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鈥檝e entered into a 鈥渢hree-cornered鈥� 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.
鈥淭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,鈥� said Scott Mason, CEO of H2 Portable Power Corp. (H2P).鈥淲e are partnering with industry leaders and government to deliver on the promise of the zero-emissions hydrogen economy.鈥�
The merger transaction will facilitate a 鈥渂ackdoor鈥� 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鈥檚 a 鈥渟trong incoming team鈥� with board and operational expertise in industrial equipment integration and sales. Led by CEO Scott Mason of Tycrop, the combined entity鈥檚 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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