Loop Energy Inc. — Investor Presentation 2021

Feb 18, 2021

Loop Energy IPO Presentation February 18, 2021

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Disclaimer

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General

Prospective investors should rely only on the information contained in Loop Energy Inc.’s (the “Company”, “us”, “we” or “our”) final prospectus dated February 18, 2021 (the “prospectus”). This presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in the prospectus. A prospective investor is not entitled to rely on parts of the information contained in this presentation to the exclusion of others. Neither the Company nor any of the Underwriters have authorized anyone to provide prospective investors with additional or different information. The Company and the Underwriters are not offering to sell the common shares in any jurisdiction where the offer or sale of such securities is not permitted.

For prospective investors outside Canada, neither we, the Company nor any of the Underwriters has done anything that would permit this offering or possession or distribution of the prospectus in any jurisdiction where action for that purpose is required, other than in Canada. Prospective investors are required to inform themselves about, and to observe any restrictions relating to, this offering and the possession or distribution of the prospectus.

THIS DOCUMENT IS BEING FURNISHED SOLELY IN RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE COMPANY’S SECURITIES HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE.

ACCORDINGLY, ANY OFFER OR SALE OF SECURITIES WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS AND ONLY IN RELIANCE UPON APPLICABLE EXEMPTIONS UNDER THE U.S. SECURITIES ACT AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT.

An investment in our common shares is subject to a number or risks that should be considered by a prospective purchaser. Prospective purchasers should carefully consider the risk factors described under “Risk Factors” in the prospectus before purchasing common shares.

In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Capitalized terms that are not defined in this presentation have the meanings ascribed to them in the prospectus. Any graphs, tables or other information in this presentation demonstrating the historical performance of the Company or of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of future performance of the Company or such entities.

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Disclaimer

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Forward-Looking Statements

This presentation contains forward-looking statements that relate to the Company’s current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “forecast”, “target”, “goal”, “may”, “might”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “indicate”, “seek”, “believe”, “predict”, or “likely”, or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs.

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of management’s experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, prospective purchasers of common shares should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Risk Factors” in the prospectus.

Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, investors are cautioned not to place undue reliance on these forward looking statements. Any forward-looking statement that are made in this presentation speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.

See “Forward-Looking Statements” and “Risk Factors” in the prospectus for more details.

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Leadership Team

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• Joined Loop in 2012

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• 10+ years of senior management experience as President of Rampworth Capital Services, Exro Technologies, and Maclean Group Marketing

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• Responsible for the company’s strategic planning, corporate leadership, market expansion, and managing key partner relationships

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Ben Nyland President, CEO & Director

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• Joined Loop in 2016

• 15+ years of experience in similar roles in the clean technology and bio technology sectors

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• Responsible for strategy, governance, and financial compliance

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• Has signed and negotiated JV agreements in Asia, and has public company experience for a TSE listed company with operations in China

Darren Ready CFO

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• 30+ years of experience in the automotive industry

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• Past experiences include CEO of the Automotive Fuel Cell Cooperation and led the Hybrid Development Center for Daimler Chrysler

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• Previously the President and CEO of the Canadian Hydrogen & Fuel Cell Association

Dr. Andreas Truckenbrodt

Chairman

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Dr. Sean MacKinnon Chief Scientist

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Dr. Daryl D. Musselman VP Engineering

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George Rubin Chief Commercial Officer

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• 15+ years of experience in research, development and project management

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• Responsible for leading and guiding the evolution of Loop’s suite of fuel cell technology solutions

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• Past experiences include R&D at Ballard Power Systems, General Motors Fuel Cell, and National Research Council of Canada (NRC)

• Named inventor on 36 patents, with 13 other pending

• 30+ years of experience in the renewable energy and automotive sectors

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• Previously involved in vehicle design, and product development for auto companies, both Tier 1 and OEMs

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• At Endurance Wind Power, Daryl built a technical team from 15 to 50+ in 3 years as revenues grew from $6M to $60M

• Seasoned technology executive with a strong scientific background and experience in building sales, business development, and marketing organizations

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• Previously Co-Founder and President of Day4 Energy Inc., where he grew the company from 5 to 265 employees, and sales in excess of $350M in 7 years

Note: Highlighted profiles indicate attendance.

