MISSISSAUGA, Ontario, Sept. 20, 2010 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and fuel cell products, today announced the award of an electrolyzer and related equipment and services for a fueling station in Belgium. The facility was procured by WaterstofNet, an organization established by the governments of Flanders and southern Netherlands within the context of the European Interreg Program, which coordinates the implementation of hydrogen throughout the region. The station will provide hydrogen for forklifts, buses, and other vehicles. Hydrogenics will install a HySTAT™-30 unit, compressor, storage equipment, and accessories, with the station capable of supporting about 60 kilograms of hydrogen fuel daily.
"Once again Hydrogenics has proven to be the reliable choice for an expanding infrastructure of hydrogen fueling stations across Europe," said Daryl Wilson, Hydrogenics President and CEO. "We have now provided equipment to more than 35 facilities around the world and, given the vision for countries such as Germany and the Netherlands, believe hundreds more will be installed in the years to come. The need for hydrogen as vehicle fuel dovetails with the benefits of using hydrogen for energy storage and management – where growth is accelerating due to stronger interest in wind and solar power. Hydrogenics remains best positioned to benefit from these two trends.
"This latest award will demonstrate a new design for Hydrogenics – our fifth generation HySTAT V. The electrolyzer and associated equipment will be more compact, more efficient, easier to use and more cost-effective. We are clearly seen by our customers as providing the best hydrogen solutions for fueling stations and energy storage across the globe."
"We are convinced that this new generation of hydrogen production and fueling technology will serve as a strong backbone for the further implementation of hydrogen in Flanders, focusing on the use of sustainable hydrogen in combination with early market applications," said Adwin Martens, Director of WaterstofNet.
ABOUT HYDROGENICS
Hydrogenics Corporation () 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.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Law of 1995. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics' business. 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 United States 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. The forward-looking statements contained in this release are expressly qualified by this.
CONTACT: Hydrogenics Corporation Lawrence Davis, Chief Financial Officer (905) 361-3633 [email protected] Darrow Associates Investor Relations Contact: Chris Witty (646) 438-9385 [email protected]
