Hydrogen fuel cell manufacturer Loop Energy has announced Paul Cataford is joining its board of directors, signalling a strengthening of the Canadian company’s senior team. Cataford is an experienced financial and commercial leader with over 30 years of success in finance, governance, and strategy, particularly in developing and high-growth technology firms. Cataford has previously held senior executive and board of director positions with public and private firms such as Titan Medical and Sierra Wireless.
Cataford’s appointment continues the transformation of Loop Energy’s board, which began earlier this year with the appointment of technology industry veteran Kent Thexton as Chair. Allan Collings and Peter Johansson resigned from the board as a result of this nomination..
“To provide guidance to Loop Energy in its next stage of growth, it is important to strengthen the board with depth of expertise across operations, technical and capital markets, along with the highest standards of corporate governance.” said Loop Energy Chairman of the Board Kent Thexton. “I want to extend my gratitude to Allan Collings and Peter Johansson for their dedication to the board, and am excited to welcome Paul Cataford to the company.”
Loop Energy had remarkable growth in the first nine months of 2022, quadrupling its purchase orders year on year, tripling its client base, and registering a 2.5-fold rise in unit sales compared to the previous year. Building on this, Loop Energy will strengthen the emphasis of its corporate resources to support near- and mid-term growth areas such as EMEA, while maintaining a strategic preparedness attitude in the longer-term potential markets such as China.
“With a solid set of customers in EMEA and a strong pipeline of meaningful opportunities, we are taking a more focused approach in our deployment of resources to provide Loop Energy a longer runway from our funds on hand, and a clear path to achieve profitability with near- and mid-term growth.” added Loop Energy President & CEO Ben Nyland.