Loop Energy Inc (TSX: LPEN) and Morello Giovanni S.r.l. (Morello) announced the signing of a strategic cooperation agreement for the development and manufacture of heavy-duty hydrogen electric material handling equipment.
The agreement anticipates Loop supplying Morello with its eFlow™ fuel cell modules for integration into hydrogen electric heavy-duty tractors, purpose-engineered for the handling of extra-heavy loads inside industrial plants, including steel and paper mills.
The two companies are targeting design completion within the first half of 2021 followed by construction and deployment of the initial quantity of 10 heavy-duty tractors powered by Loop fuel cells with early adopter customers over the following 18 months.
As a global leader in extra-heavy material handling equipment, Morello is renowned for its industrial vehicles which can operate with payloads up to 1,000 tons. Previously, Morello successfully designed and launched a battery electric version of their heavy-duty industrial tractor vehicle.
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Amedeo Morello, co-owner of Morello:
By electrifying our heavy-duty material handling vehicles using fuel cells, we can provide customers with an environmentally friendly electric option that offers improved performance, yet with lower operating costs
“Hydrogen is the final piece of the puzzle, and we are excited about working with Loop to combine the benefits and learnings of our battery solution with Loop fuel cells to provide our customers with a product that delivers superior operating duration and a much faster refueling time.”
Loop Energy’s eFlow™ fuel cell modules have quickly gained market traction with customers in Asia, Europe, and North America due to their market-leading characteristics, including fuel efficiency and ease-of-integration.
Ben Nyland, President and Chief Executive Officer of Loop Energy:
Our partners at Morello have decades of experience designing and building material handling vehicles for some of the world’s roughest applications
“eFlow™ is a perfect match to support the mission critical customer requirements Morello is addressing with its zero-emission electric solution. We are very proud to be selected as a supplier of their hydrogen fuel cell solutions for these amazing machines.”
Loop Energy and Morello intend to pursue additional opportunities within multiple market verticals upon successful completion of the initial product launch.
Loop Energy and Morello Launch Strategic Cooperation in the Heavy-Duty Materials Handling Market, March 2, 2021
