Mr. Luigi Fusi reports

LOOP ENERGY SECURES DESIGN WIN WITH GLOBAL FIRE TRUCK AND SPECIAL PURPOSE VEHICLE MANUFACTURER

Loop Energy Inc. has been selected to supply fuel cell systems for a new fire truck platform by an established specialty vehicle OEM (original equipment manufacturer) with significant global presence operating in 14 countries with over 1,400 employees.

The new hydrogen electric fire truck will be fitted with two of Loop Energy's T505 fuel cell systems. In the first stage of the roll-out plan, a pilot project will see a vehicle put into operation at an airport in Spain. In subsequent stages, the OEM is looking to scale production for use in other locations with production expected to begin in Q4 of 2023.

With this new partnership, Loop Energy is entering the market for special-purpose vehicles, which presents a significant opportunity for electrification via hydrogen fuel cells due to their unique operating requirements including high operational uptime and power needs.

Loop Energy's Vice President of Sales and Business Development EMEAR, Luigi Fusi said, "Special-purpose vehicles like fire trucks have their unique challenges when it comes to electrification. Fuel efficiency and storage capacity play a critical role in determining range of the vehicle and its ability to operate longer without the need to refuel, which are critical as these vehicles are designed to service many mission-critical situations. We are excited to see Loop Energy fuel cells being used in a new category of vehicles, and look forward to the successful completion of this pilot project."

Loop Energy fuel cells were selected for their high fuel efficiency compared to competitive products - a key differentiator of the eFlow proprietary technology.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including transit buses and medium to heavy-duty trucks. Loop Energy's products feature the company's proprietary eFlow technology in the fuel cell stack's bipolar plates. eFlow technology enables commercial customers to achieve superior performance and higher fuel efficiency, delivering lower cost of ownership and shortest time to market. Loop Energy works closely with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles.

We seek Safe Harbor.