Hydrogenics and Alstom Sign Agreement to Develop and Commercialize Hydrogen-Powered Commuter Trains in Europe
May 27 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
it has signed a 10 year exclusive agreement to supply Alstom
Transport with hydrogen fuel cell systems for Regional Commuter
Trains in Europe. Alstom Transport is a unit of Alstom, a
France-based global leader in power generation, transmission and
rail infrastructure with sales of €6.2 billion for the year
ended March 31, 2015.
The agreement, valued at over €50 million, includes the supply
of at least 200 engine systems along with service and maintenance
as necessary over a 10 year period. Hydrogenics was selected by
Alstom following a rigorous technical review process. The fuel cell
systems, based on the Company's Heavy-Duty HD series fuel cells,
will be developed to meet European train compliance regulations.
The first units are expected to be delivered in 2016 following
prototype work slated for late 2015.
"The selection by Alstom Transport of our technology platform is
a strong validation of our team and our products as the best fit
for heavy duty propulsion applications," said Joseph Cargnelli, CTO
and co-founder of Hydrogenics. "Our proprietary, innovative
technology allows our systems to operate at best-in-class
efficiencies, without humidification or compressor systems, thus
providing a compelling value proposition for our customers.
Hydrogenics' experience in the supply of large, reliable propulsion
systems for challenging applications was an important consideration
in Alstom's decision."
"We are clearly excited by what this agreement represents,"
added Daryl Wilson, CEO of Hydrogenics. "Hydrogen is continuing to
play an increasing role in mitigating the energy and pollution
issues that fossil-fuel based transportation creates worldwide. The
electrification of heavy duty transport leads to opportunities for
efficient, clean hydrogen-based power solutions to play a critical
role. Hydrogenics is pleased to work with industry leading and
forward-thinking companies such as Alstom Transport."
A promoter of sustainable mobility, Alstom Transport develops
and markets the most complete range of systems, equipment and
services in the railway sector. Alstom Transport manages entire
transport systems, including trains, signaling, maintenance and
modernization, infrastructure and offers integrated solutions.
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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