to launch hydrogen electric products,” said George Rubin, Loop Energy’s Chief Commercial Officer. “We all know how critical the time-to-market is. Together with our partners at MYNT, we can help customers develop and implement hydrogen solutions faster and with lower cost.”
About MYNT First Element
MYNT First Element’s mission is to be the renewable energy partner of choice for Construction, Mining, Industrial and Equipment Rental Companies during the challenging transition to a net zero future. As independent experts with over 20 years’ experience in fuel optimised, off grid energy, MYNT First Element uses a solutions-focused approach to present quantifiable value, as well as carbon reductions. By staying product and technology agnostic Mynt First Element aims to future proof end uses by ensuring all our renewable products are interchangeable with various clean energy fuel inputs including solar, wind, biodiesel, and hydrogen. MYNT is proud to have enjoyed triple digit growth and significant national customer acquisition by ensuring we remember that our part in our customers net zero transition is less about equipment and more about ensuring we add value to the new triple bottom line in renewables: commercial viability, ESG compliance and marketability. To learn more, visit www.myntgroup.com.au.
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop Energy works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.
Loop Energy Sales Inquiries:
George Rubin | Tel: +1 604.222.3400 | [email protected]
Loop Energy Media Inquiries:
Ethan Hugh | Tel: +1.604.222.3400 ext. 304 | [email protected]
MYNT First Element Inquiries:
Gary Radford | Tel: 0407 793 982 | [email protected]