Southeast Asia’s First Renewable Hydrogen-Based Energy Storage and Power Plant Awarded to Hydrogenics
July 21 2016 - 6:30AM
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, along with Phraram 2 Civil
Engineering Co., Ltd. (“PCE”), has been awarded the “Lam Takhong
Wind Hydrogen Hybrid Project” by the Electricity Generation
Authority of Thailand (“EGAT”). This will be Southeast Asia’s first
megawatt-scale project for energy storage; Hydrogenics’ portion is
projected to be worth approximately €4.3 million.
The facility, located in the sub-station area of
the Lam Takhong Wind Turbine Generation Project, Nakhon Ratchasima
Province, Thailand, will consist of Hydrogenics’ ultra-compact 1 MW
PEM HyLyzer® electrolyzer, hydrogen storage and a HyPM® fuel cell
plant. PCE, based in Bangkok, will provide the services
required to implement the technology supplied by Hydrogenics.
The installation will use the HyLyzer to convert
excess electricity from wind to hydrogen during off-peak hours, and
this hydrogen will then be used by the HyPM fuel cell plant to
generate 300kW of electricity for EGAT’s Learning Center, an energy
neutral building, as needed.
“We are pleased to work with the Electricity
Generation Authority of Thailand and bring our unique hydrogen
technology to this milestone project,” stated Daryl Wilson,
Hydrogenics’ CEO and President. “There is great untapped potential
for wind and solar energy storage worldwide, and Thailand is
leading the path towards sustainability in Southeast Asia. This
project once again shows the breadth and depth of Hydrogenics’
energy solutions for a diverse set of applications across the
globe.”
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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