Hydrogen fuel cells are the name of the game for Loop Energy, a company with humble Chilliwack beginnings. (Loop Energy photo)

Hydrogen fuel cells are the name of the game for Loop Energy, a company with humble Chilliwack beginnings. (Loop Energy photo)

Fuel cell company that started in Chilliwack about to go public on the Toronto Stock Exchange

Loop Energy was founded by Chilliwack’s David Leger and many Chilliwackians were initial investors

A Chilliwack company that started in a garage more than two decades ago is about to hit it big.

Loop Energy is going public on the Toronto Stock Exchange, with the gross proceeds of the initial offering of shares expected to be $100-million.

Loop Energy, founded by Chilliwack’s David Leger, is on the leading edge of fuel cell technology, with its cells targeted for the electrification of light commercial vehicles, transit buses and medium and heavy duty trucks.

Cummins Inc. has been a significant investor in Loop Energy, viewing hydrogen fuel cells as a cost-effective and environmentally positive substitute for diesel. According to its prospectus, Loop Energy expects the worldwide market for its type of products to jump from $13.5 billion in 2021 to $50-billion by 2030.

RELATED: Hydrogen vehicles entering zero-emmission auto market in B.C.

RELATED: Plan to put hydrogen trains on interurban line from Surrey to Chilliwack picks up speed

According to its prospectus, Loop Energy’s product orders went from zero in December 2019 to $16.4 million in January 2020.

According to a Loop Energy news release, “the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates, eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization.”

Loop Energy is a longtime partner of Canada’s National Research Council and currently has 36 full-time employees. It is now based on Production Way in Burnaby. Ben Nyland is the Chief Executive Officer.

National Bank Financial Inc. will be serving as lead underwriter for the company’s public offering.


@ProgressSports
eric.welsh@theprogress.com

Like us on Facebook and follow us on Twitter.

Business and Industrialchilliwack

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Free Reformed Church is seen as people attend service, in Chilliwack, B.C., on Sunday, Feb. 21, 2021. Lawyers for the British Columbia government and the Justice Centre for Constitutional Freedoms are back in B.C. Supreme Court today, squaring off over the legality of COVID-19 rules that prohibit in-person religious services. THE CANADIAN PRESS/Darryl Dyck
B.C. top doctor has power to restrict access to a place during health hazard: lawyer

Under B.C.’s Public Health Act, Jacqueline Hughes says, Henry can restrict or prevent entry to a place

These free, postage-paid postcards were sent to 13.5 households across Canada. Have you mailed yours? (Jennifer Feinberg/ The Chilliwack Progress)
OPINION: Singing the praises of these postcards of positivity

I typed this ode to the loveliness of hand-written notes on a computer but the point still stands

Snow is still coming down in Hemlock Valley. (Emil Anderson Maintenance/Twitter)
VIDEO: Spring is coming, but snow sticking around in Hemlock Valley

If you’re up the mountain, don’t put away your toques just yet

The incident occurred at approximately 10 a.m. amid heavy rains on the 29900 Block of the highway, near the Silverdale community. Shane MacKichan photo.
VIDEO: Late-night rollover crash on Lougheed Highway in Mission sends 2 to hospital

Jaws of Life used; patients sustained non-life threatening injuries

Sgt. Zi Shen Wang of 147 Royal Canadian Air Cadet Squadron in Chilliwack is one of 14 Canadian cadets to perform in the Commonwealth Day cadet band concert on March 8. (Submitted)
Chilliwack cadet to perform in international concert on Commonwealth Day

15-year-old Air Cadet Sgt. Zi Shen Wang one of 14 Canadian cadets to perform in concert

Provincial health officer Dr. Bonnie Henry updates B.C. on the COVID-19 situation. (B.C. government)
Dr. Bonnie Henry predicts a ‘post-pandemic world’ for B.C. this summer

‘Extending this second dose provides very high real-world protection to more people, sooner’

The Netflix logo on an iPhone. B.C. delayed imposing sales tax on digital services and sweetened carbonated beverages as part of its response to COVID-19. Those taxes take effect April 1, 2021. THE CANADIAN PRESS/AP, Matt Rourke
B.C. applies 7% sales tax on streaming, vaping, sweet drinks April 1

Measures from 2020 budget were delayed due to COVID-19

Chief Don Tom of the Tsartlip First Nation was outraged after Green MLA Adam Olsen revealed on social media that the community had been experiencing a COVID-19 outbreak – a fact the First Nation had chosen to keep private to avoid racist backlash as experienced by the Cowichan Tribes when an outbreak was declared there in January. (Black Press Media file photo)
B.C. First Nation ‘outraged’ after Green MLA reveals COVID-19 outbreak

Tsartlip First Nation chief shares concerns about racist backlash, MLA apologizes

A lawyer wears a face mask and gloves to curb the spread of COVID-19 while waiting to enter B.C. Supreme Court, in Vancouver, B.C., Friday, Aug. 28, 2020. British Columbia’s highest court has sided with the land owner in a dispute over public access to public land. THE CANADIAN PRESS/Darryl Dyck
B.C. high court finds in favour of large landowner in fight over access to pair of lakes

The Nicola Valley Fish and Game Club launched legal action after the cattle company blocked road and trail access

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Prime Minister Justin Trudeau holds a press conference in Ottawa Friday, March 5, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Trudeau holds firm on premiers’ health-care funding demands, COVID-19 aid comes first

Premiers argue that the current amount doesn’t keep pace with yearly cost increases of about five per cent

A vial of some of the first 500,000 of the two million Oxford-AstraZeneca COVID-19 vaccine doses that Canada has secured through a deal with the Serum Institute of India in partnership with Verity Pharma at a facility in Milton, Ont., on Wednesday, March 3, 2021. THE CANADIAN PRESS/Carlos Osorio - POOL
B.C. dentists and bus drivers want newly-approved Oxford-AstraZeneca vaccine

BC Dental Association says dentists and their teams cannot treat patients remotely

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

President of the BC Teacher’s Federation (BCTF) Teri Mooring is calling for teachers to be vaccinated for COVID-19 by summer. THE CANADIAN PRESS/Chad Hipolito
Why it’s ‘urgent’ B.C. teachers get vaccinated from COVID-19 before summer

President Teri Mooring says not enough is being done to prevent virus transmission in schools

Most Read