Loop Energy Signs Supply Agreement with Tevva Motors with Commitments in Excess of US$12 Million thru 2023
Growth in order volume indicates the commercial mobility sector’s willingness to adopt hydrogen fuel cell technology as a zero-emissions
Loop EnergyTM has signed a multi-year fuel cell supply agreement with Tevva Motors Ltd (Tevva), which includes delivery commitments in excess of US$12 million thru 2023. As a result of the agreement, which extends through to 2024, Tevva becomes the first customer to move into the Full Production Phase of Loop Energy’s Customer Adoption Cycle. Details to join the analyst conference call on July 5 are at the end of release.
Tevva will integrate Loop Energy’s fuel cell systems into its manufacturing process as it scales production of its Hydrogen-Electric Trucks to meet demand in 2023. The two companies’ relationship continues to gain momentum after Loop Energy’s eFlowTM technology won the competitive tender process in 2021, which resulted in Tevva placing initial orders.
Building upon Tevva’s orders for 2022, the significant surge in order volume in 2023 increases Loop Energy’s confidence that it will meet and exceed its previous purchase order guidance. The growth in order volume indicates the commercial mobility sector’s willingness to adopt hydrogen fuel cell technology as a zero-emissions solution.
“The market for zero-emissions commercial vehicles continues to develop quickly, and this supply agreement with Tevva puts Loop Energy on the path to not only technology leadership, but fuel cell market leadership,” Loop Energy President & CEO, Ben Nyland said. “This is amongst the largest fuel cell product supply agreements in recent years. The contract with Tevva is indicative of the surge in interest we see in Europe for hydrogen-electric vehicles and the fuel cells that power them. Tevva is quickly establishing itself as a leader in the zero-emission commercial vehicle market in Europe, and we are looking forward to providing the fuel cell systems they need to succeed.”
”Development of our Hydrogen-Electric Truck platform has been extremely encouraging, and we are seeing growing demand for our product line,” Tevva Founder & CEO, Asher Bennett said. ”Loop Energy continues to show it can support our production targets and provide a fuel cell solution that will deliver lower costs and improved performance to our customers. As a result, we are moving closer to our corporate goal of reducing 10 million tonnes of global transportation CO2 emissions by 2030.”
Tevva unveiled its first Hydrogen-Electric Truck alongside Loop Energy at the Road Transport Expo in Warwickshire, UK, on Thursday, June 30. It is anticipated that the first of the trucks will be on the road in 2022. Once deployed, the trucks are expected to rapidly add to the 500,000 kilometres of on-road service Loop Energy’s fuel cells have already powered.
Category: Electric Vehicles, Engines & Drivetrains, Equipment, Featured, Fleet Diagnostics & Software, Fuel & Oil, General Update, Green, News, Tech Talk, Vehicles
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