Hydrogenics Awarded Contracts for Fueling Stations in the UK
January 29 2014 - 5:30AM
Hydrogenics Corporation (Nasdaq:HYGS)
(TSX:HYG), a leading developer and manufacturer of hydrogen
generation and hydrogen-based power modules, today announced
that it has been awarded two contracts for fueling stations in the
United Kingdom. The first contract includes three HySTATTM 60
electrolyzers for BOC, a member of The Linde Group (XETRA:LIN), for
installation as part of a large fueling station due to be
constructed in 2014 for Aberdeen City Council's Kittybrewster depot
in Scotland. The three electrolysers will provide up to 400 kg per
day of Hydrogen, and the station, part of the Aberdeen
Hydrogen Bus Project, will be used for 10 fuel cell buses – which
will be the largest such fleet in Europe.
The second contract, also with BOC, calls for a HySTATTM 30
electrolyzer to be installed as part of a fueling station in
Swindon, England for Honda Motor Company (NYSE:HMC). The
electrolyzer will provide 65 kg of Hydrogen per day and is expected
to be operational during the second half of 2014, as is the
Kittybrewster installation.
Daryl Wilson, Hydrogenics' President and CEO said, "These most
recent fueling station awards confirm that Hydrogen infrastructure
spending is indeed increasing across the globe – particularly in
Europe, Japan, Korea, and California. This should come as no
surprise given the plans outlined by a number of leading automotive
OEMs to begin selling high-volume fuel cell vehicles between 2015
and 2017, with some models expected out later this calendar year.
We see a great deal of growth potential in fueling stations and are
uniquely qualified to provide the most reliable and efficient
electrolyzers in the industry."
Aberdeen City Council is taking a strategic lead in facilitating
the arrival of a Hydrogen economy through: (a) leading the North
Sea Region HyTrEc (Hydrogen Transport Economic) project; (2)
coordinating the development of a strategy, on behalf of the
Scottish Cities Alliance, to enable Scotland to build new
infrastructure and support Hydrogen technologies; and (3) leading
initiatives for growing Aberdeen's Hydrogen economy.
The Swindon fueling station is the result of a joint
public-private partnership between Honda, BOC, and the economic
development organization Forward Swindon. The fueling station will
utilize solar energy to generate hydrogen and be used for material
handling vehicles and light vans at Honda's manufacturing
plant.
The Aberdeen Hydrogen Bus Project is being multi-funded through
the Scottish Government and Scottish Enterprise along with the
European Commission and the UK Technology Strategy Board (TSB).
Both the Aberdeen and Swindon projects are tied to a January 2012
initiative of the TSB, co-funded by the Department of Energy and
Climate Change (DECC), aimed to encourage UK businesses to develop
fuel cells and hydrogen systems to make the case for further
investment. Fueling infrastructure is a key requirement to
"complete the circle" for Hydrogen-based transportation. These
state-of-the-art facilities will create awareness for the need to
develop fueling stations throughout the UK and illustrate
Hydrogenics' leadership position in this expanding field.
About Hydrogenics
Hydrogenics 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 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.
CONTACT: 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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