Loop Energy Outperforms Competition to be Selected as Tevva’s Fuel Cell Supplier and Grows European Customer Base

Loop EnergyT (TSX: LPEN), a developer and manufacturer of hydrogen fuel cell
solutions, announces it has won the tender process to supply Tevva Motors
Ltd. (“Tevva”), a British electric and hydrogen truck pioneer, with its T505
(50 kW) Series fuel cell system for Tevva’s 7.5 tonne electric truck
platform. The partnership grows Loop Energy’s European customer base and
provides the opportunity for its fuel cells to power numerous vehicles in
the coming years.

Tevva’s tender process began with a single unit order in Q4 2021 to evaluate
and test the fuel cell system. Loop Energy’s product outperformed multiple
offerings from international fuel cell manufacturers. The evaluation process
focused on fuel efficiency and reliability, and to ensure seamless
integration with Tevva’s Fuel Cell Range Extender for its 7.5t truck
platform. The truck is designed to provide operators with up to 500
kilometres (310 miles) of all-season service range.

Following testing, Tevva selected Loop Energy as its supplier and placed
initial orders for multiple units. It now enters the Scale-Up Phase of Loop
Energy’s Customer Adoption Cycle. The orders were included in the company’s
previously announced purchase orders for 2022. Both companies are now
working towards finalizing a broader supply agreement.

“By combining Loop Energy’s hydrogen fuel cell with our 7.5t battery
electric truck platform, Tevva is taking an exciting step towards delivering
our zero-emission range-extended trucks,” said Tevva Founder & CEO, Asher
Bennett. “Our customers are passionate about the cost, performance and
emissions of their fleets, so we are highly selective about the energy
systems in our trucks. We are delighted to find a technology partner in Loop
Energy that can support our ambitious performance expectations and growth
plans – that aim to remove 10 million tonnes of global transportation CO2
emissions by 2030.”

“Our customers are at the heart of everything we do, so we are delighted to
be selected to deliver products that meet Tevva’s performance expectations,”
said Loop Energy President & CEO, Ben Nyland. “The order shows we have the
technology and production capabilities to supply to OEMs who are dedicated
to manufacturing the next generation of commercial vehicles as we move
towards meeting zero-emissions requirements.”

About Tevva Motors Ltd.

Tevva is a British electric and hydrogen truck pioneer. Tevva designs and
manufactures zero-emission medium-duty trucks with a revolutionary
combination of battery electric and hydrogen fuel-cell range extender
technology. Tevva trucks are built to revitalize urban freight and logistics
– optimising range, cost, driver experience, and environmental impact. Tevva
trucks are already on the road and have accrued hundreds of thousands of
miles in customer hands. For more information, please visit
https://www.tevva.com.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of fuel cell systems
targeted for the electrification of commercial vehicles, including light
commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s
products feature the company’s proprietary eFlowT technology in the fuel
cell stack’s bipolar plates. eFlowT is designed to enable commercial
customers to achieve performance maximization and cost minimization. Loop
works with OEMs and major vehicle sub-system suppliers to enable the
production of hydrogen fuel cell electric vehicles. For more information
about how Loop is driving towards a zero-emissions future, visit
www.loopenergy.com.