Loop Power to supply the gas cell system for its new hydrogen-powered eBull forklift product.

VANCOUVER, BRITISH COLUMBIA and OXNARD, CALIFORNIA – February 27, 2023 – Loop Power^™ (TSX: LPEN), a designer and producer of hydrogen gas cell options, has been chosen by Wiggins Raise Co., a number one American materials dealing with car producer, to supply the gas cell system for its new hydrogen-powered eBull forklift product. Loop Power will ship the system and start commissioning in Q2 2023 to help industrial deployment of the hydrogen-electric forklifts in late 2023.

Wiggins gives materials dealing with automobiles to port, marina and warehouse operators throughout the US and is dedicated to providing its prospects secure, dependable, zero-emissions industrial forklifts. Its resolution to fabricate hydrogen-electric forklifts is because of the working advantages gas cell engines supply, together with quick refuelling occasions and the power to fulfill a variety of obligation cycles. The California-based firm was one of many first producers to supply battery-electric forklifts. With rising buyer demand, it goals to be an early mover within the hydrogen-electric materials dealing with car section.

The fabric dealing with market has been a key progress space for each battery-electric and hydrogen-electric automobiles. The worldwide forklift truck section is estimated to require over 1.5 million models of forklift vans each year, with as many as 60% of those vans being absolutely electrified.

Wiggins’ transition is partly motivated by ports in California focusing on to realize internet zero by 2030. Confronted with a strained electrical grid, hydrogen has emerged as an accessible, zero-emissions answer to finish port operations. Proof of that is the Port of Los Angeles’ Shore-to-Retailer mission, which included unveiling two new high-capacity hydrogen fueling stations in 2022. Wiggins has prospects working its electrical forklifts on the Port of Stockton and Port of West Sacramento and expects to satisfy deliveries to the Port of San Diego, Port of Lengthy Seaside and Port of Hueneme this 12 months.

Powered by a Loop Power S300 (30 kW) gas cell system, Wiggins’ eBull forklift will transport boats, bulk cargo and gear at ports and marinas. The extreme and lengthy obligation cycles of fabric dealing with automobiles imply that operational uptime and gas consumption are key contributors to an operator’s whole price of possession. Wiggins chosen Loop Power as its expertise supplier after impressing throughout key metrics, together with gas effectivity, working lifetime and integration and after-sales help.

“Loop Power is proud to be chosen by a market chief comparable to Wiggins within the push to decarbonize materials dealing with automobiles throughout ports in California,” mentioned Loop Power President & CEO, Ben Nyland. “Wiggins’ automobiles function in a few of the world’s busiest and most efficient ports. Their resolution to decide on our gas cells additional validates our expertise and hydrogen’s position in reworking this huge market section.”

“We see the elevated operational uptime and capability to realize greater obligation cycles that gas cell-powered automobiles can supply as key factors of distinction for our prospects,” mentioned Wiggins Raise Co. CEO, Michele Wiggins. “Loop Power’s dedication to buyer help and delivering a high-performing product made it straightforward to decide on them as our expertise supplier.”

About Wiggins Raise Co.

Wiggins Raise Co. Inc. is a premier producer of high-capacity forklifts for marine, industrial, agriculture, navy, and different specialised purposes. With capacities ranging to 88,000 kilos, Wiggins’ high-capacity, specialised forklifts have established the corporate as a worldwide provider for materials-handling machines. Some purposes embody boat-handling for dry-stack marina storage and material-handling machines for the navy operation in heavy seas on board the US Navy’s Littoral Fight Ship. Different machines present distinctive options for mining organizations, breakbulk, and agricultural enterprises. Some prospects embody authorities businesses, such because the Atomic Power of Canada and the USA’s Jet Propulsion Laboratory. The corporate was based within the Fifties in Oxnard, Calif. and stays household run and owned to at the present time.

About Loop Power Inc.

Loop Power is a number one designer and producer of gas cell methods focused for the electrification of economic automobiles, together with gentle industrial automobiles, transit buses and medium and heavy-duty vans. Loop Power’s merchandise function the corporate’s proprietary eFlow™ expertise within the gas cell stack’s bipolar plates. eFlow is designed to allow industrial prospects to realize efficiency maximization and value minimization. Loop Power works with OEMs and main car sub-system suppliers to allow the manufacturing of hydrogen gas cell electrical automobiles. For extra details about how Loop Power is driving in the direction of a zero-emissions future, go to www.loopenergy.com.

Ahead Wanting Warning

This press launch accommodates forward-looking info inside the which means of relevant securities laws, which replicate administration’s present expectations and projections concerning future occasions. Significantly, statements concerning the Firm’s expectations of future outcomes, efficiency, achievements, prospects or alternatives or the markets wherein we function is forward-looking info, together with with out limitation, buy orders, price discount, profitability and income targets; our future progress prospects and enterprise outlook together with with out limitation the anticipated demand for our merchandise, the allocation of assets and funds, the anticipated timeline for profitability, the deliberate progress of our buyer base and the anticipated progress of our operations globally. Ahead-looking info is predicated on quite a few assumptions (together with with out limitation assumptions with respect the present and future efficiency of the Firm’s merchandise, progress in demand for the Firm’s merchandise, the Firm’s means to execute on its technique, obtain its targets and progress present and future prospects via the Buyer Adoption Cycle in a well timed approach, and is topic to quite a few dangers and uncertainties, a lot of that are past the Firm’s management and will trigger precise outcomes and occasions to range materially from these which are disclosed, or implied, by such forward-looking info. Such dangers and uncertainties embody, however will not be restricted to, the belief of electrification of transportation and hydrogen adoption charges, the elimination of diesel gas and ongoing authorities help of such developments, the anticipated progress in demand for gas cells for the industrial transportation market, our means to acquire future patent grants for our proprietary expertise and the effectiveness of present and future patents in defending our expertise and the elements mentioned beneath “Danger Components” within the Firm’s Annual Info Type dated March 23, 2022. Loop disclaims any obligation to replace these forward-looking statements.

Supply: Loop Power Inc.

Investor Inquiries

Natalie Arseneau  |  Tel: +1 604.222.3400 Ext. 418  |  [email protected]

Gross sales Inquiries:

Thomas Rost  | Tel: +1 317.260.0502  |  [email protected]

Media Inquiries

Lucas Schmidt  |  Tel:+1.778.791.8756  |  [email protected]

Wiggins Raise Co. Inquiries:

Micah McDowell  |  Tel: (805) 574-7631  |  [email protected]