Altogether, the bus and coach group will raise gross proceeds of approximately USD444m through the refinancing plan.

The company announced its South Korean distributor, NGVI, has secured a supply contract for a hydrogen electric bus project with a second municipality in the country, this time with the county of Ulju. Loop will supply its trademarked hydrogen fuel cell system (eFlow).

The onboard engines are modified to run on LNG with Westport’s high-pressure direct injection (HPDI) system.

Tony Guglielmin, Chairman of the Audit Committee, will act as interim CEO until a permanent replacement is found.

With deliveries set for Q4 of 2023, the lithium-ion battery pack comes in two forms, the HV-90 (35 kWh) and HV-180 (70 kWh) and will serve both 400V and 800V applications. With a 25-year projected lifetime, the company claims these are the longest-lasting high-voltage batteries available on the market today.

The company has announced it is set to supply fuel cell systems to an unnamed hydrogen-electric fire truck OEM, marking a milestone for the company. Loop Energy will install two of its T505 fuel cell systems in the fire truck.  

By the end of 2023, the factory will be producing up to 2,500 electric school buses a year whilst employing 1,400 new staff members.

The cement and concrete manufacturer, based in Calgary, Alberta, is looking to transition its fleet to 100% electric vehicles with Vicinity Motor’s Class 3 ‘VMC 1200’ trucks.

The joint venture, which will make use of Westport assets and intellectual property, will receive an initial USD28m investment from Volvo, giving it a 45% stake.

Hydrogenics’ fuel cell and electrolyser capabilities will be incorporated within Cummins’ new business unit for zero-emission technologies called ‘Accelera’.

This now extends Loop’s footprint beyond South Korea, Italy and Australia and now into Poland. The company calculates that its fuel cells are being used in 12,000 buses, a number that is only growing.

The tests will enable First Hydrogen to gather data on fuel consumption, usage and efficiency, to therefore calculate the Total Cost of Ownership (TCO) more accurately.