• Loop Energy, a Canadian developer of hydrogen fuel cell modules and stacks for vehicle OEMs and power generation system manufacturers, reported its Q1 2022 results. The company reported revenue of CAD 0.2 million (USD 0.16 million) in Q1 2022 (vs. zero revenue in Q1 2021). This was driven by 24 purchase orders received during the quarter.

• Net loss for Q1 2022 amounted to CAD 8 million (USD 6.3 million), up by 63.3% YoY. This was due to a 56.4% YoY increase in operating expenses. 

<ul><li>Loop Energy was awarded an interest-free loan of USD 9.75 million by the Government of Canada through Pacific Economic Development Canada’s (PacifiCan) Jobs and Growth Fund this month. The company also signed up its second customer Tevva Motors to scale up its customer adoption cycle operations.</ul>

Outlook for 2022

• Loop Energy expects to triple its 2021 purchase orders to reach 60 fuel cell units by 2022 and targets 750,000 km of accumulated mileage with Loop’s fuel cells.

• Its Shanghai manufacturing facility was scheduled to be operational by Q2 2022 but will be delayed due to Covid-19 lockdowns in China.

• The company plans to scale up its production capacity in British Columbia to produce 200 fuel cell units per annum by the end of 2022.