Additionally, Loop has said it has seen record purchase orders of 61, compared to 13 over the same period last year (2021), exceeding its original guidance set for 2022, reflecting the ramp up of hydrogen-powered mobility.

The news follows on from the company’s launch of its 120kW fuel cell system, the S1200 in September (2022), which Loop says builds off its existing technology to provide an additional efficiency gain of 20%.

Designed specifically for medium- to heavy-duty commercial vehicles, Loop believes the new system opens up a new market, offering a step up in power range and scope compared to its other fuel cell products.

Read more: Lower cost of ownership, bringing cost parity with diesel forward: Loop Energy unveils its 120kW fuel cell system

Speaking exclusively to H2 View after the launch of the S1200, Ben Nyland, CEO of Loop Energy, said, “Over the lifetime of a vehicle, the largest operating cost of a vehicle is typically fuel costs. The S1200 takes advantage of all the characteristics of our underlying technology and the knowledge we’ve gained to offer a system that is significantly more fuel efficient than the rest of the fuel cell market, and more importantly, more efficient than diesel engines.”

Read more: Loop Energy CEO discusses new tech, the company’s evolution, and hopes for the future

Commenting on the results, Damian Towns, Chief Financial Officer at Loop Energy, said, “We have continued to build on our history of executing with record quarterly and annual revenues driven by our strong growth in purchase orders and customer base.

“A highlight of the excellent progress made in achieving our stated objective for 2022 is reducing unit costs by 25%, which currently stands at 39% for the first nine months of the year. Our team has also continued to deliver with the launch of our 120kW product, which uses our next-generation bipolar plate technology.

“Overall, we remain very upbeat about the progress made, not only during Q3 but also the year to date.”

H2 View’s Hydrogen Mobility Snap Summit – November 29

With the mobility pillar consistently a hot topic for hydrogen markets and arguably the most anticipated and relatable application of the energy transition, H2 View stages a Mobility Snap Summit this November to summarise the progress made in 2022 and look ahead to what’s still to come.

Infrastructure challenges remain. Questions linger over policy and implementation. Many wonder which strand of the transport sector will blaze the trail in hydrogen power first, and likewise which region. There are clear challenges ahead, yet considerable progress made in 2022 and bright spots ahead in 2023 and beyond.

Join H2 View this November for a half-day online event dedicated to unearthing the progress made, dissecting the challenges to be met and establishing the state-of-play across mobility as 2023 approaches. Find more information here.

Premium Subscribers to H2 View have access to this event as part of their subscription package; non-subscribers can secure access to the event with a delegate ticket ($99). All delegates can access the event on-demand from 1st December.