HYDROGENICS CORPORATION (Nasdaq: HYGS; TSE: HYG), a designer and manufacturer
of proton exchange membrane (PEM) fuel cell technology, today announced a
$2 million contribution from the Government of Canada toward the development
of a stationary fuel cell system capable of generating power for use in
multi-dwelling clusters and small commercial buildings. This funding from
Natural Resources Canada (NRCan) and the Climate Change Action Fund will aid
Hydrogenics' development of its 50 kW fuel cell power generator fueled by
natural gas.
The system being developed by Hydrogenics, known as the Fuel Cell Energy
Tap, or FCET, will generate electricity by using proton exchange membrane
(PEM) fuel cell technology and will be fueled by natural gas. Each generator
will be capable of providing 50 kW of electrical power, as well as space and
water heating.
NRCan is supporting this initiative due to its interest in promising
energy options for reducing carbon dioxide emissions -- a key greenhouse gas.
Widespread installation of systems like the FCET could reduce emissions of
carbon dioxide by 1 megatonne over 12 years.
"I'm excited by the potential of fuel cell technology", said NRCan
Minister Ralph Goodale. "Fuel cells are clean, efficient and reliable, and
have the potential not only to reduce greenhouse gas emissions, but also to
provide new opportunities for Canadian firms to help the rest of the world
deal with climate change."
The total project cost is $6,000,000 over two years. The Government of
Canada is contributing $2 million -- $1,600,000 from the Technology Early
Action Measures (TEAM) component of the Climate Change Action Fund, and
$400,000 from NRCan. Hydrogenics is contributing $4,000,000 through private
financing.
"It means a great deal to Hydrogenics that the Government of Canada
supports our efforts," said Pierre Rivard, President and CEO. "We are pleased
that there is a shared vision of clean and efficient energy through fuel cell
technology. Hydrogenics is proud to be a leader in the development of
innovative energy solutions."
ABOUT HYDROGENICS
Hydrogenics Corporation (http://www.hydrogenics.com) develops PEM fuel
cell systems for commercialization, including related peripheral products and
associated diagnostic and control equipment. Hydrogenics is recognized by key
customers for its solid hands-on competency in fuel cell operating systems
while establishing a sustainable commercial business as a leading provider of
systems for control and testing of PEM fuel cells and stacks. The knowledge
base that Hydrogenics has dedicated to these fully automated, state-of-the-art
fuel cell systems is being applied to the development of fuel cell power
generation with broad commercial applications. Hydrogenics' strategy is to
exploit energy markets across the transportation, stationary and portable
spectrum. Hydrogenics' head office is located in Mississauga, Ontario, Canada.
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
beliefs and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described in the forward
looking statements. These risks include the following: (1) technological
changes or changes in the competitive environment adversely affecting the
products, markets, revenues or margins of Hydrogenics' business; (2) changes
in general economic, financial or business conditions adversely affecting the
business or the markets in which Hydrogenics operates, (3) the ability to
attract and retain customers and business partners, and (4) dependency on
third party suppliers. These factors should be considered carefully and
readers should not place undue reliance on Hydrogenics' forward-looking
statements. Investors are encouraged to review the section captioned "Risk
Factors" in Hydrogenics' final prospectus filed with the Securities and
Exchange Commission on October 27, 2001 for a more complete discussion of
factors that could affect Hydrogenics' future performance. 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.
/Web site: hydrogenics.com |
