VANCOUVER, BRITISH COLUMBIA and OXNARD, CALIFORNIA – February 27, 2023 – Loop Power™ (TSX: LPEN), a designer and producer of hydrogen gas cell options, has been chosen by Wiggins Elevate Co., a number one American materials dealing with car producer, to supply the gas cell system for its new hydrogen-powered eBull forklift product. Loop Power will ship the system and start commissioning in Q2 2023 to assist industrial deployment of the hydrogen-electric forklifts in late 2023.
Wiggins offers materials dealing with autos to port, marina and warehouse operators throughout the US and is dedicated to providing its clients secure, dependable, zero-emissions industrial forklifts. Its determination to fabricate hydrogen-electric forklifts is because of the working advantages gas cell engines provide, together with quick refuelling occasions and the power to fulfill a variety of responsibility cycles. The California-based firm was one of many first producers to supply battery-electric forklifts. With rising buyer demand, it goals to be an early mover within the hydrogen-electric materials dealing with car section.
The fabric dealing with market has been a key development space for each battery-electric and hydrogen-electric autos. The worldwide forklift truck section is estimated to require over 1.5 million models of forklift vans every year, with as many as 60% of those vans being totally electrified.
Wiggins’ transition is partly motivated by ports in California concentrating on to realize internet zero by 2030. Confronted with a strained electrical grid, hydrogen has emerged as an accessible, zero-emissions answer to finish port operations. Proof of that is the Port of Los Angeles’ Shore-to-Retailer mission, which included unveiling two new high-capacity hydrogen fueling stations in 2022. Wiggins has clients working its electrical forklifts on the Port of Stockton and Port of West Sacramento and expects to satisfy deliveries to the Port of San Diego, Port of Lengthy Seaside and Port of Hueneme this 12 months.
Powered by a Loop Power S300 (30 kW) gas cell system, Wiggins’ eBull forklift will transport boats, bulk cargo and tools at ports and marinas. The extraordinary and lengthy responsibility cycles of fabric dealing with autos imply that operational uptime and gas consumption are key contributors to an operator’s whole price of possession. Wiggins chosen Loop Power as its know-how supplier after impressing throughout key metrics, together with gas effectivity, working lifetime and integration and after-sales assist.
“Loop Power is proud to be chosen by a market chief similar to Wiggins within the push to decarbonize materials dealing with autos throughout ports in California,” mentioned Loop Power President & CEO, Ben Nyland. “Wiggins’ autos function in a few of the world’s busiest and best ports. Their determination to decide on our gas cells additional validates our know-how and hydrogen’s function in remodeling this huge market section.”
“We see the elevated operational uptime and capability to realize increased responsibility cycles that gas cell-powered autos can provide as key factors of distinction for our clients,” mentioned Wiggins Elevate Co. CEO, Michele Wiggins. “Loop Power’s dedication to buyer assist and delivering a high-performing product made it straightforward to decide on them as our know-how supplier.”
About Wiggins Elevate Co.
Wiggins Elevate Co. Inc. is a premier producer of high-capacity forklifts for marine, industrial, agriculture, army, and different specialised purposes. With capacities ranging to 88,000 kilos, Wiggins’ high-capacity, specialised forklifts have established the corporate as a world provider for materials-handling machines. Some purposes embody boat-handling for dry-stack marina storage and material-handling machines for the army operation in heavy seas on board the US Navy’s Littoral Fight Ship. Different machines present distinctive options for mining organizations, breakbulk, and agricultural enterprises. Some clients embody authorities businesses, such because the Atomic Power of Canada and the USA’s Jet Propulsion Laboratory. The corporate was based within the Nineteen Fifties in Oxnard, Calif. and stays household run and owned to at the present time.
About Loop Power Inc.
Loop Power is a number one designer and producer of gas cell methods focused for the electrification of economic autos, together with mild industrial autos, transit buses and medium and heavy-duty vans. Loop Power’s merchandise function the corporate’s proprietary eFlow™ know-how within the gas cell stack’s bipolar plates. eFlow is designed to allow industrial clients to realize efficiency maximization and price minimization. Loop Power works with OEMs and main car sub-system suppliers to allow the manufacturing of hydrogen gas cell electrical autos. For extra details about how Loop Power is driving in the direction of a zero-emissions future, go to www.loopenergy.com.
Ahead Wanting Warning
This press launch comprises forward-looking info inside the that means of relevant securities laws, which mirror administration’s present expectations and projections relating to future occasions. Significantly, statements relating to the Firm’s expectations of future outcomes, efficiency, achievements, prospects or alternatives or the markets wherein we function is forward-looking info, together with with out limitation, buy orders, price discount, profitability and income targets; our future development prospects and enterprise outlook together with with out limitation the anticipated demand for our merchandise, the allocation of sources and funds, the anticipated timeline for profitability, the deliberate development of our buyer base and the anticipated development of our operations globally. Ahead-looking info relies on plenty of assumptions (together with with out limitation assumptions with respect the present and future efficiency of the Firm’s merchandise, development in demand for the Firm’s merchandise, the Firm’s skill to execute on its technique, obtain its targets and progress current and future clients by means of the Buyer Adoption Cycle in a well timed method, and is topic to plenty of dangers and uncertainties, a lot of that are past the Firm’s management and will trigger precise outcomes and occasions to range materially from these which can be disclosed, or implied, by such forward-looking info. Such dangers and uncertainties embody, however aren’t restricted to, the conclusion of electrification of transportation and hydrogen adoption charges, the elimination of diesel gas and ongoing authorities assist of such developments, the anticipated development in demand for gas cells for the industrial transportation market, our skill to acquire future patent grants for our proprietary know-how and the effectiveness of present and future patents in defending our know-how and the elements mentioned beneath “Threat Components” within the Firm’s Annual Info Type dated March 23, 2022. Loop disclaims any obligation to replace these forward-looking statements.
Supply: Loop Power Inc.
Natalie Arseneau | Tel: +1 604.222.3400 Ext. 418 | [email protected]
Gross sales Inquiries:
Thomas Rost | Tel: +1 317.260.0502 | [email protected]
Lucas Schmidt | Tel:+1.778.791.8756 | [email protected]
Wiggins Elevate Co. Inquiries:
Micah McDowell | Tel: (805) 574-7631 | [email protected]