Hydrogenics Signs Purchase and License Agreement valued at over 50M USD for 1,000 Fuel Cell Bus Power Modules
June 08 2017 - 06:30AM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG)
(the “Company” or “Hydrogenics”), a leading developer and
manufacturer of hydrogen generation and hydrogen-based power
modules, today announced that it has signed a Purchase and License
Agreement for technology and fuel cells with Blue-G New Energy
Science and Technology Corporation (“Blue-G”).
The Purchase and License Agreement provides that
the Company will deliver 1,000 fuel cell units to Blue-G to be
integrated into zero-emission electric buses and an engineering
support component for an aggregate sum payable to the Company of
over USD 50 million. Delivery of the fuel cells and the
associated payments are expected to occur over the next two to
three years. Incremental are license royalties which are
expected to generate revenues for the Company over a 10-year
period.
The agreement was signed in Beijing by Daryl
Wilson, President and CEO of Hydrogenics and Ronald R. Lee,
President and CEO of Blue-G. Witnessing the signing was the
Minister of Natural Resources Canada, the Honorable James Gordon
Carr.
“We are very pleased to be able to bring
Hydrogenics’ unique and leading technology to our transit customers
in China. The ease of implementation of Hydrogenics’ fuel
cell systems has allowed Blue-G to rapidly advance in providing
zero-emission powertrains to our customers. We look forward
to a very successful and long-term collaboration,” said Mr.
Lee.
“As one of our first Certified Integration
Partners (CIP), Blue-G and Hydrogenics have already worked together
for several years,” added Mr. Wilson. “Blue-G has brought
zero-emission buses with our fuel cells to some of China’s key
urban centers and is a recognized leader in advancing China’s
commitment to clean-energy urban transportation. We are
delighted that our relationship has now expanded to this
degree.”
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. 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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