A Chilliwack company that started in a garage more than two decades ago is about to hit it big.
Loop Energy is going public on the Toronto Stock Exchange, with the gross proceeds of the initial offering of shares expected to be $100-million.
Loop Energy, founded by Chilliwack’s David Leger, is on the leading edge of fuel cell technology, with its cells targeted for the electrification of light commercial vehicles, transit buses and medium and heavy duty trucks.
Cummins Inc. has been a significant investor in Loop Energy, viewing hydrogen fuel cells as a cost-effective and environmentally positive substitute for diesel. According to its prospectus, Loop Energy expects the worldwide market for its type of products to jump from $13.5 billion in 2021 to $50-billion by 2030.
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According to its prospectus, Loop Energy’s product orders went from zero in December 2019 to $16.4 million in January 2020.
According to a Loop Energy news release, “the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates, eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization.”
Loop Energy is a longtime partner of Canada’s National Research Council and currently has 36 full-time employees. It is now based on Production Way in Burnaby. Ben Nyland is the Chief Executive Officer.
National Bank Financial Inc. will be serving as lead underwriter for the company’s public offering.
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