Mr. Ben Nyland reports

DP WORLD SELECTS TYCROP AND LOOP ENERGY FOR SOLUTION TO DECARBONIZE RTG CRANES AT PORT OF VANCOUVER

Tycrop Manufacturing Ltd., a leading industrial manufacturing and engineering company based in Chilliwack, B.C., and Loop Energy Inc. have been selected to provide a hydrogen electric solution for global supply chain leader DP World's pilot project to decarbonize its rubber-tired gantry crane (RTGs) fleet at the Port of Vancouver.

The design and manufacturing of DP World's RTG pilot project are led by Tycrop, a leading industrial manufacturing and engineering company headquartered in Chilliwack, B.C., and the project brings together a consortium of companies in British Columbia's burgeoning hydrogen sector, including Loop as fuel cell supplier and HTEC for hydrogen fuel supply.

With 1,500 RTGs operating globally, DP World is one of the world's largest port operators with over 80 terminals across 40 countries. DP World has committed to cut carbon dioxide emissions from its global operations by nearly 700,000 tons over the next five years and to be a net-zero-carbon enterprise by 2050, which includes replacing its global fleet of assets from diesel to electric, investing in renewable power and exploring alternative fuels. With RTGs accounting for as much as 50 per cent of shore-segment carbon emissions, DP World views development of a carbon-neutral solution for this segment of its operations as a critical component to achieving its overall decarbonization strategy.

"Decarbonization is a core focus for DP World, and we are proud to work with our local partners to deliver an innovative made-in-B.C. solution to reduce CO2 emissions from our Vancouver terminal operations. This vital pilot project aligns with DP World's global commitment to becoming carbon neutral by 2040," said Joel Werner, DP World general manager -- Vancouver.

DP World's rubber-tired gantry crane will be fitted with a Tycrop-designed dual fuel system powered by two of Loop's T505 fuel cell systems. The pilot project will see DP World's first RTG powered by hydrogen fuel cell systems put into operation at the Port of Vancouver. The RTG pilot is expected to begin operation in second quarter 2024 and will be used as a demonstrator to scale the electrification across the organization's global fleet in subsequent phases.

Rubber-tired gantry cranes have a unique set of operating requirements that makes hydrogen fuel cells the viable pathway for achieving zero emissions in a way that is not achievable by diesel-electric hybrid solutions. Hydrogen is refuelled quickly, allowing no compromise on all-day operating hours, and fuel cells can operate efficiently and reliably under different weather conditions and power requirements.

DP World has chosen to conduct the pilot at the Port of Vancouver not only because the region is a hotbed of world-leading fuel cell and hydrogen companies, but also for the regional business ecosystem that is strongly supported by the Province of British Columbia.

As an industrial design and manufacturing company, Tycrop invested and entered a strategic partnership with hydrogen specialist H2 Portable to rapidly develop and deploy a hydrogen electric generator (HEG) for DP World. Tycrop's long-standing record in design, construction and execution of complex and operationally imperative equipment was a key qualifier to DP World's selection, with the RTG testing conducted in real port conditions and everyday terminal operations.

Tycrop president and chief executive officer Scott Mason said: "We've developed a groundbreaking HEG capable of replacing one megawatt of diesel power and eliminating the consumption of 80,000 litres of diesel fuel each year. The HEG, combined with a lithium battery and our energy regeneration technology, provides DP World with class-leading energy efficiency. We are excited to see this technology come to life and, together with the team at H2 Portable, explore other future applications."

Loop's hydrogen fuel cells were selected for their high fuel efficiency, a key differentiator of the company's eFlow proprietary technology. Fuel consumption plays a central role in decarbonizing RTGs given they operate up to 20 hours per day, where higher fuel efficiency not only reduces fuel cost, but also reduces operating downtime by achieving longer operating hours between refuelling.

Loop president and chief executive officer Ben Nyland said: "Loop Energy is thrilled to see our fuel cells in use with a global logistics leader like DP World and working alongside leading industry partners to launch this first-of-its-kind project at the Port of Vancouver. We believe hydrogen fuel cells are critical to enabling the decarbonization of large material-handling equipment like RTGs, and we look forward to the successful completion of this pilot to showcase its viability."

"British Columbians want a cleaner, climate-friendly future, and we know that hydrogen is going to help us get there," said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation. "Our vision is to build a low-carbon future that supports key sectors like commercial transportation while mitigating the impacts of climate change and meeting our greenhouse gas reduction targets."

"We are proud to take another tangible step towards reducing emissions at the Port of Vancouver by supporting the use of alternative, low-emission fuels and technologies like hydrogen through the low-emission technology initiative," said Duncan Wilson, vice-president of environment and external affairs at the Vancouver Fraser Port Authority. "We look forward to the launch of this important pilot project to test hydrogen-powered equipment at the Port of Vancouver towards our goal of phasing out all port-related emissions by 2050."

About Loop Energy Inc.

Loop is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop's products feature the company's proprietary eFlow technology in the fuel cell stack's bipolar plates. eFlow technology enables customers to achieve superior performance and higher fuel efficiency when using Loop's fuel cells, which lower operating cost for end-users while enabling original equipment manufacturers to achieve lower capital cost and faster time to market. Loop works closely with OEMs and major vehicle subsystem suppliers to enable the production of hydrogen electric solutions with its global network and integration support.