Teralta Hydrogen Solutions, a leading North American innovator in clean hydrogen and e-natural gas production, has acquired Loop Energy.
Loop Energy, based in Burnaby, Vancouver, is renowned for developing hydrogen fuel cell systems designed for commercial vehicles and stationary power applications. This acquisition marks a significant step in Teralta’s strategy to enhance its presence in the clean hydrogen sector within North America.
The acquisition enables Teralta to establish its new head office in Burnaby, within Vancouver’s vibrant hydrogen hub. Loop Energy, instrumental in positioning the Burnaby area as a global leader in fuel cell design, brings advanced hydrogen fuel cell technology to Teralta’s portfolio. The company is known for its innovative Loop Energy eFlow technology offering improved fuel efficiency and durability.
Simon Pickup, CEO of Teralta, highlighted the strategic alignment between the two companies, emphasizing Loop’s technology in achieving zero-emission goals. This merger allows Teralta to widen its scope, supporting sectors such as data centers, mining, and construction with zero-emission energy solutions. Loop Energy’s Burnaby facilities will serve as a technical base to test and integrate these technologies in various projects.
Teralta plans to bolster its storage and distribution capabilities for clean hydrogen, thus enhancing its offerings within the Vancouver region.
The acquisition process followed Loop Energy’s NOI proceeding under Canada’s Bankruptcy and Insolvency Act. Teralta emerged as the winning bidder, acquiring all of Loop’s share capital. Following this, Loop Energy was delisted from the Toronto Stock Exchange, with Teralta now its sole shareholder.
The acquisition was backed by legal counsel from Pelorus Law Corporation and Stikeman Elliott LLP for Teralta. Loop Energy’s proceedings were managed with assistance from Owen Bird Law Corporation and McCarthy Tétrault LLP, while Crowe MacKay & Company Ltd. served as Loop’s proposal trustee.
