North America’s First Multi-Megawatt Power-to-Gas Facility Begins Operations
July 16 2018 - 5:00PM
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 the Markham
Energy Storage Facility, owned and operated under a joint venture
between Hydrogenics and Enbridge Gas Distribution, is now providing
regulation services under contract to the Independent Electricity
System Operator (IESO) of Ontario. As previously announced, this
project was originally awarded as one of several technology
applications selected by the IESO for power grid stability and
reliability services in the province.
Regulation service is an important reliability
function that corrects for short-term changes in electricity use
and helps compensate for real-time supply and demand imbalances.
The Enbridge-Hydrogenics 2.5MW facility – designed and built on a
5MW scalable platform – features the Company’s next-generation PEM
electrolyzer technology, which has the highest power density and
smallest footprint of any such system in the world.
Daryl Wilson, President & CEO of
Hydrogenics, stated, “We are very excited to have this latest,
multi-megawatt Power-to-Gas facility up and running – here in our
own back yard – providing the IESO with a fast-responding resource
to enhance the flexibility and reliability of operating the grid.
Drawing on our experience of providing large scale energy storage
facilities in Europe, this new operation, managed with Enbridge,
will be a showcase for our advanced technology in North America.
With Markham up and running, Hydrogenics has now delivered over 25
megawatts of energy storage capacity using our Power-to-Gas
expertise.”
“I’ve worked in the energy sector my entire career and this is
one of the most exciting projects in which I’ve ever been
involved,” said Jim Sanders, President, Enbridge Gas Distribution.
“I’m proud to see a Canadian company leveraging world-class
Canadian technology to solve current energy challenges. Today is a
major milestone for Enbridge and Ontario’s energy sector.”
This project is another example of how the
Company’s Power-to-Gas technology is transforming the energy sector
through the production of renewable hydrogen for zero-emission fuel
cell electric vehicles (train, bus and truck fleets) or other
applications while providing grid services to System Operators.
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.
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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