Hydrogenics to Provide Fuel Cells for Scania Trucks at Norway’s Largest Grocery Wholesaler
June 05 2017 - 6:30AM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG), a
leading developer and manufacturer of hydrogen generation and
hydrogen-based power modules, today announced that it has been
awarded a contract to deliver four HyPM™-HD90 fuel cell systems to
be integrated into Scania hydrogen trucks owned and operated by
ASKO, Norway’s largest grocery wholesaler. Additional terms were
not disclosed. The first Scania hydrogen-powered vehicles are
expected to be operational by late 2018.
“By signing this contract for our first four
fuel cell operated trucks, ASKO has reached another milestone on
the path to achieving our 2020 environmental goals of reducing
energy consumption by 20 percent, being a self-sufficient provider
of clean energy, and using 100 percent renewable fuel. We are happy
to have the most competent partners contracted for this project,
including Scania for the electric truck, Hydrogenics for the
integrated fuel cell and tank system, and Thermo King for the
self-powered truck temperature control solution,” said Jørn Arvid
Endresen, CEO of ASKO Mid Norway.
“We’re pleased to have been selected to supply
our innovative PEM fuel cells to ASKO for their hydrogen truck
project,” added Daryl Wilson, President & CEO of Hydrogenics.
“ASKO is at the forefront of clean energy transportation, and we
look forward to being a part of implementing this zero-emission
vehicle initiative in Norway. Likewise, Scania is a world leader in
the manufacture of trucks and buses for heavy duty transport, and
our HyPM HD fuel cells are perfectly suited to powering their
electric truck platform.”
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,
China, India, 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:
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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