23/08/2022 by OilStoreAdministrator
Canadian firm Loop Energy has announced its intention to open a new facility in Grays, Essex to supply the commercial vehicle sector with hydrogen fuel cells.
The new hub will help Loop Energy to respond to the increasing demand for hydrogen fuel cells, which is being driven by carbon-reduction initiatives in Europe, such as the UK’s upcoming ban on the sale of petrol and diesel-only cars in 2030.
Hydrogen provides an alternative to battery storage for vehicles because it can be consumed by fuel cells to generate electricity without emitting carbon or other pollutants. Traditional oil majors like Shell and BP, the maker of Castrol commercial vehicle oil, have also planned investments in producing hydrogen through low-carbon means.
Ben Nyland, the CEO and President of Loop Energy, said that the decision to invest in the UK market:
“…is strategic to serve both the UK and the rest of Europe. We expect to service a truck and bus market size upwards of $15 billion [equivalent to around £12.5bn] over the next two to three years, and our UK facility is established as the localised support centre for these vehicles.”
Loop Energy currently has a presence at its Canadian headquarters, its manufacturing facilities in China and Canada and market offices in Europe and China. The new Essex facility will be just four miles from the Tilbury site owned by Tevva, a maker of fuel-cell electric lorries that recently agreed to buy approximately £10 million in fuel cells from Loop Energy.
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