The Globe and Mail reports in its Tuesday edition that Loop Energy Inc. is looking to raise $100-million in an initial public offering, capitalizing on a recent investor craze for clean-energy companies.
The Globe's Tim Kiladze writes that formed in 2000 in Burnaby, B.C., Loop makes fuel-cell systems to electrify commercial vehicles. The company developed its first product prototype in 2016 and has been commercializing the system in recent years.
Much like hometown rival Ballard, Loop is betting that battery-only electric fleets will not offer commercial users as many benefits, unless they make a big trade-off on their cargo capacity. A fuel-cell system is lighter and less range-constrained than a battery-electric system, and the vehicle it powers can be refuelled as quickly as a gas tank.
The company's proprietary fuel-cell system, known as the eFlow bipolar plate, is powered with hydrogen and its only waste byproduct is water. Loop says its system will have better fuel efficiency and higher durability than its competitors, and management is currently focused on selling it to producers of light-commercial vehicles and medium-duty trucks in Europe and China. Loop's IPO is being led by National Bank Financial.
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