Hydrogenics Receives Fuel Cell Order From Hydrogen Forklift Developer
December 14 2015 - 06:30AM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG)
(“Hydrogenics” or the “Company”), a leading developer and
manufacturer of hydrogen generation technology and hydrogen fuel
cell power modules, today announced that it has been awarded
almost $2 million in orders for fuel cell power modules by a
US-based developer of hydrogen powered forklifts. The customer
will, in turn, supply its forklifts to a large logistics center for
a North American big box retailer. The fuel cells are expected to
be shipped in the first quarter of next year, and follow-on orders
are anticipated to support the scale up of forklifts at the
retailer prior to the end of 2016.
“We are very pleased to announce these recent
orders for our fuel cell technology,” said Daryl Wilson,
Hydrogenics CEO. “The market for hydrogen-powered forklift
equipment in North America is attracting new equipment integration
firms and forklift OEMs to provide robust, reliable and
commercially viable material handling equipment that can operate
under a wide range of environments. Hydrogenics’ standard heavy
duty fuel cell power modules can be put to work across a variety of
applications, and our simple package makes it easy for vehicle
integrators to incorporate into their products – whether it be for
cars, buses or, in this case, forklifts. With over a decade of
direct experience, Hydrogenics is well positioned to serve multiple
players in this sector as it grows.”
Hydrogenics fuel cell packages are engineered to
be easy for OEMs and integrators to incorporate into their forklift
equipment. Over the past ten years, forklifts with
Hydrogenics fuel cells on board have operated in various locations
across North America – from car assembly plants and airport
distribution centers to military bases. The Company’s fuel cells
offer unique attributes which provide enhanced features such as
unlimited start and stops, as well as the ability to start up in
-10 degrees Celsius, with no added air compressors and
humidification equipment required.
About HydrogenicsHydrogenics
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 StatementsThis
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.
For further information, 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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