Loop Energy Reports Third Quarter 2023 Results

VANCOUVER, BC / ACCESSWIRE / November 9, 2023 / Loop Energy (TSX:LPEN) today reported consolidated financial results for the third quarter ending September 30, 2023.

Commercial Highlights Q3 2023

• On August 1, 2023, we announced that our value-added distributor in South Korea - NGVI Inc., had secured a supply contract for a hydrogen electric bus project with a second municipality in the country. The two-year government project, led by KAR Co. Ltd., will see the hydrogen electric bus put into operation in Ulju-gun, South Korea in 2024.
• On August 1, 2023, we announced that Loop Energy had been selected to supply fuel cell systems for a new fire truck platform by an established specialty vehicle OEM with significant global presence. The new hydrogen electric fire truck will be fitted with two of Loop Energy's T505 fuel cell systems. In the first stage of the roll-out plan, a pilot project will see a vehicle put into operation at an airport in Spain. In subsequent stages, the OEM is looking to scale production for use in other locations with production expected to begin in Q4 of 2023.
• On September 12, 2023, we announced that Loop Energy and TYCROP Manufacturing Ltd., had been selected to provide a hydrogen electric solution for the global supply chain leader DP World pilot project to decarbonize its rubber-tired gantry cranes (RTGs) fleet at the Port of Vancouver. The design and manufacturing of DP World's RTG pilot project is led by TYCROP and brings together a consortium of companies in British Columbia, including Loop Energy as fuel cell supplier and HTEC for hydrogen fuel supply.
• On September 19, 2023, we announced further cost reduction activities and an update on the previously announced review and evaluation of strategic alternatives. Due to challenging capital market conditions the Board determined that was in the best interests of the Company to immediately execute an additional operating cost reduction program, including an approximate 65% global headcount reduction by the end of the year and the closing of production in China. Going forward, the Company will be focusing its staffing and business development efforts on fuel cell stack design, development, production and testing based on the Company's proprietary eFlow technology. Business development efforts will include finding potential partners to support the existing install base and exploring options for its fuel cell modules and systems business.

Financial Highlights Q3 2023