Loop Energy Sees Continued Positive Growth in Global Hydrogen Truck Market

Loop Energy™ (TSX: LPEN), a developer and manufacturer of hydrogen fuel cells for commercial mobility, today announces two new customers, each developing medium-duty hydrogen-electric trucks.

Opex, a Colombian systems integrator of batteries and hydrogen fuel cells, and Avia Ingeniería, a Spanish electric powertrain provider and systems integrator, are both looking to trial hydrogen-electric vehicles in 2023.

Loop Energy enters the Pilot Phase of the Customer Adoption Cycle with both companies, expanding its presence in the dynamic European market and establishing its first relationship in the emerging South American market. The news comes after Loop Energy recently upgraded its purchase order guidance for the next 18 months.

Having supplied components and infrastructure for battery-electric vehicles for more than a decade, Opex identified fuel cells as a solution for commercial vehicles in Latin America two years ago. Starting with a prototype, Opex aims to develop a logistics truck using Loop Energy's S300 (30 kW) fuel cell as a range extender. Once built, the truck is expected to be trialed by a local fleet operator to evaluate how the technology can be deployed in larger truck applications.

Avia Ingeniería plans to also apply Loop Energy's 30 kW fuel cell as a range extender in a tractor-trailer transport truck. The truck is a part of the ShineFleet project, which features various Spanish technology and engineering companies including Técnicas Reunidas. The aim of the pilot is to demonstrate the feasibility of hydrogen technology and educate fleet operators on how to scale a fleet. A logistics fleet operator is expected to integrate the truck into its service routes once it is operational in 2023.

"We've seen positive growth when it comes to using fuel cells in medium-duty electric trucks," said Loop Energy Chief Commercial Officer, George Rubin. "Our team continues to identify manufacturers and fleet operators committed to the deployment of hydrogen-electric fleets worldwide. It is great to see Opex and Avia Ingeniería setting a positive example in their respective markets."

Climate Change mitigation, regulatory pressure and energy security concerns are compelling manufacturers and fleet operators to invest in and operate hydrogen-electric trucks instead of traditional diesel combustion engine vehicles. Benefits such as extended range, lighter weight and fast refuelling are key contributors to lower total cost of ownership, making fuel cell-powered vehicles an appealing zero-emissions solution.

About Opex S.A.S.

Opex S.A.S. is a colombian based company with 10 years of experience in the market. Among its main market activities are selling and renting of products as acid lead batteries, Li-Ion batteries, and Hydrogen fuel cells. The company also provides products as forklift trucks and batteries for warehouses, including installations and maintenance of the products. During the last two years, Opex has been involved in several research projects related to clean energies and hydrogen use. We have installed the first hydrogen refueling station in the entire South America region. To learn more visit: www.opex.com.co

About Avia Ingeniería

Avia is an independent company specializing in the design, manufacture of prototypes and small series of special vehicles. The philosophy of the company as engineering is to offer its capacity to develop advanced technology projects and to be present in research projects in the fields of new energies and materials. It offers its clients solutions from the simplest execution of manufacturing drawings to the most advanced integral projects, contributing, with its knowledge, technology and computer resources. Avia brings vast experience in the fields of aeronautics, automotive, agricultural equipment and public works.

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™ is 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.

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 or Customer’s expectations of future sales and deployment, performance, achievements, prospects or opportunities or the markets in which we operate is forward looking information, including without limitation statements regarding the trials and deployment of Opex’s and Avia’s hydrogen-electric truck, future purchase orders and projected benefits of fuel cell technology in commercial vehicles.

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 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 ability to scale hydrogen technology into larger applications or fleets, if vehicle OEMs and fleet operators choose not to invest and operate zero-emissions vehicles over diesel vehicles, if the benefits of fuel cell technology in commercials does not contribute to lower total cost of ownership 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.

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