On February 12, 2024, Loop Energy Inc. and H2 Portable Power Corp Inc. announced their agreement on February 9, 2024, to undergo a three-cornered amalgamation. This transaction will result in Loop acquiring all outstanding H2P shares, with H2P shareholders receiving shares in the newly combined entity under the Toronto Stock Exchange (TSX). The amalgamation aims to enhance the development and delivery of hydrogen-enabled industrial equipment across North America.

H2P, known for its innovative hydrogen fuel cell solutions, is set to integrate Loop's technology to upgrade traditional diesel-powered industrial equipment. This strategic move aligns with de-carbonization goals and targets industries where electrification solutions fall short. H2P's collaboration with TYCROP Manufacturing boosts its product development capabilities.

Key transaction highlights include a strong incoming team with expertise in industrial sales and equipment integration. Operational efficiencies are expected immediately post-transaction, which includes a substantial downsizing of Loop’s leased real estate and sale of non-core assets. Additionally, H2P plans a concurrent financing of approximately C$15 million through brokered private placement of subscription receipts, aimed at funding growth and operational stability.

Raymond James Ltd. and Osler, Hoskin & Harcourt LLP serve as financial advisor and legal counsel to Loop, respectively. H2P has engaged Moneta Partners and Gowling WLG in similar capacities. The deal is structured under the Business Corporations Act (British Columbia), with completion anticipated in April 2024 after fulfilling all necessary conditions and obtaining required approvals.