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Loop at a Glance

Loop is a manufacturer of industry leading fuel cell systems targeted for the electrification of commercial vehicles

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30 Patents [(1)] in Commercial
IP Portfolio Vehicle Focus
Rapidly Expanding
Market Ready
Electrification
Products
Market
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Flagship Customers / Partners Fuel Cell Systems
Fuel Cell Stacks Fuel Cell Modules
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Headquarters Current Sales Focus
Facilities [(2)]
Wide Range of Targeted Segments
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1. As of December 31, 2020. Inclusive of patents in different stages (issued, in examination, and pending).

2. Facility in China is leased and operated by the InPower-Loop JV.

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Reduce GHG Emissions

Electrify Commercial Vehicles

Superior Operating Characteristics

US$50B+ Market Opportunity

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Electrification is a Global Mega Trend

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96% of Countries are Committed to the
Paris Agreement
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The EU Commission has proposed meeting CO2 emission
targets through adoption of ZEV technologies
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20% by 55% by Net zero
2025 2030 by 2050
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Select Parties who have Agreed to the Paris Agreement

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Decline in TCO of clean technologies are expected to accelerate mass adoption

OEMs have been investing heavily to electrify

Corporates moving to electrify their fleets

Support from Climate Action 100+, a group of more than 500 investors managing US$50+ trillion

Governments have outlined targets for charging and H2 refueling stations

Source: European Union, Climate Action 100+, UNFCC - Paris Agreement Status of Ratification, and publicly available information.

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Unprecedented Commitment on H2 from Countries Globally

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Creating a €10+ trillion market by 2050

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Hydrogen could be used EU aims to install 40GW The Nord Stream 2 gas pipeline
to meet 27% of primary energy needs Canada’s of renewable hydrogen electrolyzers by 2030 could deliver hydrogen from Russia to Europe
Japan was the first to
adopt a comprehensive
hydrogen strategy
Most hydrogen Germany’s $10B South Korea wants to
production in the strategy outspends lead in the production
U.S. uses natural the rest and use of hydrogen
gas vehicles
China is already the
world`s largest producer,
but mostly from coal
Australia aims to be among the
top three exporters of hydrogen
Chile aims to produce the to Asian markets by 2030
world’s cheapest green
hydrogen by 2030 New Zealand published a
vision for hydrogen in 2019
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National hydrogen strategy, more robust plans

Source: Goldman Sachs and Bloomberg.

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BEV + H 2 is the Only Solution that Currently Exists for Long Range

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Fuel Diversity & Uses
EVs Hybrid Vehicles FCEVs
Short-range Wide-use Medium-to-long range
Passenger cars Route buses
Full-size trucks
Home delivery Short range
vehicle commuter vehicle
Home delivery
FCV
trucks
Personal mobility
Travel Range
Fuel Battery Gasoline, diesel, biofuels, CNG, synthetic fuels, etc. Hydrogen
BEV with a Hydrogen Fuel
Battery Electric Vehicle
Cell Range Extender
Payload Capacity Battery Weight FC Range Extender Weight
Vehicles
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Challenge for Deploying Zero Emission Vehicles
Infrastructure and Scalability
FCEV BEV
Effort
and
Cost
Fleet Size
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Benefits of BEVs Coupled with a Fuel Cell Range Extender
Increases range by 2.5x – 3.0x [(1)]
Higher payload capacity
Faster refueling time vs. batteries
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Source: Fueling the Future of Mobility, Green Car Reports, Hydrogen Council reports, Center for Transportation and Environment, and publicly available information. 1. Based on multiple test runs utilizing Loop’s fuel cell modules as range extenders in battery electric trucks.

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Aim to be a Leading Hydrogen Player Globally

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Focus on Rapidly Growing, Zero Emission Commercial Applications Industry Leading Fuel Cell Technology Partnerships with Leading OEMs Provide Validation and Global Reach Aims to be a Top Five Player Through Execution of a Well-Defined Go To Market Strategy Seasoned Leaders and Industry Experts

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Industry Leading Products Provide Best-in-Class Results

