Hydrogenics to Provide Fuel Cells for Heavy Duty Trucks in California
SAN DIEGO, Sept. 26, 2018 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen fuel cell power systems, today announced that it will supply six heavy-duty fuel cell power modules to GTI and TransPower for a set of Class 8 Navistar drayage trucks scheduled to be deployed in Southern California early next year. The trucks are part of the California Air Resources Board’s “California Climate Investments” program, meant to enable the acceleration of low-carbon technology in commercial trucking applications. For this project, GTI is the program manager, TransPower the vehicle integrator, Navistar the chassis provider, and Total Transportation Services Inc. (TTSI) will serve as operator. Hydrogenics’ fuel cells are expected to be shipped in the fourth quarter of 2018; additional terms were not disclosed.
“GTI is excited to be a part of this consortium, including Hydrogenics, that brings leadership and experience in their respective fields to propel the transition to a post-petroleum, heavy-duty trucking economy,” stated Ted Barnes, Research & Development Director at GTI. “In California we are starting to see numerous examples of heavy-duty vehicle platforms moving successfully to zero-emission by adopting fuel cell technology.”
Daryl Wilson, President & CEO of Hydrogenics, added, “Fuel cells continue moving towards widespread commercialization, and we are proud to expand our role within the U.S. truck industry. GTI and TransPower both have extensive experience and knowledge in fuel cell integration, and this project provides an ideal opportunity to build on our recent success in deploying one of the world’s first fully-functional fuel cell trucks in Southern California. Hydrogenics’ heavy-duty fuel cells are now on over 30 freight and utility vehicles as well as seven different transport platforms – including the recent world premiere of Alstom’s hydrogen-powered passenger trains in Germany. We are excited by the rapidly-growing market potential and our leading position working with key global players like TransPower, Navistar, UPS, Alstom, and our many partners in China to address the energy needs of tomorrow.”
About Hydrogenics 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.
About the California Air Resources Board (CARB)CARB’s mission is to promote and protect public health, welfare, and ecological resources through effective reduction of air pollutants while recognizing and considering effects on the economy. CARB oversees all air pollution control efforts in California to attain and maintain health-based air quality standards. www.arb.ca.gov
The Fast Track Fuel Cell Truck Project is part of California Climate Investments, a statewide program that puts billions of cap-and-trade dollars to work reducing greenhouse gas emissions, strengthening the economy and improving public health and the environment—particularly in disadvantaged communities. The cap-and-trade program also creates a financial incentive for industries to invest in clean technologies and develop innovative ways to reduce pollution. California Climate Investment projects include affordable housing, renewable energy, public transportation, zero-emission vehicles, environmental restoration, more sustainable agriculture, recycling and much more. At least 35 percent of these investments are made in disadvantaged and low-income communities. For more information, visit http://www.caclimateinvestments.ca.gov/
About GTIGTI is a leading research, development and training organization that has been addressing the nation’s energy and environmental challenges by developing technology-based solutions for consumers, industry, and government for more than 75 years. www.gastechnology.org
About TransPowerTransPower is a privately-held California company that develops, supplies and integrates state-of-the-art battery-electric, hybrid-electric and fuel cell hybrid propulsion systems for large trucks, tractors, and buses. TransPower recently entered into a strategic partnership with Meritor, the leading supplier of axles and brake systems to the commercial trucking industry, to help accelerate the commercialization of both companies’ electric propulsion technologies. www.transpowerusa.com
Forward-looking Statements 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.
For further information, contact: Marc Beisheim Chief Financial Officer (905) 361-3660 firstname.lastname@example.org
Chris Witty Hydrogenics Investor Relations (646) 438-9385 email@example.com