BC hydrogen fuel cell maker Loop Energy is planning to go public.
The company has announced a $100 million initial public offering, and plans to list on the Toronto Stock Exhange.
The company has filed a prospectus for the IPO, with National Bank Financial Inc. acting as the lead underwriter of a syndicate that includes CIBC World Markets Inc., Raymond James Ltd., Canaccord Genuity Corp. and Cormark Securities Inc.
Loop Energy developed the eFlow fuel cell, which built on fuel cell technology with improved efficiencies, lower size and weight and increased power. Loop makes fuel cell stacks and range extenders, which can be used in battery electric vehicles to improve their ranges without having to recharge.
In its prospectus, Loop Energy says its order book has grown from zero at the end of December 2019 to $16.4 million at the end of January this year. It has signed partnership agreements with a number of original equipment manufactures, including France's Gaussin SA.
In its prospectus, Loop says the market for the kinds of products it makes is expected to grow from $13.5 billion in 2021 to $50 billion by 2030.
