Hydrogenics Awarded Funding to Build Two Hydrogen Fueling Stations for the Greater Toronto Area (GTA)
April 06 2017 - 4:01PM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG)
(“Hydrogenics” or “the Company”), a leading developer and
manufacturer of hydrogen generation, fueling station equipment and
hydrogen-based power modules, today announced that it has been
awarded funding by Canada’s Federal Government’s Ministry of
Natural Resources (NRCan) to build two hydrogen fueling stations
for fuel cell vehicles.
The Honourable Navdeep Bains, Minister of
Innovation, Science and Economic Development, made the announcement
during a news conference at Hydrogenics’ headquarters in
Mississauga, Ontario on Thursday, April 6th. The Minister announced
an award of $1.6 million for the GTA Hydrogen Beachhead project --
including two hydrogen fueling stations -- to be built in the GTA
area, establishing a new Canadian market for fuel-cell vehicles.
The Minister also announced that Canada will boost the growth of
clean technology in 2017 by making available more equity finance,
working capital and project financing to promising firms in the
sector. Nearly $1.4 billion in new financing will be set aside to
help Canada’s clean technology firms grow and expand.
“We have an opportunity to have a major impact
on the development of clean energy and clean transportation in
Canada,” stated the Honourable Navdeep Bains, Minister of
Innovation, Science and Economic Development. “Our 2017 budget
proposes a number of approaches to reach that goal and improve
energy efficiency, reduce carbon emissions, create a cleaner
environment and healthier communities. Our government will also
continue to help companies raise the standard in the field of clean
technology in order to improve the quality of life for all
Canadians.”
“We are very pleased to receive this funding and
support from the Canadian government for additional fueling
stations in and around Toronto,” said Daryl Wilson, President &
CEO of Hydrogenics. “Having supplied hydrogen fueling equipment to
more than 50 public and private fueling stations across the globe,
it is particularly gratifying to deliver our expertise, with the
support of NRCan, here at home. Driven by automotive OEMs
introducing fuel cell electric vehicles (FCEVs), we’re seeing an
increase in demand for hydrogen-based models in Europe, California,
the UK, and Japan – and now here in Canada. Using our renewable
hydrogen fuel, the GTA will be one step closer to enabling
carbon-free fueling for zero-emission vehicles.”
“This is an important step toward supporting the
introduction into Canada of zero-emission, hydrogen fuel-cell
electric vehicles,” added Dan Brock, spokesperson for the Canadian
FCEV Coalition. “Today’s announcement underscores Canadian
expertise and leadership in the use of hydrogen as a clean and safe
transportation fuel, opening a door to FCEVs becoming a key part of
a zero-emission transportation future in Canada.”
The Canadian FCEV Coalition includes BMW, Honda,
Hyundai, Kia, Mercedes-Benz and Toyota, all hydrogen fuel-cell
vehicle manufacturers working together to further develop the FCEV
market for Canadians.
About HydrogenicsHydrogenics
Corporation is a world leader in engineering and building the
technologies required to enable the acceleration of a global power
shift. Headquartered in Mississauga, Ontario, Hydrogenics provides
hydrogen generation, energy storage and hydrogen power modules to
its customers and partners around the world. Hydrogenics has
manufacturing sites in Germany, Belgium and Canada and service
centers in Russia, Europe, the US and Canada.
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
fueled 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.
Hydrogenics Contacts:
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com
Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com
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