Hydrogenics to Supply 2.5MW Energy Storage Solution for Haeolus Wind-to-Hydrogen Project in Norway
September 19 2018 - 7:00AM
Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG)
("Hydrogenics" or "the Company"), a leading developer and
manufacturer of hydrogen generation and fuel cell power modules,
today announced that it, along with a European consortium
consisting of SINTEF, the Université Bourgogne Franche-Comté,
Tecnalia, UniSannio, Varanger Kraft and KES will deliver a
2.5-megawatt electrolyzer-based energy storage system directly
connected to a 45-megawatt wind farm in Norway. Varanger Kraft’s
wind farm, located in Raggovidda, is already one of the most
efficient in Europe. However, due to limitations within the local
transmission grid, the project’s capacity of 200 megawatts cannot
currently be realized. The consortium – named Haeolus – will enable
the production of clean hydrogen using some of the excess power
produced from wind in the region.
Hydrogenics’ PEM-based electrolyzers are
customizable and scalable for multi-megawatt applications – without
sacrificing efficiency, response or durability – and the
compactness of the Company’s technology delivers energy storage in
a significantly smaller plant footprint. The Haeolus system will be
remotely controlled and monitored due to environmental conditions
at the wind farm and lack of accessibility during winter, when the
area is covered by a thick layer of snow.
“We are pleased to collaborate with other
partners in this visionary project, where Hydrogenics will deliver
a 2.5-megawatt PEM electrolyzer under very extreme conditions in
Norway,” said Daryl Wilson, President and CEO of Hydrogenics. “All
operational aspects must be accurately planned to maximize hydrogen
production and ensure long-term system durability. By utilizing our
advanced energy storage solution, we are driving the efficiency of
wind energy output in Northern Europe.”
Terje Skansen, CEO of Varanger Kraft, added,
“Raggovidda is located in an area which probably has some of the
best wind conditions on Earth. Seeking to utilize this endless
power source we have, for years, investigated opportunities to
produce hydrogen based on renewable, clean wind energy. We are
pleased to join with our partners in the Haeolus project and look
forward to a long, beneficial collaboration.”
The Haeolus project receives funding from the
Fuel Cells and Hydrogen 2 Joint Undertaking task force under grant
agreement No. 779469. This Joint Undertaking initiative also
receives support from the European Union’s Horizon 2020 research
and innovation program, the Hydrogen Europe Industry, and Hydrogen
Europe Research.
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. 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:
Marc Beisheim, Chief Financial
OfficerHydrogenics Corporation(905)
361-3660investors@hydrogenics.com
Chris WittyHydrogenics Investor Relations(646)
438-9385cwitty@darrowir.com
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