Loop Energy, a Canadian company specializing in fuel cell systems for commercial vehicles, announces its first agreement in South Korea. NGVI, a well-connected local manufacturer of hydrogen buses, has chosen Loop’s fuel cell platform eFlow.
The deal could enable the use of more than 1,000 hydrogen buses in South Korea thanks to NGVI’s connection with the local transportation industry. Initially, Loop Energy will supply NGVI with a complete fuel cell module, cooling system and DCDC power conditioning equipment. The company notes that NGVI is well positioned as a supplier in the South Korean bus market and that Seoul Bus Company and TCHA Partners have a stake in NGVI.
“With Loop’s cutting-edge technology and NGVI’s expertise in customer networking and systems integration, we believe we can make hydrogen and electricity transit a reality in South Korea and beyond,” said Ben Nyland, President and CEO of Loop Energy. .
Specifically, the first hydrogen fuel cell vehicles equipped with the technology will be delivered by NGVI to the metropolis of Ulsan. In the first phase of the multi-year agreement, Ulsan will invest KRW 2.3 billion (approximately $ 2.0 million) through 2024 to test and certify hydrogen bus technologies. While companies aren’t citing hard numbers, Ulsan announced a plan in 2018 to replace 40% of the city’s 949 buses with hydrogen vehicles and to have 60 hydrogen refueling stations by 2030.
After development and demonstration, hydrogen buses will also reach the capital region, where the Seoul Bus Company and TCHA partners own more than 1200 buses. Both are involved in NGVI. The city says demand will rise as about 10 percent of Seoul’s buses are replaced or dismantled annually. The number of buses he owns is set to rise to over 2,000 by 2023, and demand in the metropolitan area is expected to be more than 200 per year.