Hydrogenics Delivers Energy Storage System to E.ON in Germany
MISSISSAUGA, Ontario, Dec. 21, 2012 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that it has delivered, on time, a two megawatt "Power-to-Gas" energy storage system to E.ON, one of the world's largest power and gas companies. Installed in Falkenhagen, Germany, the groundbreaking application will be fully commissioned early in 2013 and use surplus renewable energy to produce hydrogen for storage in the country's existing natural gas pipeline network. Under this contract, first announced in June, 2012, Hydrogenics provided the entire hydrogen production facility and will service and maintain the site for a period of five years.
"We are very pleased to see this energy storage system delivered on time and ready for commissioning," said Daryl Wilson, President and CEO of Hydrogenics. "The hydrogen produced by our E.ON equipment in Falkenhagen will be injected into the natural gas pipeline, making it an effective storage system for the surplus electrical power currently generated from renewable resources in the region. Over a 24 hour period the facility will be able to store over 30 MWh of energy, providing critical electrical grid support. With delivery taking place in under six months, we have demonstrated our ability to produce large-scale power-to-gas applications and are confident that we can continue scaling this business segment going forward. We expect to see many more such projects in the future that leverage our leading position in the design, manufacture and installation of large-scale electrolysis systems."
Hydrogenics 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, China, India, Europe, the US and Canada.
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: Chris Witty Hydrogenics Investor Relations (646) 438-9385 email@example.com Bob Motz, Chief Financial Officer Hydrogenics Corporation (905) 361-3660 firstname.lastname@example.orgSource: Hydrogenics Corporation 2012 GlobeNewswire, Inc.