Kolon Hydrogenics Starts Commercial Operation of Megawatt Fuel Cell System in South Korea
November 03 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
systems, today announced the start of commercial operations of its
initial 1 megawatt fuel cell power system owned and operated by the
Kolon Hydrogenics joint venture in South Korea.
The fuel cell power generation system has been installed at
Hanwha-Total's oil refinery site (formerly known as Samsung-Total)
in Daesan, South Korea. The application uses surplus hydrogen
generated as part of other refinery processes at the site; the
hydrogen is fed into the fuel cell stack and supplies 1 megawatt
per hour continuous electrical power. This first megawatt system is
a pilot plant to demonstrate the viability of Hydrogenics' fuel
cell technology.
"The successful start-up of our fuel cell application in South
Korea is an important milestone on the journey to large scale,
multi-megawatt facilities across the globe," stated Daryl Wilson,
CEO of Hydrogenics. "We are pleased with the strength of the team
at Kolon Hydrogenics and look forward to the next stage of
commercialization."
Soo-Young Lee, CEO of Kolon Water and Energy, added, "Korea's
energy policy makes a clear and compelling case for the deployment
of clean fuel cell technology on an industrial scale. Kolon's
expertise in engineering, procurement and construction of
industrial plants, combined with Hydrogenics' PEM technology, makes
for a strong relationship to serve our industrial customers. We are
excited by this achievement and anticipate larger-scale deployments
in the quarters to come."
The Kolon Hydrogenics joint venture was created in 2014 to
identify the potential for renewable power generation projects in
South Korea. South Korea has a significant focus on the deployment
of clean, efficient fuel cell technology. The venture owners,
Hydrogenics and Kolon Water & Energy, plan to capitalize on
these renewable energy opportunities across the region.
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.
About Kolon Water & Energy
Kolon Water & Energy (www.kolonwe.com) is a well-recognized
conglomerate in South Korea providing total solutions for the water
and energy sector. Kolon Group operates under its "Lifestyle
Innovator" vision to fulfill its customers' needs. Based in
Seoul, Korea, Kolon Group has operations in various countries
around the world.
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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