Loop Energy quadruples revenue
|
By Luke Willetts - 10th May 2023
Canada – After listing on the stock exchange in February 2021, Loop Energy Inc, a manufacturer of hydrogen fuel cell systems based in Burnaby, British Columbia, Canada, announced that 2022 was a year of significant growth, quadrupling the number of purchase orders and doubling both its customer base and number of unit sales.
2022 revenues grew from CAD1.4 million (m) in 2021, to CAD3.3m. In order to achieve this, CAD27.9m was spent on expanding production and other operating costs (2021; CAD19.9m). This amounted to net end-of-year losses of CAD37.5m (2021; CAD25m).
