Loop Energy receives $9.75M funding from Government of Canada
The Jobs and Growth Fund investment will help Loop Energy scale our production capacities over the coming years.
Loop Energy has been awarded CA$9.75 million over three years from the Government of Canada through Pacific Economic Development Canada’s (PacifiCan) Jobs and Growth Fund.
Loop Energy will invest the funding into increasing the manufacturing capacities of its hydrogen fuel cell stacks and modules at its Burnaby, Canada, manufacturing facility.
The Jobs and Growth Fund helps businesses and organizations transition to a green economy and create jobs, and position local economies for long-term growth. In British Columbia, the Jobs and Growth Fund is delivered by Pacific Economic Development Canada, a regional development agency focused on British Columbia’s evolving economy. After being chosen for its contribution to the clean technology sector, Loop Energy will begin receiving funding in 2022 through 2025 as an interest-free loan. Loop Energy is required to start repaying the loan commencing 2025.
Demand for Loop Energy’s hydrogen fuel cell technology continues to grow as countries roll out various initiatives and regulations aimed at advancing the adoption of green energy solutions within the transportation and stationary power sectors. To grow its production volumes, Loop Energy aims to increase its fuel cell stack and module production by integrating testing equipment, adding an additional production line and identifying opportunities for vertical integration to secure its supply chain.
Damian Towns, Loop Energy CFO, said, “Loop Energy appreciates the Government of Canada’s contribution and sees this as an indicator of the commitment to transition to clean technologies, including hydrogen, to support the global clean energy transition.”
Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada, added, “Investments in companies like Loop Energy show that B.C. is building a new green climate industry, while creating well-paying middle class jobs in our communities. I look forward to seeing Loop Energy scale up to meet the rising global demand for hydrogen fuel cell technology, and build a cleaner and greener future for all.”