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Loop Fuel Cell Stack Loop Fuel Cell Module
Tech
Validated
by Leading
Players
30 Patents
in IP
Portfolio [(1)]
Includes Balance of Plants
(BoP) components
Superior
[[(2)]] Fuel
eFlow [TM] was designed to Efficiency [(2)]
Higher
enable commercial customers Peak
Power
[[(2)]] to achieve performance
Density [(2)]
maximization and cost Intrinsically
Durable
minimization
Design [(2)]
[[(2)]]
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Loop Bipolar Plate
Loop’s core technology is
based on its proprietary
eFlow [TM] fuel cell design
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Less H 2 consumption than competitive fuel cells[[(2)]]

Higher power density than leading competitors[[(2)]]

Better durability through uniform current density[[(2)]]

1. As of December 31, 2020. Inclusive of patents in different stages (issued, in examination, and pending).

2. Based on Loop’s internal testing and modelling results, and comparisons of published studies of the performance of fuel cells from other manufacturers and competitors. In order to quantify the benefit of eFlow[TM] technology directly, Loop purchased commercially available CCM materials from a top competitor, built them into Loop’s eFlow[TM] fuel cell stack, and then operated this stack at Loop’s best estimate of the top competitor’s operating conditions using publicly available information.

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Why Customers Choose Loop’s Fuel Cells?

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1. Fuel Efficiency
Total Cost of Ownership (USD/100km)(1)
$220
$200
Breakeven Points
$180
$160
$140
$120
$100
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
FCEV FCEV with eFlowTM BEV ICEV
Up to 16% lower fuel consumption [(2)]
US$300,000 in fuel savings over lifetime [(3)]
Accelerated breakeven point vs. BEV
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2. Higher Peak Power
eFlow [TM] Stack Top Competitor Mid-tier Competitor
80
70
+50% more
+90% more
60 peak power
peak power
50
40
30
20
10
-
- 0.50 1.00 1.50 2.00
Stack Current Density (A/cm [2] )
Up to 90% more peak power vs. competitors [(2)(4)]
Higher payload capacity and range
Wider range of operating parameters
Stack Power Output (kW)
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Source: Company estimates, Fueling the Future of Mobility, Hydrogen Council reports, and publicly available information. 1. Data is representative of drayage trucks.

Estimating ~7.7kg/100km for transit bus, hydrogen cost of US$5.5 per kg, 16% fuel savings vs. baseline FCEV TCO, and a 17 year lifespan. Loop believes its eFlow[TM] -equipped fuel cells can generate up to 90% more peak power vs. competing products in a comparable package size.

1. Based on Loop’s internal testing and modelling results, and comparisons of published studies of the performance of fuel cells from other manufacturers and competitors. In order to quantify the benefit of eFlow[TM] technology directly, Loop purchased commercially available CCM materials from a top competitor, built them into Loop’s eFlow[TM] fuel cell stack, and then operated this stack at Loop’s best estimate of the top competitor’s operating conditions using publicly available information.

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Why Customers Choose Loop’s Fuel Cells?

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3. Durability
Conventional Fuel Cell Bipolar Plate
Constant flow
Inlet Outlet
velocity
H2
H2O
O2
Current density non-uniformities up to ± 40% Even heat distribution provides greater
product durability
Up to 10x better current density
eFlow [TM] Fuel Cell Bipolar Plate uniformity [(1)]
Increasing flow
Inlet Outlet
velocity Lower service and maintenance costs
H2
H2O
O2
Current density non-uniformities within ± 4%
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Source: Transport in PEMFC Stacks summary presentation for US DOE H2 Program.

1. Based on Loop’s internal testing and modelling results, and comparisons of published studies of the performance of fuel cells from other manufacturers and competitors. In order to quantify the benefit of eFlow[TM] technology directly, Loop purchased commercially available CCM materials from a top competitor, built them into Loop’s eFlow[TM] fuel cell stack, and then operated this stack at Loop’s best estimate of the top competitor’s operating conditions using publicly available information.

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Validated Technology by Leading Players

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Industry Leading Fuel Cell Technology

• Core patents extend reliability and power density while reducing heat and operating pressure

• Lower capital cost than competitors due to up to 45% less bipolar plate and MEA materials[(1)]

• Superior efficiency and lifetime TCO savings of up to US$300,000[(2)] of fuel savings compared to competing technologies

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Investments from Leading Industry Player

• Significant recent investments into the fuel cell industry underscore viability of technology

• Loop received 2 rounds of equity investments from Cummins to fund product development, project deployment and growth plans

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Partnerships with Leading OEMs Provide Validation and Global Reach

• Blue chip partners and investments from leading industry players

• Relationship with InPower provides Loop with access to the largest near-term hydrogen market – China

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1. Based on Loop’s internal testing and modelling results.

