Loop Energy Inc.

Loop Energy Inc.

May 05, 2016 10:00 ET

Loop Energy and CRRC to Develop Zero-Emission Powertrains for Heavy Duty Transport

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2016) - Loop Energy is pleased to announce a collaboration agreement with Hunan CRRC Times Electric Vehicle Co., Ltd. (a subsidiary of CRRC Corporation Ltd.) to develop zero emission power systems for heavy duty transportation applications.

The power system to be developed for the initial project will combine Loop's fuel cell technologies with CRRC's leading electric drive train system to provide a better performing solution for heavy-duty trucks in comparison to traditional diesel engines.

CRRC Corporation Ltd., with annual revenue of over $40 billion, is the largest supplier of rail transit equipment in the world and has 46 wholly-owned and majority-owned subsidiaries. Its subsidiary, Hunan CRRC Times Electric Vehicle Co., Ltd. is a world leader in developing and building green electric vehicles and drivetrains for a variety of vehicle classes and applications, having produced over 20,000 units of powertrains and more than 10,000 units of electric vehicles.

"This agreement with Hunan CRRC Times Electric Vehicle Co., Ltd. is a key step on our commercialization path," said Ben Nyland, President of Loop Energy. "CRRC's deep experience with electric drivetrains and components, combined with their ability to rapidly scale production, align perfectly with our deployment plans. End customers will benefit from this collaboration as we lead the path to a variety of economical, zero-emission vehicle solutions."

"We believe fuel cell electric drive systems are the ultimate solution for new energy vehicles," said Guo Wei, Vice General Manager of Hunan CRRC Times Electric Vehicle Co., Ltd. "We chose to partner with Loop Energy because their approach provides a clear path to driving down the cost of zero-emission transportation and to making zero-emission transportation commercially viable."

About CRRC

CRRC Corporation Limited (China Railway Rolling Stock Corporation) is a Chinese state owned rolling stock manufacturer, formed via the merger of China CNR Corporation Limited and CSR Corporation Limited in 2015. With greater than 90% market share in China, CRRC has one of the most advanced technologies in the world and the most complete portfolios including EMUs, urban transit vehicles, engineering machinery, all types of electrical equipment, electronic equipment and parts, electric products and environmental protection equipment, and etc. With its headquarters in Beijing, CRRC has over 175,000 employees. Visit: www.crrcgc.cc

About Loop Energy

Loop Energy provides zero-emission power systems for heavy-duty transport. Loop works with freight owners to design and deliver carbon-free transportation solutions using both electric and hydrogen technologies. Loop powertrains deliver superior performance to conventional diesel engines at a competitive cost of ownership, without subsidies. For more information about how Loop Energy is driving the future of zero-emissions, visit www.loopenergy.com.

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