GreenCore and Loop Energy announced a partnership to develop and build hydrogen powered EV charging stations. The Parties anticipate the first pilot installation to be completed within calendar year of 2021 with more than 1,500 EV charging and hydrogen refueling stations by the end of 2026. This follows both companies' recent announcements of partnerships with BayoTech, a leading provider of modular, scalable, and rapidly deployable hydrogen production systems.
An ever-increasing need for new charging points is not yet being met with expanded, distributed infrastructure. Electric Vehicle (EVs) sales increased by 39% in 2020 up to 2.1 million units, with a further 66% increase expected in 2021 (Canalys). This continued growth will further increase the enormous demand on the grid, requiring extensive investment to upgrade the distribution network that can take years to complete.
As a part of the cooperation GreenCore will work with Loop Energy as well as some of its ecosystem partners to design and build hydrogen powered DC fast charging stations based on Loop's high efficiency fuel cells. GreenCore charging stations will store energy in the form of compressed hydrogen and convert it to electrical power when required for charging of user's battery-powered vehicles. This will allow the stations to be grid independent, rapidly deployable, low cost, and small footprint. Most importantly, GreenCore's hydrogen powered charging stations will help solve serious issues in peak energy pricing and remote energy access currently faced by the EV industry. GreenCore will use hydrogen exclusively provided by BayoTech at the EV charging and hydrogen refueling stations.
"Loop Energy is the perfect partner to work alongside GreenCore in building better, faster, and greener EV charging stations," says GreenCore CEO Frank Baumann. "Together, we will be able to cut peak energy costs and deliver charging points in previously unimaginable locations."
"As electrification of personal and commercial transportation is going into over-drive, the timing for GreenCore's hydrogen powered DC fast-charge solution is perfect," says George Rubin, CCO of Loop Energy. "Easily overlooked during the early going, limited grid infrastructure capabilities present a serious issue. We are very excited to support our partners at GreenCore as they roll-out their solution."
Beyond the burgeoning demand for convenient EV charging in easily accessible locations, the recent release of several off-road capable EV models displays a growing demand for off grid charging for the more outdoorsy EV driver. Charging in remote locations where wilderness-lovers frequent will rarely be possible on the grid, and hydrogen-powered solutions present a clear solution to this problem.
Loop Energy | http://www.loopenergy.com