VANCOUVER and CHILLIWACK, BRITISH COLUMBIA – February 23, 2023 – Loop Energy^TM (TSX: LPEN), a designer and manufacturer of hydrogen fuel cell solutions, has delivered the first three fuel cell systems to H2 Portable, a Canadian developer of hydrogen-electric mobile power solutions. The fuel cells will be integrated into hydrogen-electric gensets designed to provide clean, reliable, on-demand power to movie sets, construction sites and other locations with limited grid power access.

Located in Chilliwack, BC, H2 Portable is focused on developing market opportunities for its next-generation hydrogen-electric gensets. H2 Portable has a strategic product development and manufacturing partnership with TYCROP Manufacturing, one of BC’s leading industrial manufacturing companies.

Following the delivery of the T505 (50 kW) fuel cell systems, the gensets are expected to begin field testing in 2023. H2 Portable and TYCROP will aim to scale production starting in 2024 to satisfy the growing demand for hydrogen-electric power systems across industries in Canada and the United States.

H2 Portable selected Loop Energy as its technology provider following a tender process, which highlighted the enhanced fuel efficiency of its fuel cells. By lowering fuel consumption, H2 Portable can reduce its customers’ operating costs. Loop Energy’s Global Technical Services team is working alongside H2 Portable and TYCROP to optimize and commercially scale its technology.

“H2 Portable is developing solutions for a market that is primed to use hydrogen as a solution to decarbonize a broad range of industries,” said Loop Energy President & CEO, Ben Nyland. “We’re excited to see these generators produce zero-emission power across a diverse range of industries.”

Dag Hinrichs, President of H2 Portable added “Customers want a clean power solution that is reliable, safe and scalable. Partnering with Loop Energy and TYCROP provides the technology and manufacturing required to deliver a strong business case for our customers.”

The market for zero-emission gensets and power systems continues to grow globally due to hydrogen’s ability to provide reliable power to supplement the existing electrical infrastructure and deliver clean power to industries operating outside of the grid.

About H2 Portable Power Corp.

H2 Portable Power Corp is a Chilliwack-based provider of portable hydrogen-electric generators. Using its experience developing hydrogen technology, H2 Portable’s mission is to deliver Clean Power Anywhere.

About TYCROP Manufacturing

TYCROP Manufacturing has been Bringing IDEAS to Life for over 4 decades. TYCROP specializes in innovating, designing, engineering, actualizing and supporting the deployment of industrial equipment solutions for specialized markets around the world. Learn more at http://www.tycrop.com.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop Energy works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.

Forward Looking Warning

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.

Source: Loop Energy Inc.

Investor Inquiries

Natalie Arseneau  |  Tel: +1 604.222.3400 Ext. 418  |  investors@loopenergy.com

Sales Inquiries:

Thomas Rost | Tel: +1 317.260.0502 | thomas.rost@loopenergy.com

Media Inquiries

Lucas Schmidt  |  Tel:+1.778.791.8756 |  lucas.schmidt@loopenergy.com

H2 Portable Inquiries:

Dag Hinrichs | Tel: +1 503.686.3341 | dag.hinrichs@h2portable.com