Hydrogenics Awarded Contract for Aircraft Fuel Cell Development & Supply
MISSISSAUGA, Ontario, Dec. 04, 2018 (GLOBE NEWSWIRE) — Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics”), a leading developer and manufacturer of hydrogen generation and hydrogen fuel cell power systems, today announced that it has been selected to design and supply fuel cell power modules for a new lightweight aircraft. Under development by a customer that wishes to remain undisclosed for competitive reasons, this electric air mobility vehicle will be used for daily commuting and other applications, revolutionizing the way people travel between cities and around the country. Over the course of 2019 Hydrogenics will develop and supply an ultra-light fuel cell system which will be the main propulsion unit for this aircraft.
Daryl Wilson, President & CEO of Hydrogenics, stated, “We are extremely pleased to have been selected by this innovative organization in the market for air mobility, where we see growing interest in aircraft applications to solve urban congestion. Hydrogenics has already established a position in the aerospace industry due to our work on the world’s first multi-passenger, all-electric airplane – launched in 2017 – and as a supplier to leading companies such as Airbus and Boeing. We look forward to adapting our proven, heavy-duty fuel cell solutions to this new aircraft.”
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, 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.
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Chief Financial Officer
Hydrogenics Investor Relations