Loop Energy, a hydrogen fuel cell manufacturer distributor based in South Korea, saw a surge in its shares after it secured a supply contract for a hydrogen electric bus project. With the shares rising by 8.8% to C$0.62 in morning trading, the year-to-date drop has narrowed to 41%.
This marks Loop Energy’s second design win in South Korea within a year, highlighting the country’s potential for market growth and the increasing demand for fuel cell technology.
The two-year project, led by bus manufacturer KAR Co., will introduce the hydrogen electric bus in Ulju-gun. The pilot bus is anticipated to be completed by 2024.
In addition to this development, Loop Energy and its Polish distribution partner, Drabpol, announced that the T605 fuel cell system has been chosen by electric bus manufacturer ARP E-Vehicles for its new hydrogen electric bus platform. This collaboration entails integrating Loop’s 60 kW fuel cell system into ARP E-Vehicles’ new bus designed for the municipal transit service market in Europe.
For more information, please contact Robb M. Stewart.