British Columbia — Loop Energy announces it has been awarded $9.75 million CAD over three years from the Government of Canada through Pacific Economic Development Canada’s (PacifiCan) Jobs and Growth Fund.
Loop Energy says it’ll 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, create jobs, and position local economies for long-term growth. In British Columbia, the Fund is delivered by Pacific Economic Development Canada, a regional development agency focused on British Columbia’s evolving economy.
As an interest-free loan, Loop Energy will begin receiving funding in 2022 through 2025 and is required to start repaying the loan commencing 2025.
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.
“The Jobs and Growth Fund investment will help Loop Energy scale our production capacities over the coming years,” said Loop Energy Chief Financial Officer, Damian Towns. “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.”