Wedoany.com Report-Dec 10, Canadian hydrogen-based e-natural gas (e-NG) producer Teralta has acquired the embattled fuel cell manufacturer Loop Energy as it looks to broaden its hydrogen portfolio.
Teralta revealed it had acquired 100% of Loop’s issued and outstanding common shares as part of the firm’s bankruptcy proceedings after it delisted itself from the Toronto Stock Exchange (TSX).
Loop launched a major cost-cutting programme in September 2023 which saw it reduced to just 15 employees after it said it had been struck by headwinds such as rising inflation, growing trade barriers, onshoring and growing geopolitical tensions.
Despite attempted mergers to weather the storm, in its final quarterly financial report, released in May, Loop revealed it would need additional funds within two months to “continue as a going concern.”
At the end of 2022, the company had logged record orders and revenues, securing $2.6m in revenues for the first nine months of the year from 61 orders.
However, Vancouver-headquartered Teralta said Loop provided “an unmatched combination of fuel efficiency, power density and fuel durability with proprietary designs and technological advancements, including its patented Loop Energy eFlow ™ technology.”
Viewing fuel cell technology as “essential” to its mobile energy business, Teralta said the acquisition will allow it to extend its reach to support more use cases such as data centres, mining and construction.
Furthermore, Loop’s location in Burnaby will now become Teralta’s new head office.
“The two companies combined will advance the mission, evolving the business model by combining Loop technology with Teralta’s clean hydrogen production, storage and delivery infrastructure,” said Simon Pickup, CEO of Teralta.
