Hydrogenics to Supply 1MW PEM Electrolyzer to European Consortium
January 26 2015 - 6:30AM
Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG)
("Hydrogenics" or "the Company"), a leading developer and
manufacturer of hydrogen generation and hydrogen-based fuel cell
power modules, today announced that it will supply a 1MW
electrolyzer and provide engineering expertise to a consortium of
companies working on the European project "MefCO2" (methanol fuel
from CO2) in Germany. The application will take excess electricity
from intermittent renewable energy sources, generate green
hydrogen, and then create methanol using a low-carbon footprint
production plant and carbon dioxide emissions from an existing
coal-fired power plant.
"This project will use our most advanced PEM technology,
developed specifically for utility-scale Power-to-Gas applications,
and turn carbon dioxide into energy," said Daryl Wilson, CEO of
Hydrogenics. "Methanol production from green hydrogen represents a
very promising way to 'decarbonize' parts of the traditional fuel
industry as well as chemical sector. Hydrogenics looks forward to
the results of this energy storage demonstration project to further
broaden the market for our electrolyzer technology in the
production of renewable fuels."
The facility will capture carbon dioxide from the emissions of a
coal-fired power plant in Essen, Germany owned by STEAG Gmbh, which
operates a number of regional power plants and distributed energy
facilities. Hydrogenics will provide a 1 MW electrolyzer that,
powered by intermittent renewable energy, will produce 200 cubic
meters of hydrogen per hour. The hydrogen and captured carbon
dioxide will then be catalytically converted into methanol, a
common chemical feedstock used in gasoline blending, for biodiesel
production, and the manufacture of chemical derivatives.
The MefCO2 consortium consists of Mitsubishi Hitachi Power
Systems Europe, the Laboratory of Catalysis and Reaction
Engineering of the National Institute of Chemistry Slovenia, the
Cardiff Catalysis Institute, Carbon Recycling International, the
University of Genoa, the University of Duisburg Essen, i-Deals, and
Hydrogenics. The project has a budget of 11 million Euros and is
partially funded by a grant from the EU Horizon2020 research
program* managed by the Spire public private partnership. The
project will last three to four years and involves the design,
building and testing of systems to demonstrate the utilization of
surplus and intermittent renewable energy sources and waste CO2 for
the production of methanol.
* The project "Synthesis of Methanol from Carbon Dioxide
captured using Surplus Electricity" is funded under the EU SPIRE2 -
Horizon 2020 fund under the Grant agreement no: 637016.
About Hydrogenics
Hydrogenics Corporation (www.hydrogenics.com) is a globally
recognized developer and provider of hydrogen generation and fuel
cell products and services, serving the growing industrial and
clean energy markets of today and tomorrow. Based in Mississauga,
Ontario, Canada, Hydrogenics has operations in North America and
Europe.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995, and under applicable
Canadian securities law. These statements are based on management's
current expectations and actual results may differ from these
forward-looking statements due to numerous factors, including: our
inability to increase our revenues or raise additional funding to
continue operations, execute our business plan, or to grow our
business; inability to address a slow return to economic growth,
and its impact on our business, results of operations and
consolidated financial condition; our limited operating history;
inability to implement our business strategy; fluctuations in our
quarterly results; failure to maintain our customer base that
generates the majority of our revenues; currency fluctuations;
failure to maintain sufficient insurance coverage; changes in value
of our goodwill; failure of a significant market to develop for our
products; failure of hydrogen being readily available on a
cost-effective basis; changes in government policies and
regulations; failure of uniform codes and standards for hydrogen
fuelled vehicles and related infrastructure to develop; liability
for environmental damages resulting from our research, development
or manufacturing operations; failure to compete with other
developers and manufacturers of products in our industry; failure
to compete with developers and manufacturers of traditional and
alternative technologies; failure to develop partnerships with
original equipment manufacturers, governments, systems integrators
and other third parties; inability to obtain sufficient materials
and components for our products from suppliers; failure to manage
expansion of our operations; failure to manage foreign sales and
operations; failure to recruit, train and retain key management
personnel; inability to integrate acquisitions; failure to develop
adequate manufacturing processes and capabilities; failure to
complete the development of commercially viable products; failure
to produce cost-competitive products; failure or delay in field
testing of our products; failure to produce products free of
defects or errors; inability to adapt to technological advances or
new codes and standards; failure to protect our intellectual
property; our involvement in intellectual property litigation;
exposure to product liability claims; failure to meet rules
regarding passive foreign investment companies; actions of our
significant and principal shareholders; dilution as a result of
significant issuances of our common shares and preferred shares;
inability of US investors to enforce US civil liability judgments
against us; volatility of our common share price; and dilution as a
result of the exercise of options; and failure to meet continued
listing requirements of Nasdaq. Readers should not place undue
reliance on Hydrogenics' forward-looking statements. Investors are
encouraged to review the section captioned "Risk Factors" in
Hydrogenics' regulatory filings with the Canadian securities
regulatory authorities and the US Securities and Exchange
Commission for a more complete discussion of factors that could
affect Hydrogenics' future performance. Furthermore, the
forward-looking statements contained herein are made as of the date
of this release, and Hydrogenics undertakes no obligations to
revise or update any forward-looking statements in order to reflect
events or circumstances that may arise after the date of this
release, unless otherwise required by law. The forward-looking
statements contained in this release are expressly qualified by
this.
CONTACT: Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com
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