Loop Energy Inc.

March 04, 2016 11:00 ET

Loop Energy Wins $7.5M Grant From Sustainable Development Technology Canada (SDTC) to Deploy Zero-Emissions Truck

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 4, 2016) - Loop Energy is pleased to announce that it has been awarded a $7.5 million grant from Sustainable Development Technology Canada (SDTC) to accelerate deployment of the company's new zero-emission powertrain for heavy-duty trucks.

Diesel trucks are a primary contributor to the release of greenhouse gases in North America, comprising four percent of total vehicles but accounting for twenty percent of emissions and oil use from the entire transportation sector. Without implementing solutions for heavy duty trucking, it will be impossible to reach emission reduction goals that 195 nations committed to at the recent COP21 Paris Climate Conference.

"SDTC is a real leader in vetting and supporting green technologies that will solve climate change," said Ben Nyland, President of Loop Energy. "This award reflects their conviction that Loop's zero-emission powertrain is a commercially competitive solution for heavy duty trucks, and that's a huge validation for us."

Loop zero-emission heavy duty powertrains enable the annual reduction of 64 tonnes of carbon dioxide per truck, equal to removing 15 automobiles each year from our roads. The Loop powertrain is ideally suited for urban freight applications, such as yard trucks and delivery trucks operating at commercial distribution centres, and drayage trucks operating at ports. The SDTC grant will accelerate the deployment of the Loop system in Class 8 trucks built by Peterbilt that will be put to work at a customer location.

"Sustainable Development Technology Canada (SDTC) is incredibly proud to support Loop Energy," said Leah Lawrence, President and CEO. "Our mission is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry. This zero-emission powertrain for heavy-duty trucks is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world."

For more information or to learn more about Loop Energy, please visit www.loopenergy.com.

About SDTC

Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit www.sdtc.ca.

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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