Hydrogen fuel cell developer Loop Energy signed a multi-year $12 million supply agreement with Tevva Motors through 2023.
Tevva will integrate the fuel cell systems by Loop Energy into its manufacturing process while scaling its Hydrogen-Electric Trucks production.
The latest order builds upon Tevva’s previous orders for 2022. For Loop Energy, this order marks a significant increase in order volume for 2023 and ascertains the potential of the firm to meet its order guidance.
“The market for zero-emissions commercial vehicles continues to develop quickly, and this supply agreement with Tevva puts Loop Energy on the path to not only technology leadership, but fuel cell market leadership,” Loop Energy President & CEO, Ben Nyland said. “This is amongst the largest fuel cell product supply agreements in recent years. The contract with Tevva is indicative of the surge in interest we see in Europe for hydrogen-electric vehicles and the fuel cells that power them. Tevva is quickly establishing itself as a leader in the zero-emission commercial vehicle market in Europe, and we are looking forward to providing the fuel cell systems they need to succeed.”
The first Hydrogen-Electric Trucks are expected to hit the road this year.
”Development of our Hydrogen-Electric Truck platform has been extremely encouraging, and we are seeing growing demand for our product line,” Tevva Founder & CEO, Asher Bennett said. ”Loop Energy continues to show it can support our production targets and provide a fuel cell solution that will deliver lower costs and improved performance to our customers. As a result, we are moving closer to our corporate goal of reducing 10 million tonnes of global transportation CO2 emissions by 2030.”
In its first quarter report, Loop counted 24 purchase orders, already eclipsing its total for all of 2021.
