Loop Energy receives $760,000 in ASIP funding

Burnaby BC-based Loop Energy has received a $760,000 non-repayable award from the Automotive Supplier Innovation Program (ASIP) to further develop a next-generation fuel cell stack for use in the trucking and urban transit sectors. The project will assist the privately held firm bring to market technologies that improve vehicle efficiency, reduce emissions and compete with incumbent technologies. ASIP is a $100-million, five-year program, introduced in Budget 2015 and administered by the Department of Innovation, Science and Economic Development. Last year, Loop Energy received $7.6 million from Sustainable Development Technology Canada to leverage other investors, accelerate commercialization of its fuel cell battery hybrid powertrain for yard truck applications and extend the technology into the heavy duty tractor trailer market segment in conjunction with Peterbilt Motors Co, Denton TX.