Canadian hydrogen-based e-natural gas (e-NG) producer Teralta has acquired the embattled fuel cell manufacturer Loop Energy as it looks to broaden its hydrogen portfolio.
Teralta revealed it had acquired 100% of Loop’s issued and outstanding common shares as part of the firm’s bankruptcy proceedings after it delisted itself from the Toronto Stock Exchange (TSX).
Loop launched a major cost-cutting programme in September 2023 which saw it reduced to just 15 employees after it said it had been struck by headwinds such as rising inflation, growing trade barriers, onshoring and growing geopolitical tensions.
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