Hydrogenics Selected as Technology Provider for SunLine Transit Agency
April 21 2017 - 6:30AM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG)
(“Hydrogenics” or “the Company”), a leading developer and
manufacturer of hydrogen generation and hydrogen-based fuel cell
modules, today announced that it has been selected to be the
technology provider for the SunLine Transit Agency, covering heavy
duty fuel cell power modules and PEM HyLyzer™ electrolysis
equipment, to enable zero-emission public transit. Funded by a
major grant award from California Climate Investments and the
California Air Resources Board (“CARB”), Hydrogenics will supply
SunLine with five CelerityPlus™ power modules to be integrated into
New Flyer fuel cell buses. Hydrogenics will also upgrade SunLine’s
heavy duty fueling station with a new 1.5 megawatt PEM electrolyzer
for onsite hydrogen fuel generation – making it the largest
renewable hydrogen fueling facility in the United States. The
station will produce up to 400 kilograms of hydrogen daily and be
capable of fueling 15 buses per day.
“As the only hydrogen technology company that
can offer both fuel cell power systems and clean onsite hydrogen
generation, we are pleased to bring our advanced technology to this
state-of-the-art project in California,” stated Daryl Wilson,
President and CEO of Hydrogenics. “SunLine has been at the
forefront of clean energy transportation in the region, and we look
forward to being a part of implementing this zero-emission vehicle
initiative.”
This is the first bundled hydrogen fleet and
fuel project secured by a transit agency where funding has been
received for both the heavy duty fuel cells and infrastructure for
onsite renewable hydrogen generation supplied by the same
technology provider. Successful deployment of this project will
help remove barriers due to lack of hydrogen infrastructure and
accelerate mass adoption of fuel cell buses within the transit
industry.
The SunLine Fuel Cell Buses and Hydrogen Onsite
Generation Refueling Station Pilot Commercial Deployment Project is
part of California Climate Investments, a statewide program that
puts billions of cap-and-trade dollars to work reducing greenhouse
gas emissions, strengthening the economy and improving public
health and the environment—particularly in disadvantaged
communities. The cap-and-trade program also creates a financial
incentive for industries to invest in clean technologies and
develop innovative ways to reduce pollution. California Climate
Investment projects include affordable housing, renewable energy,
public transportation, zero-emission vehicles, environmental
restoration, more sustainable agriculture, recycling and much more.
At least 35 percent of these investments are made in disadvantaged
and low-income communities. For more information, visit California
Climate Investments (https://arb.ca.gov/caclimateinvestments.)
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
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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