Loop Energy in Burnaby has had a big growth spurt, adding 60 workers to its Production Way facility in a year to push the employee total to 100.
Now it’s announced that it has been awarded $9.75 million over three years from the Government of Canada through Pacific Economic Development Canada’s (PacifiCan) Jobs and Growth Fund.
Loop Energy will invest the funding into increasing the manufacturing capacities of its hydrogen fuel cell stacks and modules at its Burnaby manufacturing facility.
After being chosen for its contribution to the clean technology sector, Loop Energy will begin receiving funding in 2022 through 2025 as an interest-free loan. Loop Energy is required to start repaying the loan starting in 2025.
“Demand for Loop Energy’s hydrogen fuel cell technology continues to grow as countries roll out various initiatives and regulations aimed at advancing the adoption of green energy solutions within the transportation and stationary power sectors,” said a news release. “To grow its production volumes, Loop Energy aims to increase its fuel cell stack and module production by integrating testing equipment, adding an additional production line and identifying opportunities for vertical integration to secure its supply chain.”