2. Estimating ~7.7kg/100km for transit bus, hydrogen cost of US$5.5 per kg, 16% fuel savings vs. baseline FCEV TCO, and a 17 year lifespan.

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In the Market, Shipping Units, Gaining Traction

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Launch and Technology Development Proof of Concept Investment and Partnerships Commercialization
2000 Mar 2020 Dec 2020
Formation of Loop 2015 Received second Entered into a MOU with Gaussin for the
and collaboration Began working with Jan 2019 investment from purposes of designing and manufacturing
with the Canadian Peterbilt to install Established JV with InPower to Cummins hydrogen electric tractors based on the
National Research 2012-2015 Loop’s fuel cell system collaborate on heavy duty motive Gaussin platform. Under the MOU, the
Council Commercialization in Peterbilt’s Class 8 power systems in China (InPower parties anticipate close cooperation
activities including truck for use as a signed a MOU with the Lishui during the vehicle design phase followed
benchmark and demonstration vehicle Economic Development Zone of by the commercial supply of fuel cell
performance testing, in North America Nanjing, China in Jan 2020) products by Loop to Gaussin starting with
the Canadian market
component verification
and market research Sep 2020
2017 Sept 2019
Received indexing in
1 [st] eFlow [TM] fuel cell Received initial China for a Skywell public
2005-2010
demo project for port investment from transport bus powered by
Patents filed and yard trucks in China Cummins Loop’s fuel cell engine
granted for with Loop’s T500 fuel
eFlow [TM] cell engine module
2020
2019 Jan 2021
Entered into a commercial
2020 sales agreement and
2015 2019 conditional purchase order
Completed development and commenced Designed and commenced MOU with InPower
customer sales of the T600, a
commercial sales of the T505, a 50 kW
60 kW fuel cell system for use
fuel cell system for use in material
2000 in larger commercial vehicles
handling vehicles, stationary power, and
transit buses
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Entered into a MOU with Gaussin for the purposes of designing and manufacturing hydrogen electric tractors based on the Gaussin platform. Under the MOU, the parties anticipate close cooperation during the vehicle design phase followed by the commercial supply of fuel cell products by Loop to Gaussin starting with the Canadian market

Source: Company, press releases, and publicly available information.

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Momentum in Loop Sales Strategy

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Sales Funnel Stages January 1, 2020 January 31, 2021
0
Loop continuously identifies Loop continuously identifies
Customer identified but companies across all vehicle companies across all vehicle
no contact has been
segments to establish commercial segments to establish commercial
made yet
relationships relationships
1
Actively engaged with
customer to explore 0 Company 98 Companies
potential product fit
2 Significant increase
Customer is in in business
active negotiations with 0 Company development 5 Companies
Loop activities in Europe
throughout 2020
3 2 6
Company Companies
Customer has signed a
MOU with Loop
24 Month Backlog 24 Month Backlog 24 Month Backlog
4 (Dec 31, 2019) (Dec 31, 2020) (Jan 31, 2021)
0 5
Customer has made
order commitments $- $3.2M $16.4M
and is part of backlog
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Note: All figures in C$, unless otherwise noted.

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Technology Combined with Manufacturing

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Burnaby, British Columbia Langfang, China (InPower-Loop Energy JV) New Facilities
 Self contained 14,000 ft [2] facility  Fuel cell module assembly facility
 Manufacturing capabilities:  Building is owned by JV partner
Description Description
 Fuel cell module assembly pilot line  ~35,000 ft [2] occupied floor space New Facilities
(allows for process deployment to
partners)  Full manufacturing and testing capabilities
 Increase capabilities and production capacity in British
Products  Fuel cell stacks and modules Products  Fuel cell modules
Columbia and China [(2)]
 
Production Volume  3,000 fuel cell stacks per year100 fuel cell modules per year (scalable to [(1)] Production Volume Equipped for short run volume production of fuel cell modules to produce high quality  Increase stack assembly capabilities to incorporate
automation
Capacity 1,000 modules) Capacity repeatable products
Testing  5 kW, 30 kW fuel cell stacks Testing  Up to 80 kW fuel cell modules  Bring plate manufacturing inhouse to lower COGS
Capabilities  50 kW fuel cell modules Capabilities
Markets Markets
 North America and Europe  China
Served Served
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1. Based on three eight-hour shifts per business day.

