Técnicas Reunidas and Loop Energy sign joint Market Development Agreement to accelerate the commercialization of hydrogen-powered vehicles

Loop Energy (TSX:LPEN), a developer and manufacturer of hydrogen fuel cell-based solutions, announces their joint market development agreement with Técnicas Reunidas (TR) – a global provider of services for investors in hydrogen infrastructure based in Madrid, Spain. Under this agreement, both parties will aim to secure future opportunities that require both TR’s hydrogen know-how and Loop Energy’s fuel cell technology.

The initial scope of this joint market agreement focuses on providing hydrogen-based solutions to several key vertical markets: transport agencies, truck, transit and coach bus service fleets, materials handling, warehouse and port logistics including drayage, urban delivery services and stationary power applications. With the assistance of TR’s on-site production and supply equipment, creating hydrogen both via water electrolysis and steam reforming of natural gas, biogas or bioethanol, Loop will be able to provide more convenient and cost-effective hydrogen solutions to their global customers. Loop and TR are also exploring partnership opportunities to develop solutions that leverage both Loop’s proprietary eFlow™ fuel cell technology and TR’s know-how and experience in hydrogen technologies.

“We are ready to embark on this partnership with Loop Energy and strongly believe our experience in hydrogen technologies, paired with Loop’s proprietary eFlow technology, will aid in building a robust hydrogen electric vehicle market across North America and globally by simplifying the path to FCEV adoption,” said Miguel Angel Vega of Técnicas Reunidas.

This agreement further expands Loop Energy’s Total Customer Care initiative, aimed at combining a portfolio of industry leading ecosystem of service providers and suppliers that customers can trust in their hydrogen technology adoption and integration. This marks another step towards providing a solution for OEMs to accelerate time-to-market and reduce engineering bottlenecks.

“Our collaboration with Técnicas Reunidas is a major milestone in widening the hydrogen ecosystem and supporting our OEM customers in the market and sales channel development process,” said George Rubin, Chief Commercial Officer of Loop Energy. “This is yet another progressive chapter in the global acceleration of hydrogen adoption and we are excited to provide our clients with access to a broad range of the best-in-class hydrogen technology available through partnerships like these.”