Hydrogen fuel cell manufacturer Loop Energy has seen record purchase orders in the nine months to 30 September 2022, according to its latest financial results.
Announcing its third quarter consolidated results this week, the company said it has exceeded its original purchase order guidance for 2022, notching up 61 purchase orders, compared to 13 orders over the same period last year, of which nine orders were received in Q3 2022, up from one order in Q3 2021.
Loop Energy’s third quarter results also revealed record quarterly revenues of $2.6m (£2.27m) for the nine months, and $1.4m (£1.22m) for the three months to September 30, 2022.
The news comes after Loop Energy announced its 120-kW fuel cell system, the S1200, which builds on Loop Energy’s existing technology, to provide an additional efficiency gain of 20% when it generates electricity.
The S1200 opens up a new market for Loop Energy as the product is specifically designed for medium- to heavy-duty commercial vehicles, which is a step up in power range and scope compared to its other fuel cell products.
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The fuel cell is designed to deliver up to 60% in net system efficiency, enabling an electric vehicle powered by a Loop Energy fuel cell to deliver up to 54% fuel to wheel efficiency compared to the typical fuel to wheel efficiency delivered by a diesel engine powered vehicle of 20% to 25%.
Loop Energy hailed the S1200 as a “next-generation technology (which) will significantly benefit commercial vehicle manufacturers, fleet operators and associated industries, as well as the global clean energy transition as governments seek to reach net zero emissions by 2050.”
Damian Towns, Loop Energy chief financial officer, said “We have continued to build on our history of executing with record quarterly and annual revenues driven by our strong growth in purchase orders and customer base.
“A highlight of the excellent progress made in achieving our stated objective for 2022 is reducing unit costs by 25%, which currently stands at 39% for the first nine months of the year. Our team has also continued to deliver with the launch of our 120-kW product, which uses our next-generation bipolar plate technology. Overall, we remain very upbeat about the progress made, not only during Q3 but also the year to date.”