Hydrogenics to Supply Large-Scale PEM Electrolyzer for Hydrogen Fueling Station in Europe
October 15 2018 - 7:07AM
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 has been chosen to supply a large-scale
electrolysis system to generate hydrogen at a fueling station in
Germany. The customer, Maximator GmbH, is a compressor manufacturer
which is building a one megawatt facility in Wuppertal to cover the
daily needs of over 10 new fuel cell buses operated by WSW – the
local public transit company. WSW prefers hydrogen-fueled buses
over battery ones due to their higher reliability in providing
power throughout the day, even on the steep terrain of Wuppertal.
Surplus energy generated by a local waste incinerator will be used
to power the electrolyzer and generate hydrogen. The Hydrogenics
system will be delivered during 2019 and produce over 400 kilograms
of hydrogen per day.
“We are pleased that our advanced PEM
electrolyzers continue to be chosen for important and high-profile
city transit applications such as this,” said Daryl Wilson,
President and CEO of Hydrogenics. “Whether providing clean fuel for
buses in Germany or elsewhere, Hydrogenics continues to be a leader
across the hydrogen-powered, heavy-duty mobility landscape.”
Rene Himmelstein, Vice President of Maximator,
added, “We are very proud to be able to carry out such a promising
and market-leading project in the hydrogen sector. With
Hydrogenics, we are building on a supplier who can deliver reliable
electrolyzer technology for this major project.”
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 makes it suitable for
existing infrastructure in various urban settings.
About HydrogenicsHydrogenics
Corporation is a world leader in engineering and building the
technologies required to enable the acceleration of a global power
shift to a low carbon future. 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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