Hydrogenics Wins Two Hydrogen Fueling Stations in California and the United Kingdom
22 Dezember 2014 - 12:30PM
A Total of Nine Stations Awarded in
2014
Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG)
("Hydrogenics" or "the Company"), a leading developer and
manufacturer of hydrogen generation and hydrogen-based fuel cell
power modules, today announced that it has been awarded contracts
to supply two 700 bar hydrogen fueling stations -- one by Ontario
CNG in California and another by Aberdeen City, Scotland. These
wins bring to nine the total number of hydrogen station contracts
secured during 2014, the vast majority of which will be shipped and
recognized as revenue in 2015.
"This has truly been a banner year for Hydrogenics in terms of
fueling station awards, which point to the growing demand for
fuel-cell powered vehicles worldwide and further strengthens our
business outlook heading into 2015," said Daryl Wilson, CEO of
Hydrogenics. "We are excited to join efforts with station owner
Ontario CNG to deploy equipment in southern California and also
provide a complete fueling station to Aberdeen City, Scotland. Both
California and the UK are important markets for Hydrogenics, and
they are clearly taking the lead in embracing a zero-emission
hydrogen-based infrastructure. Hydrogenics is now involved in the
building and servicing of over 10 fueling stations in California
and 45 stations worldwide, and these latest awards demonstrate that
we have the right technology and expertise to continue being a
leader in this market as it gathers momentum in the years to
come."
In California, Hydrogenics partnered with station owner Ontario
CNG, which was awarded a contract by the California Energy
Commission to supply hydrogen fueling capability at an existing
"76" fuel and electric charging location. The station will produce
hydrogen without any carbon footprint by using Hydrogenics'
electrolyzer and certified renewable electricity.
In the United Kingdom, Hydrogenics was awarded a contract to
supply a turnkey 350/700 bar hydrogen fueling station by Aberdeen
City, in Scotland. The station is part of the Aberdeen City
Hydrogen Energy Storage (ACHES) project and also includes a HyPM®10
kW fuel cell. Up to 130 kilograms of hydrogen per day will be
produced on-site using the Company's HySTAT™ electrolyzer;
Hydrogenics is also under contract to maintain the equipment for
the first four years of operation.
The UK ACHES project was partly funded by the European Regional
Development Fund and the INTERREG North Sea Region Programme, with
matched funding provided by Aberdeen City Council. The City of
Aberdeen has put in place an "H2 Aberdeen" initiative which aims to
bolster a hydrogen economy and stimulate innovative projects to
position the area as a center of excellence for hydrogen
technology.
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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