Hydrogenics Enters into Strategic Collaboration with StratosFuel for 2.5 MW Power-to-Gas Project in California
November 01 2016 - 6:30AM
Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG)
(“Hydrogenics” or “the Company”), a leading developer and
manufacturer of hydrogen generation and hydrogen-based power
modules, today announced that it has entered into a strategic
partnership with StratosFuel, which, subject to permitting and
funding, would result in North America’s largest zero-emission
hydrogen power plant. The 2.5-megawatt Zero Impact Production (ZIP)
hydrogen facility in Palm Springs, California will use Hydrogenics’
state-of-the-art PEM electrolyzers to convert wind and solar energy
into 1,000 kilograms of renewable hydrogen per day.
The Palm Springs region in California has an
abundance of wind and solar power. By using StratosFuel’s power
purchase agreement, Hydrogenics electrolyzers will enable
StratosFuel to provide clean renewable hydrogen to hundreds of fuel
cell vehicles every day in the Southern California region.
“We are very pleased to enter into this
strategic collaboration and be the exclusive supplier for the
largest commercial MW-scale Power-to-Gas plant in North America,”
said Daryl Wilson President & CEO of Hydrogenics. “Our PEM
technology gives us the ability to bring the world’s most efficient
electrolyzer to the US market for 100% clean, renewable hydrogen
production. By working with StratosFuel, we will help them move
forward to meet and exceed government regulations on renewable
hydrogen and put it to use powering fuel cell vehicles in the
area.”
The ZIP Hydrogen facility will be constructed in
three phases. Phase 1 – the 2.5 megawatts – is currently undergoing
permitting and funding approval and is expected to begin
construction in 2017. Upon successful implementation, it is
envisioned that the capacity of the plant will be doubled in Phase
2 and further expanded in Phase 3 as the demand for renewable
hydrogen grows in the State of California.
“Utilizing wind and solar energy to create
hydrogen represents a paradigm shift to a cleaner and more
sustainable source of fuel for transportation and industry,” stated
Jonathan Palacios-Avila CEO at StratosFuel. “To locally produce
hydrogen that is 100% carbon-free is a major milestone, and we are
pleased to be working with Hydrogenics to make this a reality.”
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 StratosFuelStratosFuel
(www.stratosfuel.com) is a leading developer of hydrogen fueling
stations and renewable production facilities and station user
interface solutions.
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; 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.
Hydrogenics Contacts:
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com
Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com
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