April 17,2002 - HYDROGENICS CORPORATION, a leading designer and manufacturer of proton exchange membrane (PEM) fuel cell systems, announced the acquisition of EnKAT GmbH. EnKAT, a privately held company based in Gelsenkirchen, Germany, has a leading reputation in the design and manufacture of test systems for fuel cells, reformers, and electrochemical engines. This compelling combination will expand Hydrogenics' existing product offerings and system integration capabilities, also extending the geographical reach of the Company in Europe. Terms of the transaction were not disclosed.
Through this merger Hydrogenics has brought together two companies with similar heritage and competencies. Both companies are well known in the industry for delivering commercial products and revenues today by targeting the market for fuel cell research and development test and optimization equipment. EnKAT's particular expertise in the area of reformer system technology and testing will significantly augment Hydrogenics' balance-of-plant offerings in an area of key importance to fuel cell commercialization.
"Becoming part of a globally-minded organization like Hydrogenics is a landmark event for EnKAT," said Dr. Bernd Pitschak, co-founder and managing director of EnKAT. "The fuel cell industry is evolving very quickly in Europe, in particular within the North Rhine-Westphalia region (NRW) of Germany. This new relationship gives us the ability and resources to capitalize on this momentum by combining our technology strengths and market presence."
"We are very excited about our new relationship with EnKAT and the potential of our combined strengths," commented Pierre Rivard, President and CEO. "EnKAT has impressed and retained marquee European clients in much the same way that Hydrogenics has grown with its clients in North America, the U.K. and Asia. As a result, we see considerable compatibility between the two groups and believe our collaboration will yield impressive results."
"Prior to this event, Hydrogenics expressed its commitment to develop a center of operations in Germany in view of Europe's recognition as an early-adopting market of fuel cell technology based on strong public and government support," continued Rivard. "A primary motivator for this type of acquisition is the number of organizations that are setting up fuel cell development centers within a unified European Union, representing a growing market for our FCATS test system product line. We are confident that acquiring EnKAT's solid technical skills and excellent reputation in fuel cell and reformer test systems, in combination with their existing relationships with leading European automotive fuel cell developers, will bolster Hydrogenics' ambitious strategy for global growth at a sustainable rate. We plan to create and expand key European client relationships based on our test system expertise with the goal of securing opportunities for Hydrogenics' system integration and power product offerings in the future. We are very confident that, with EnKAT's contributions, we have the team and technology to do so." |
