NGVI and Loop Energy sign South Korean hydrogen fuel cell systems deal for buses
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The agreement will result in a fully integrated package of H2 powered units for various applications.
Hydrogen fuel cell systems developer and manufacturer, Loop Energy (TSE stock symbol LPEN), has entered into a commercial agreement with South Korea-based turnkey CNG and H2 transit and coach bus systems manufacturer NGVI.
Loop has ordered eFlow-powered H2 fuel cell systems from NGVI and will supply a fully integrated package.
Loop Energy will be supplying NGVI with the turnkey CNG and hydrogen fuel cell systems for coach bus and transit applications. This will be the very latest generation of the units, which provide full integration of modules, cooling systems, and DCDC power conditioning equipment.
The first unit to be supplied as a result of this agreement will be designated for the initial testing and official approval vehicles under another agreement, this time between NGVI and the Ulsan Metropolitan City. That agreement is for the supply of H2-electric transit buses.
In the first step of the multi-year agreement between the Ulsan Metropolitan City and NGVI, Ulsan is expected to make a $2 million investment into the H2 bus technology testing and certification. That investment will be made between now and 2024. The bus tech will be supplied by a consortium of partners which include NGVI. Once the hydrogen fuel cell systems have been developed and demonstrated, a fleet will be rolled out.
Following the testing phase and the gaining of certification, the H2 powered buses will be used much more broadly. The city will expand the fleet of these zero-emission vehicles used in the capital area. That region includes the Seoul Bus Company and TCHA Partners which include more than 1,200 NGVI buses in their local fleets.
According to Ulsan, they predict a rise in demand for the buses using the hydrogen fuel cell systems that will reach 10 percent of those in Seoul. The reason is that that is the percentage of vehicles that are either decommissioned or replaced on an annual basis. Moreover, they expect to own an additional 2,000 buses by 2023. The metropolitan area’s demand is predicted to be over 200 on an annual basis.