Hydrogenics Receives $7.8 Million Fuel Cell Order in China
January 18 2018 - 6:30AM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG)
(“the Company” or “Hydrogenics”), a leading developer and
manufacturer of hydrogen generation technology and hydrogen fuel
cell power systems, today announced that it has received an
order valued at $7.8 million to supply fuel cell power systems for
zero-emission vehicles in China. For competitive reasons, the
customer has chosen to remain confidential at this time. Shipments
are expected to be made over the next twelve months.
“China’s strong commitment and leadership in
tackling air quality issues continues to drive demand for
hydrogen-powered, zero-emission transportation alternatives within
its urban areas,” said Daryl Wilson, President & CEO of
Hydrogenics. “Hydrogenics’ differentiated, proven, advanced fuel
cell technology offers vehicle developers and integrators alike
many compelling advantages versus the competition. As such, our
reputation within the country continues to grow, as does our
customer base. Through system sales, engineering services, and
technology license agreements, Hydrogenics is well-positioned to
support our clients and partners as the nation advances its bold
agenda to reduce emissions and safeguard the Chinese environment
and its citizens.”
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 OfficerHydrogenics Corporation(905)
361-3660investors@hydrogenics.com
Chris Witty Hydrogenics Investor Relations (646) 438-9385
cwitty@darrowir.com
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