Hydrogenics to Provide Fuel Cells for Heavy Duty Trucks in California
September 26 2018 - 8:20AM
Hydrogenics Corporation (NASDAQ: HYGS; TSX:
HYG) (“Hydrogenics” or “the Company”), a leading
developer and manufacturer of hydrogen generation and hydrogen fuel
cell power systems, today announced that it will supply six
heavy-duty fuel cell power modules to GTI and TransPower for a set
of Class 8 Navistar drayage trucks scheduled to be deployed in
Southern California early next year. The trucks are part of the
California Air Resources Board’s “California Climate Investments”
program, meant to enable the acceleration of low-carbon technology
in commercial trucking applications. For this project, GTI is the
program manager, TransPower the vehicle integrator, Navistar the
chassis provider, and Total Transportation Services Inc. (TTSI)
will serve as operator. Hydrogenics’ fuel cells are expected to be
shipped in the fourth quarter of 2018; additional terms were not
disclosed.
“GTI is excited to be a part of this consortium,
including Hydrogenics, that brings leadership and experience in
their respective fields to propel the transition to a
post-petroleum, heavy-duty trucking economy," stated Ted Barnes,
Research & Development Director at GTI. "In California we are
starting to see numerous examples of heavy-duty vehicle platforms
moving successfully to zero-emission by adopting fuel cell
technology.”
Daryl Wilson, President & CEO of
Hydrogenics, added, “Fuel cells continue moving towards widespread
commercialization, and we are proud to expand our role within the
U.S. truck industry. GTI and TransPower both have extensive
experience and knowledge in fuel cell integration, and this project
provides an ideal opportunity to build on our recent success in
deploying one of the world’s first fully-functional fuel cell
trucks in Southern California. Hydrogenics’ heavy-duty fuel cells
are now on over 30 freight and utility vehicles as well as seven
different transport platforms – including the recent world premiere
of Alstom’s hydrogen-powered passenger trains in Germany. We are
excited by the rapidly-growing market potential and our leading
position working with key global players like TransPower, Navistar,
UPS, Alstom, and our many partners in China to address the energy
needs of tomorrow.”
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.
About the California Air Resources Board
(CARB)CARB's mission is to promote and protect public
health, welfare, and ecological resources through effective
reduction of air pollutants while recognizing and considering
effects on the economy. CARB oversees all air pollution control
efforts in California to attain and maintain health-based air
quality standards. www.arb.ca.gov
The Fast Track Fuel Cell Truck 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
http://www.caclimateinvestments.ca.gov/
About GTIGTI is a leading research, development
and training organization that has been addressing the nation's
energy and environmental challenges by developing technology-based
solutions for consumers, industry, and government for more than 75
years. www.gastechnology.org
About TransPowerTransPower is a
privately-held California company that develops, supplies and
integrates state-of-the-art battery-electric, hybrid-electric and
fuel cell hybrid propulsion systems for large trucks, tractors, and
buses. TransPower recently entered into a strategic partnership
with Meritor, the leading supplier of axles and brake systems to
the commercial trucking industry, to help accelerate the
commercialization of both companies' electric propulsion
technologies. www.transpowerusa.com
Forward-looking Statements This
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: Marc Beisheim
Chief Financial Officer (905) 361-3660
investors@hydrogenics.com
Chris Witty Hydrogenics Investor Relations (646) 438-9385
cwitty@darrowir.com
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