RCS - Loop Energy Inc - DP World Selects TYCROP and Loop Energy
13/09/2023 08:15
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230913:nRSM2329Ma&default-theme=true RNS Number : 2329M Loop Energy Inc 13 September 2023 DP World Selects TYCROP and Loop Energy for Solution to Decarbonize RTG Cranes at Port of Vancouver VANCOUVER, BC / ACCESSWIRE / September 12, 2023 / Loop Energy™ (TSX:LPEN), a leading hydrogen fuel cell manufacturer, and TYCROP, a leading industrial manufacturing and engineering company based in Chilliwack BC, are pleased to announce being selected to provide a hydrogen electric solution for the global supply chain leader DP World pilot project to decarbonize its rubber-tired gantry cranes (RTGs) fleet at the Port of Vancouver. The design and manufacturing of DP World's RTG pilot project is led by TYCROP Manufacturing Ltd, a leading industrial manufacturing and engineering company headquartered in Chilliwack BC, and brings together a consortium of companies in British Columbia's burgeoning hydrogen sector, including Loop Energy as fuel cell supplier and HTEC for hydrogen fuel supply. With 1,500 RTGs operating globally, DP World is one of the world's largest port operators with over 80 terminals across 40 countries. DP World has committed to cut CO2 emissions from its global operations by nearly 700,000 tons over the next five years and net zero carbon enterprise by 2050, which includes replacing its global fleet of assets from diesel to electric, investing in renewable power and exploring alternative fuels. With RTGs accounting for as much as 50% of shore-segment carbon emissions, DP World views development of a carbon-neutral solution for this segment of its operations as a critical component to achieving its overall decarbonization strategy. "Decarbonisation is a core focus for DP World, and we are proud to work with our local partners to deliver an innovative made in BC solution to reduce CO2 emissions from our Vancouver terminal operations. This vital pilot project aligns with DP World's global commitment to becoming carbon neutral by 2040," said Joel Werner, DP World General Manager - Vancouver. To view the image (Click Here (https://www.accesswire.com/users/newswire/images/783039/dp%20world%20rtg%20crane.jpg) ) DP World's rubber-tired gantry crane will be fitted with a TYCROP-designed dual fuel system powered by two of Loop Energy's T505 fuel cell systems. The pilot project will see DP World's first RTG powered by hydrogen fuel cell systems put into operation at the Port of Vancouver. The RTG pilot is expected to begin operation in Q2 2024, and will be used as a demonstrator to scale the electrification across the organization's global fleet in subsequent phases. Rubber-tired gantry cranes have a unique set of operating requirements that makes hydrogen fuel cells the viable pathway for achieving zero emissions, in a way that is not achievable by diesel-electric hybrid solutions. Hydrogen is refueled quickly, allowing no compromise on their all-day operating hours, and fuel cells can operate efficiently and reliably under different weather conditions and power requirements. DP World has chosen to conduct the pilot at the Port of Vancouver not only because the region is a hotbed of world-leading fuel cell and hydrogen companies, but also for the regional business ecosystem that is strongly supported by the Province of BC. As an industrial design and manufacturing company, TYCROP invested and entered a strategic partnership with hydrogen specialist H2 Portable to rapidly develop and deploy a Hydrogen Electric Generator (HEG) for DP World. TYCROP's long-standing record in design, construction and execution of complex and operationally imperative equipment was a key qualifier to DP World's selection, with the RTG testing conducted in real port conditions and everyday terminal operations. Loop Energy's hydrogen fuel cells were selected for their high fuel efficiency, a key differentiator of the company's eFlow™ proprietary technology. Fuel consumption plays a central role in decarbonizing RTGs given they operate up to 20 hours per day, where higher fuel efficiency not only reduces fuel cost, but also reduces operating downtime by achieving longer operating hours between refueling. Loop Energy President and CEO, Ben Nyland said, "Loop Energy is thrilled to see our fuel cells in use with a global logistics leader like DP World, and working alongside leading industry partners to launch this first-of-its-kind project at the Port of Vancouver. We believe hydrogen fuel cells are critical to enabling the decarbonization of large material handling equipment like RTGs, and we look forward to the successful completion of this pilot to showcase its viability." "British Columbians want a cleaner, climate friendly future, and we know that hydrogen is going