Loop Energy Partners with ARCC to Expand into Promising Australian Hydrogen Bus Market

Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cell solutions, announces it will enter the promising Australian bus market as a supplier of fuel cell modules to Aluminium Revolutionary Chassis Company (ARCC), the developer and manufacturer of Australia’s first lightweight bolted aluminum city bus chassis. ARCC becomes Loop Energy’s first Australian customer and underlines the country’s growing interest in utilizing hydrogen-electric vehicles to achieve its emissions reduction targets.

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Loop Energy’s T600 Series fuel cell will power ARCC’s Viking Hydrolight city bus. (Photo: Business Wire)

Loop Energy’s T600 (60 kW) fuel cell module will be integrated into ARCC’s 12.5-metre Viking Hydrolight city bus model, which aims to be in service by 2023. Designed for city bus operations in Australia, it will be built around ARCC’s distinctive lightweight chassis, which uses an aluminum frame and is primarily bolted, with less than 5% weld parts. Combined with the increased fuel efficiency of Loop Energy’s eFlow™ technology, the lighter bus weight will reduce fuel consumption while allowing for greater passenger capacity compared to other electric buses on the market.

ARCC currently has a hydrogen-electric bus participating in a New South Wales State Government led trial to help inform how hydrogen technologies may factor in a broader rollout of zero-emissions buses. In 2019, Australia launched its National Hydrogen Strategy, underpinning its intent to become a major global player in hydrogen by 2030. The New South Wales and Queensland governments have committed to scaling the production of Green Hydrogen and launching over 10,000 hydrogen-electric vehicles collectively.

“The electric bus market is quickly emerging as an important market segment for fuel cells. We are very proud that we have continued to grow our footprint in this sector in Europe, China, Asia and now in Australia,” said Loop Energy Chief Commercial Officer, George Rubin. “We view the partnership with ARCC as a positive step to continuing our inroads into the electric bus market and supporting the development of next-generation bus platforms globally.”

“ARCC is proud to manufacture the only zero-emissions bus designed with a full-length aluminum chassis in Australia,” said ARCC Managing Director, Peter Murley. “We are excited to have Loop Energy’s eFlow™ technology play an important role in powering the Viking Hydrolight bus.”

Loop Energy and ARCC aim to unveil the first Fuel Cell bus at the Australia Bus & Coach Expo in October 2022. The partnership will also see the two companies develop strategies to position Viking Hydrolight buses as a sustainable and efficient solution for transit operators in Australia and worldwide.

About Aluminium Revolutionary Chassis Company

Aluminium Revolutionary Chassis Company (ARCC) is committed to the development of an Australian designed and built zero emission mobility solutions. Supporting local industry and operators with socially responsible engineering. ARCC is a team of likeminded individuals from the Australian bus industry, with both local and international experience in all facets of bus manufacturing. For more information, please visit https://www.arccaus.com.au/.

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 expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation the integration into the ARCC city bus, AARC city bus being in service in 2023, and expected fuel consumption.

Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of, and growth in demand for, our products and AARC’s products) 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, our ability and the ability of ARCC to execute on our respective strategies and growth plans, the realization of electrification of transportation, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market 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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Investor Inquiries: Bill Zhang | +1 604.222.3400 Ext. 299 | [e-mail] Laine Yonker | +1 646.653.7035 | [e-mail]

Business Inquiries: George Rubin | +1.604.828.8185 | [e-mail]

Media Inquiries: Lucas Schmidt | +1.604.222.3400 Ext. 603 | [e-mail] Sam Yeo | [e-mail]