2. Loop plans to open a new facility in China and upgrade existing facility in British Columbia.

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Highly Experienced Team to Execute on Plan

Board of Directors

Allan Collings Director

Dr. Andreas Truckenbrodt Chairman

Neil Murdoch Director

Officers & Senior Management

Darren Ready George Rubin CFO Chief Commercial Officer

Ben Nyland President, CEO & Director

Dr. Wayne Eckerle Sophia Langlois Director Director

Dr. Daryl D. Dr. Sean Musselman MacKinnon VP Engineering Chief Scientist

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Special Advisors

Lance Uggla Chairman & CEO, IHS Markit

Founded Markit Ltd. in 2003 and achieved market cap of US$39B through mergers with IHS and S&P Global

Management Team

Kirk Livingston SVP, APAC-China

Dr. Andrea Sudik Matthew Guenther Rob Stevenson Jade Chan MEA Principal Engineer Director of Ops Financial Development Architecture Controller Manager

Lord John Browne Executive Chairman, L1 Energy

Previously Group Chief Executive of BP and co-head of Riverstone, one of the world’s largest renewable energy PE funds

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Significant Market Opportunity Ready to Commercialize

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Robust Products to Capitalize on Significant Market Segments

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Demand for FCEVs in commercial applications [(1)] are expected to increase significantly over the next
FCEV, BEV & ICEV Application Status in Select
10 years, driven by their benefits of extending range, fast refueling, increasing payload capacity, and Near-term
2030 TAM Transportation Vehicles
declining costs Focus Markets
1
(in US$ billions)
CAGR of 39.3% $50.8 Prototype No product is launched, in development phase
$27.0B
Light / Medium 2
Trucks
Demonstration Prototype is tested on a small scale
$36.7 $36.5 $4.0B 3 Commercially
Launched and commercially viable
Heavy Trucks Available
4
$28.3
Accepted Product is generally accepted by end customers
$24.8 $2.7B
$22.9 Material Handling 5
$19.5 Incumbent Product is used in most scenarios
$17.3
$15.5
$13.5 $13.9 $14.6 $14.9 $2.3B
$11.8 Buses Vehicle Type FCEV BEV ICEV
Loop’s near-term focus will be in the
commercial applications [(1)] of FCEVs
$6.8 Material Handling Vehicles 3 5 5
$5.0
$2.6 $2.6 $3.0 $3.5 $0.6B Passenger Vehicles 3 4 5
Mining Trucks
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Transit Buses 3 4 5
Light / Medium Trucks Heavy Trucks Material Handling Buses Mining Trucks Stationary Other
$3.0B Light Commercial Vehicles 2 4 5
Key Focus [(2)] $2.6 $2.6 $3.0 $3.5 $5.0 $6.8 $11.8 $14.9 $22.9 $36.5 Stationary Medium Duty Trucks 2 2 5
Stationary $2.3 $2.4 $2.5 $2.5 $2.6 $2.7 $2.8 $2.9 $2.9 $3.0 Heavy Duty Trucks 1 2 5
Other [(3)] $8.6 $8.9 $9.1 $9.4 $9.7 $10.0 $10.3 $10.6 $10.9 $11.2 $11.2B
Mining Trucks 1 1 5
Total $13.5 $13.9 $14.6 $15.5 $17.3 $19.5 $24.8 $28.3 $36.7 $50.8 Other [(3)]
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• Source: Company estimates, OICA survey, IEA Global EV Outlook 2019, H2FC SUPERGEN, Global Market Insights, Fueling the Future of Mobility, Hydrogen Council reports, and publicly available information. Note: All figures in US$ billions, unless otherwise noted. 1. Commercial applications include light / medium trucks, heavy trucks, material handling, buses, and mining trucks.

• Key Focus includes light / medium trucks, heavy trucks, material handling, buses, and mining trucks.

• Other markets include portable power and electrolyzers.

