MISSISSAUGA, Ontario, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and fuel cell power modules, today announced that it, along with a European consortium consisting of SINTEF, the Université Bourgogne Franche-Comté, Tecnalia, UniSannio, Varanger Kraft and KES will deliver a 2.5-megawatt electrolyzer-based energy storage system directly connected to a 45-megawatt wind farm in Norway. Varanger Kraft’s wind farm, located in Raggovidda, is already one of the most efficient in Europe. However, due to limitations within the local transmission grid, the project’s capacity of 200 megawatts cannot currently be realized. The consortium – named Haeolus – will enable the production of clean hydrogen using some of the excess power produced from wind in the region.
Hydrogenics’ PEM-based electrolyzers are customizable and scalable for multi-megawatt applications – without sacrificing efficiency, response or durability – and the compactness of the Company’s technology delivers energy storage in a significantly smaller plant footprint. The Haeolus system will be remotely controlled and monitored due to environmental conditions at the wind farm and lack of accessibility during winter, when the area is covered by a thick layer of snow.
“We are pleased to collaborate with other partners in this visionary project, where Hydrogenics will deliver a 2.5-megawatt PEM electrolyzer under very extreme conditions in Norway,” said Daryl Wilson, President and CEO of Hydrogenics. “All operational aspects must be accurately planned to maximize hydrogen production and ensure long-term system durability. By utilizing our advanced energy storage solution, we are driving the efficiency of wind energy output in Northern Europe.”
Terje Skansen, CEO of Varanger Kraft, added, “Raggovidda is located in an area which probably has some of the best wind conditions on Earth. Seeking to utilize this endless power source we have, for years, investigated opportunities to produce hydrogen based on renewable, clean wind energy. We are pleased to join with our partners in the Haeolus project and look forward to a long, beneficial collaboration.”
The Haeolus project receives funding from the Fuel Cells and Hydrogen 2 Joint Undertaking task force under grant agreement No. 779469. This Joint Undertaking initiative also receives support from the European Union’s Horizon 2020 research and innovation program, the Hydrogen Europe Industry, and Hydrogen Europe Research.
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 fueled 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. 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.