Loop Energy Records Over 75,000 Kilometers of Operation for Fuel Cell Municipal Bus Fleet in Nanjing, China

Ahead of the company’s upcoming Investor Day, Loop Energy (TSX: LPEN), a developer and manufacturer of hydrogen fuel cell-based solutions, reports that the pilot transit bus fleet of Skywell New Energy Vehicles Group (Skywell) in Nanjing, China has now been fully operational for 45 days and has already accumulated 75,000 kilometers of in-service operations. Loop’s company management will share additional details about the fleet deployment and other business achievements for the Company during its Investor Day on Tuesday, June 29 at 10:00 a.m. PDT (1:00 p.m. EDT).

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Loop Energy records over 75,000 kilometers of operation for fuel cell municipal bus fleet of Skywell New Energy Vehicles Group in Nanjing, China (Photo: Business Wire)

Loop Energy announced in April the fulfillment of a ten-unit order of the company’s proprietary eFlow® fuel cell modules from Beijing IN-Power for integration by Skywell. This marked the second phase milestone of a memorandum of understanding between the Lishui Economic Development Zone of Nanjing and Beijing IN-Power—Loop Energy’s China-based joint venture partner supplying the fuel cell engines.

“As we progress toward large-scale commercial deployment of hydrogen fuel cell vehicles in China, these impressive operational results demonstrate Skywell’s expertise, Loop’s product maturity, and the market’s accelerating adoption of hydrogen fuel cell technology,” said Ben Nyland, President and Chief Executive Officer of Loop Energy. “We are very pleased to see the strong results of our eFlow technology on the road, which continues to validate Loop’s unique value proposition of greater fuel efficiency, higher power, and extended range.”

“This pilot fleet deployment has gone exceptionally well and is setting the stage for continued success between Loop Energy and IN-Power as we continue to collaborate with Skywell to advance the fuel cell market in China,” said John Zhang, Founder and President of IN-Power.

“The Loop fuel cell systems are performing very well, and we are impressed with the quality of the product,” said Ms. Zou Ran (Joanna), Director of External Affairs & Brand of Skywell New Energy Vehicles Group. “The support of the IN-Power and Loop teams has been critical in achieving the rapid deployment of this pilot fleet and represents a major step towards reaching the objective of implementing similar fuel cell solutions across a wide range of our specialty and commercial vehicles.”

“We are extremely pleased with the successful operation of these zero-emission hydrogen electric buses,” said Mr. Cuichangong, Deputy Secretary of Party Work Committee of the Lishui Economic Development Zone. “This is another meaningful step in establishing the Lishui Economic Development Zone of Nanjing as a fuel cell and hydrogen centre of excellence in China and reaffirms our commitment to providing safe, reliable, energy-efficient transportation throughout the district.”

To learn more about the Skywell fleet deployment and performance, register to attend Loop Energy’s Investor Day video conference call at investors.loopenergy.com.

About Beijing IN-Power Electric Co., Ltd.

Founded in 2004, Beijing IN-Power is a high-tech Sino-foreign joint venture enterprise, headquartered in the High-tech Industrial Park, Zhongguancun, of Beijing. Through IN-Power’s two R&D Centers, and four wholly-owned subsidiaries and twenty-five offices all over China, the company is engaged in the development, manufacturing and integration of new energy and power electronics technology, equipment and engineering services. For more information, please visit http://en.in-power.net/.

About Skywell New Energy Vehicles Corp.

Skywell New Energy Vehicles Corp., formed in 2011 following the acquisition of Nanjing Jinlong Bus Manufacturing Co., is a leading developer and global supplier of electric vehicles. With headquarters located in the Lishui Airport Economic Development Zone in Nanjing, China, with production factories located in Wuhan, Shenzhen and Xianyang, Skywell manufactures and markets an extensive range of sustainable vehicles from light-duty automobiles, to medium and heavy-duty buses, commercial and specialty fleet trucks. The company also operates buses in the Lishui district of China. www.skywellcorp.com

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’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 hydrogen 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.

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