to help us get there," said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation. "Our vision is to build a low-carbon future that supports key sectors like commercial transportation while mitigating the impacts of climate change and meeting our greenhouse gas reduction targets." TYCROP President and CEO, Scott Mason said, "We've developed a ground-breaking 'HEG' capable of replacing 1 megawatt of diesel power and eliminating the consumption of 80,000 liters of diesel fuel each year. The HEG, combined with a lithium battery and our energy regeneration technology, provides DP World with class-leading energy efficiency. We are excited to see this technology come to life, and together with the team at H2 Portable, explore other future applications." "We are proud to take another tangible step towards reducing emissions at the Port of Vancouver by supporting the use of alternative, low-emission fuels and technologies like hydrogen through the Low-Emission Technology Initiative," said Duncan Wilson, Vice President of Environment and External Affairs at the Vancouver Fraser Port Authority. "We look forward to the launch of this important pilot project to test hydrogen-powered equipment at the Port of Vancouver, towards our goal of phasing out all port-related emissions by 2050." About DP World Trade is the lifeblood of the global economy, creating opportunities and improving the quality of life for people around the world. DP World exists to make the world's trade flow better, changing what's possible for the customers and communities we serve globally. With a dedicated, diverse and professional team of more than 106,500 employees from 158 nationalities, spanning 73 countries on six continents, DP World is pushing trade further and faster towards a seamless supply chain that's fit for the future. We're rapidly transforming and integrating our businesses -- Ports and Terminals, Marine Services, Logistics and Technology - and uniting our global infrastructure with local expertise to create stronger, more efficient end-to-end supply chain solutions that can change the way the world trades. What's more, we're reshaping the future by investing in innovation. From intelligent delivery systems to automated warehouse stacking, we're at the cutting edge of disruptive technology, pushing the sector towards better ways to trade, minimising disruptions from the factory floor to the customer's door. About TYCROP Manufacturing TYCROP Manufacturing Ltd, established in 1978, is a leading manufacturer of innovative equipment serving diverse industries such as transportation, renewable energy, oil & gas, agriculture, waste & recycling, forestry, shipbuilding, mining, and construction. Committed to the principles of "Clean Air, Clean Water, Clean Energy," TYCROP is dedicated to developing environmentally sustainable solutions. About Loop Energy Inc. Loop Energy™ is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop Energy's products feature the company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates. eFlow™ technology enables customers to achieve superior performance and higher fuel efficiency when using Loop Energy's fuel cells, which lowers operating cost for end users while enabling OEMs to achieve lower capital cost and faster time to market. Loop Energy works closely with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen electric solutions with our global network and integration support. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com (https://pr.report/vdJ4FMj7) . Forward Looking Warning This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Particularly, statements regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, the ability of the Company's eFlow™ technology to maintain uniform operation over time, the impact of such technology on fuel cell durability, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company's products, growth in demand for the Company's products, the Company's ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 23, 2022. Loop Energy disclaims any obligation to update these forward-looking statements. DP World Media Inquiries: Angela Kirkham | Tel: +1.604.880.7828 | angela.kirkham@dpworld.com (mailto:angela.kirkham@dpworld.com) TYCROP Manufacturing Inquiries: Scott Mason | Tel: +1.604.794.7078 | scott@TYCROP.com (mailto:scott@TYCROP.com) H2 Portable Inquiries: Dag Hinrichs | Tel: +1 503.686.3341 | dag.hinrichs@h2portable.com (mailto:dag.hinrichs@h2portable.com) Loop Energy Sales Inquiries: George Rubin | Tel: +1 604.222.3400 | solutions@loopenergy.com (mailto:solutions@loopenergy.com) Loop Energy Media Inquiries: Ethan Hugh | Tel: +1.604.222.3400 ext. 304 | ethan.hugh@loopenergy.com (mailto:ethan.hugh@loopenergy.com) SOURCE: Loop Energy Inc This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END NRAFFFLIAFIFLIV