Click here to view the original press release
Fort Capital Partners is pleased to announce the closing of a strategic investment by Beijing IN-Power Electric Co., Ltd. (“IN-Power”) in Loop Energy (“Loop”). IN-Power has also entered into a joint venture arrangement with Loop.
Loop Energy is a developer and provider of zero-emission power systems for medium and heavy-duty transportation applications. Loop works with vehicle manufacturers to design and deliver carbon-free motive solutions using both electric and hydrogen fuel cell technologies that deliver superior performance to conventional diesel engines at a competitive cost of ownership.
The equity investment from IN-Power and joint venture arrangement will help Loop expand further into China and enhance its manufacturing and marketing capabilities into the China market. Loop has successfully demonstrated its innovative and patented technology to improve vehicle efficiency, reduce emissions, and compete economically with incumbent diesel technologies.
“As China pursues aggressive deployments of zero-emission vehicles to address escalating environmental and energy challenges, the demand for advanced fuel cell solutions will continue to grow,” said Ben Nyland, President & CEO of Loop Energy. “We are excited to partner with IN-Power and hope to benefit from a new product offering that is strengthened by combining IN-Power’s market and manufacturing knowledge with Loop’s fuel cell systems to better support the growing demand for a commercially-viable zero-emissions power solution for China’s growing heavy-duty commercial bus and truck segment.”
“As In-Power looked to expand its sales and product offerings, we analyzed new market segments where our proprietary knowledge, product solutions and customer base would provide a competitive advantage,” said John Zhang, Founder and President of IN-Power. “After studying the fuel cell industry and its supply base in detail over a two-year period, and witnessing the tremendous support the sector has seen in China from both industry and governments, we chose to partner with Loop Energy as their team had developed the best fuel cell solution in terms of performance and cost. This collaborative agreement will allow us to provide a near-term, cost-effective powertrain solution for zero-emission trucks and buses in China.”
Fort Capital originated and advised Loop Energy with respect to the placement with IN-Power.