Loop Energy Strengthens Board and Executive Management, Focuses Resources Towards Highest-Growth Markets
VANCOUVER, British Columbia–(BUSINESS WIRE)–$LPEN–Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells, is delighted to announce the addition of Paul Cataford to its Board of Directors. Paul Cataford is a seasoned financial and business executive with over 30 years of success in finance, governance and strategy, specializing in emerging and high-growth technology-based companies. Cataford’s prior experience includes senior executive and board of directors positions with public and private companies including Titan Medical Inc. (NASDAQ and TSX) & Sierra Wireless Inc. (NASDAQ and TSX)
Cataford’s appointment continues the evolution of Loop Energy’s Board of Directors that began this year with the appointment of technology industry veteran Kent Thexton as the Chair of the Board. In conjunction with this appointment Allan Collings and Peter Johansson have resigned from the board.
“To provide guidance to Loop Energy in its next stage of growth, it is important to strengthen the board with depth of expertise across operations, technical and capital markets, along with the highest standards of corporate governance.” said Loop Energy Chairman of the Board Kent Thexton. “I want to extend my gratitude to Allan Collings and Peter Johansson for their dedication to the board, and am excited to welcome Paul Cataford to the company.”
Over the first nine months of 2022, Loop Energy has achieved significant growth including the quadrupling of purchase orders year-over year, doubling of its customer base, and posting a 2.5-time increase in unit sales year-over-year. Building on this foundation, Loop Energy’s strategy for 2023 will significantly intensify the focus of its corporate resources to support near- and mid-term growth markets such as EMEA, while taking a strategic readiness stance in the longer-term opportunity markets such as China.
Loop Energy President & CEO Ben Nyland added: ”With a solid set of customers in EMEA and a strong pipeline of meaningful opportunities, we are taking a more focused approach in our deployment of resources to provide Loop Energy a longer runway from our funds on hand, and a clear path to achieve profitability with near- and mid-term growth.”
In addition to the Loop Energy board appointment, Paul Cataford will also be joining the company’s executive management team as its interim Chief Financial Officer and Corporate Secretary. Paul Cataford’s track record of raising capital for emerging technology companies in Canada and the US, negotiating and closing deals with strategic partners and investors and engaging government sources of non-dilutive funding, along with his expertise and relationship with the capital markets in North America and globally, will bring significant value to Loop Energy as the company enters its next stage of growth. Paul Cataford replaces Damian Towns effective immediately.
“Paul’s exceptional leadership in finance and growth management will be critical as Loop Energy enters its next stages of growth,” said Loop Energy President & CEO Ben Nyland. “I am immensely thankful to Damian for his contributions and wish him well in his future endeavors. I am excited to welcome Paul and to work with him to take this company to the next level.”
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. At the core of this innovation is its modified geometry that delivers improved uniform current density across the entire active area and increases gas velocity throughout the plate to enhance performance and water management. This innovative design provides OEMs and fleet operators with new levels of fuel efficiency, peak power and durability. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Source: Loop Energy Inc.
Forward Looking Information
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, 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 disclaims any obligation to update these forward-looking statements.
Contacts
Investor Inquiries:
Investor Relations | Tel: +1-604-222-3400 | investors@loopenergy.com
Business Inquiries:
George Rubin | Tel: +1-604-828-8185 | grubin@loopenergy.com
Media Inquiries:
Ethan Hugh | Tel: +1-604-222-3400 Ext. 304 | ethan.hugh@loopenergy.com
Lucas Schmidt | Tel: +1-604-222-3400 Ext. 603 | lucas.schmidt@loopenergy.com
