Two B.C. companies working to usher in the zero-emissions hydrogen economy have announced merger plans.
Vancouver-based hydrogen fuel-cell supplier Loop Energy, and industrial equipment developer H2 Portable Power Corp. of Chilliwack, issued a news release Feb. 9 to say they香蕉视频直播檝e entered into a 香蕉视频直播渢hree-cornered香蕉视频直播 amalgamation agreement.
Hydrogen fuel-cell technology is being applied to the challenge of replacing diesel equipment, and H2P is helping carve out a niche with several Lower Mainland pilot projects, including a decarbonization project of the gantry cranes at the Port of Vancouver.
香蕉视频直播淭his transaction provides what the hydrogen sector in Canada and around the world is missing - the integration of fuel cells into transformative equipment the market can begin adopting now, not in another five or 10 years,香蕉视频直播 said Scott Mason, CEO of H2 Portable Power Corp. (H2P).香蕉视频直播淲e are partnering with industry leaders and government to deliver on the promise of the zero-emissions hydrogen economy.香蕉视频直播
The merger transaction will facilitate a 香蕉视频直播渂ackdoor香蕉视频直播 listing of H2P under Toronto Stock Exchange (TSX) policies. H2P is amalgamating with a subsidiary of Loop, a Canadian-listed company and Loop will acquire all of the common shares of H2P, while H2P shareholders will receive common shares of Loop.
Supported by a strategic relationship with Tycrop Manufacturing of Chilliwack, H2P is launching multiple pilot projects in and around the Lower Mainland beginning mid-2024, including the one at the port.
H2P plans to raise approximately $15 million in equity in a brokered private placement to provide growth capital and stability upon closing of the transaction.
The release said there香蕉视频直播檚 a 香蕉视频直播渟trong incoming team香蕉视频直播 with board and operational expertise in industrial equipment integration and sales. Led by CEO Scott Mason of Tycrop, the combined entity香蕉视频直播檚 directors at closing are also to include: Gary Teichrob (TYCROP), Ken Hallat, Greg Bay and Jim Barton.
H2P is developing modular and expandable advanced power systems integrating the technology advantages of the Loop fuel cell.
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