Hydrogenics Achieves Major Milestone With Successful Completion of Factory Acceptance Testing of World's Most Powerful and Po...
May 04 2015 - 6:30AM
Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG) ("Hydrogenics" or
"the Company"), a leading developer and manufacturer of hydrogen
generation and hydrogen-based power modules, today announced that
the Company's 1.5 megawatt PEM electrolyzer system successfully
passed factory acceptance testing at its facility in Gladbeck,
Germany, as witnessed by representatives from E.ON. At the core of
this application is a single 1500E PEM electrolyzer stack rated for
1.5 megawatts of continuous power. The system will be delivered to
E.ON's Reitbrook site in Hamburg, Germany as part of a Power-to-Gas
hydrogen injection plant that will use excess renewable energy.
"This is a major technology and engineering milestone for us and
one that will form the backbone of Hydrogenics' Power-to-Gas
capability for years to come," said Joseph Cargnelli, CTO and
co-founder of Hydrogenics. "When it comes to utility-scale energy
storage, cost and size matters. In developing the 1500E stack
platform, we focused on cost reduction through technology
innovation and scale in order to deliver substantially reduced
plant size and cost while improving the customer's deployment
flexibility. As the market leader in electrolysis, we have raised
the bar yet again. This single 1.5MW stack delivers a power density
of 4000 watts/litre -- a new industry benchmark."
The Power-to-Gas plant, backed by a consortium of German
companies and scientific organizations, is expected to begin
operation by mid-2015. Funding has been provided by Germany's
National Innovation Program (NIP) for hydrogen and fuel cell
technology, under the auspices of the country's Federal Ministry of
Transport, Buildings and Urban Affairs in coordination with the
National Organization of Hydrogen and Fuel Cell Technology
(NOW).
About Energy Storage in Germany
Germany is a key energy storage player in Europe thanks to its
leading position in terms of installed capacity of fluctuating
renewables. In 2014, power from renewable sources in Germany
accounted for 28 percent of total electricity generation. For the
country to attain its ambitious goals of getting a third of its
electricity from renewable energy by 2020 (and at least 50 percent
by 2030 and 80 percent by 2050), it must find a way to integrate
and store many gigawatt hours of energy. According to the German
Energy Agency (DENA), significant investments in energy storage
will be required for the country to meet its renewable energy
commitments. Power-to-Gas is the only energy storage solution which
can provide the capacity needed for large-scale renewable power
generation.
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: For further information, contact:
Bob Motz, Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com
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