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Ecosystem of Players

Hydrogen Fuel Cell Manufacturers (Mobility)

Public Players Private Players

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Limited number of players with true expertise in the mobility fuel cell space, leading to significant scarcity value

Automotive OEM Suppliers

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Automotive OEMs

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Hydrogen Production & Refueling

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Peer Benchmarking

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In accordance with Section 13.7(4)(b) of National Instrument 41-101 – General Prospectus Requirements, all the information relating to comparables and any disclosure relating to the comparables, which is contained in the presentation to be provided to potential investors has been removed from this template version for purposes of filing on the System for Electronic Document Analysis and Retrieval.

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Near Term Applications

US$50B+ Market Opportunity

Target: Top 5 Player in Fuel Cell Mobility

Target: 20%+ EBIT Margins[(1)]

Primary focus on applications with:

• High level of electrification

• Large number of OEMs with electrified vehicle platforms

• Strong fit with current product power output range

Light Commercial Vehicles

Medium Duty Trucks

Material Handling Vehicles

Stationary Power

Transit Buses

Heavy Duty Trucks

Mid to Long Term Applications Primary focus on applications with:

• Strong eFlow[TM] value advantage

• Large market potential for electrified solutions

• Motivated strategic channel partners

Target: 30%+ Gross Profit Mar ins[(1)] g

Light Commercial Vehicles

Coach Buses

Mining Trucks

Trains

Heavy Duty Trucks

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Marine
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1. Loop’s target is in line with published Gross Margin Percentage targets and EBIT Margin Percentage targets by 2030 from leading competitors.

Summary

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Focus on Rapidly Growing, Zero Emission Commercial Applications

Industry Leading Fuel Cell Technology

Partnerships with Leading OEMs Provide Validation and Global Reach

Aims to be a Top Five Player Through Execution of a Well-Defined Go To Market Strategy

Seasoned Leaders and Industry Experts

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Summary of the Offering

Issuer	 Loop Energy Inc. (“Loop” or the “Company”).
Offering	 6,250,000 Offered Shares.
Offering Price	 $16.00 per Offered Share.
Offering Size	 $100,000,000 ($115,000,000 if the Over-Allotment Option is exercised in full).
Over-Allotment Option	 The Company has granted the Over-Allotment Option to the Underwriters, which is exercisable, in whole or in part, and from time to time, in the sole discretion of the Underwriters, for a period of 30 days from the Closing Date, and pursuant to which the Underwriters may purchase up to an additional 937,500 Offered Shares at the Offering Price, to cover over-allotments, if any, and for market stabilization purposes.
Shares Outstanding	 Upon completion of the Offering, an aggregate of 33,577,961 Common Shares will be issued and outstanding. If the Over-Allotment Option is exercised in full, an aggregate of 34,515,461 Common Shares will be issued and outstanding.
Use of Proceeds	 After deduction of the Underwriters’ Fee (of $6,000,000) and estimated expenses of the Offering payable by the Company of ($1,800,000), the Company anticipates that it will receive net proceeds of approximately $92,200,000, or $106,300,000 if the Over-Allotment Option is exercised in full.  The Company intends to use the net proceeds of the Offering as follows:  product and technology development;  sales, general and administration expenses; and  capital assets.
Lock-Up Arrangements	 In connection with the completion of the Offering, the Company and each of the Company’s directors and officers and their respective associates and certain beneficial shareholders of the Company will enter into customary Lock-Up Agreements valid for a period of 180 days after the Closing Date.
Listing	 The TSX has conditionally approved the listing of the Offered Shares under the symbol “LPEN”. Listing is subject to the Company fulfilling all the listing requirements of the TSX.
Eligibility	 Eligible for RRSPs, RRIFs, RDSPs, DPSPs, RESPs and TFSAs.
Offering Type	 Initial public offering under a long-form prospectus filed in each of the provinces of Canada. Private placement in the U.S. to “qualified institutional buyers” pursuant to Rule 144A of the U.S. Securities Act, and internationally as permitted by law.
Investor Rights Agreement	 Pursuant to the Investor Rights Agreement, a wholly-owned indirect subsidiary of Cummins Inc. will be granted Nomination Rights, Demand Registration Rights, Piggy-Back Registration Rights and Pre-Emptive Rights.
Lead Underwriter and Sole Bookrunner	 National Bank Financial Inc.
Underwriting Fee	 6.00%.
Closing	 On or about February 25, 2021.

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