|Hydrogenics Infrastructure Projects Supported by Government of Canada|
|TORONTO, March 20 -- Technology that will help pave the way for fuel-cell vehicles received support from the Government of Canada today. A $620,000 Cdn. contribution will help Hydrogenics Corporation (Nasdaq: HYGS; TSE: HYG) develop, demonstrate and commercialize refuelling technology. Hydrogenics Corporation, a leading Canadian designer and manufacturer of fuel-cell systems and related technologies, is contributing the balance of the costs for two projects, which total approximately $1.61 million Cdn.
The projects were funded through the Canadian Transportation Fuel Cell Alliance (CTFCA), a $23-million Cdn. partnership initiative with the Government of Canada to demonstrate and evaluate various fuelling options for fuel-cell vehicles in Canada. The Hydrogenics projects are the first of several demonstrations planned by the CTFCA by 2005.
The first project will develop a hydrogen refuelling apparatus for a natural-gas reformer, which is part of the 50-kilowatt stationary fuel-cell power generator that Hydrogenics is currently developing. The reformer will be capable of generating hydrogen for both fuel-cell vehicles and stationary power generators. This "energy station" prototype, including the refuelling apparatus, is scheduled for demonstration in Toronto this summer.
Funding for the second project will help develop Hydrogenics' proprietary electrolysis technology in a mobile hydrogen fuelling station. An electrolyzer generates hydrogen from water using power from an external source. Hydrogenics plans to demonstrate the project at its Mississauga facility in the summer of 2004, and hopes to extend the demonstration to a wind or solar power site. Using wind or solar as an external energy source would make this solution fully sustainable.
"Electrolysis and steam methane reforming, such as we are using in these demonstrations, are existing technologies," said Pierre Rivard, President and CEO of Hydrogenics. "What these technologies need is innovation to put them on a new platform and then to experience an increased demand for fuel cells. Hydrogenics took the initiative to add refuelling strategies to our technology portfolio for this reason, and we are very happy that NRCan is supporting us in this."
NRCan has been working with Hydrogenics since 1997 on a variety of fuel-cell projects, including the development of a hybrid fuel-cell bus announced in December 2002.
Hydrogenics Corporation is a designer and manufacturer of fuel-cell systems. Established in 1995, the Mississauga-based company's goal is to bring clean and efficient power generation to broad commercial markets through fuel-cell technology. The company is a leader in fuel-cell balance-of-plant and operating system technology and is applying this extensive knowledge and expertise to the development and manufacture of fuel-cell power modules and fully integrated power generators.
NRCan plays a pivotal role in helping shape the important contributions of the natural resources sector to the Canadian economy, society and environment. The department conducts innovative science to generate ideas and transfer technologies, and represents Canada's international interests to meet our global commitments related to natural resources.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements and other statements concerning Hydrogenics objectives and strategies and managements beliefs, plans, estimates and intentions about its achievements, future results, goals, levels of activity, performance, and other future events. Hydrogenics believes the expectations reflected in its forward-looking statements are reasonable, although cannot guarantee achievements, future results, levels of activity, performance, or other future events. These statements are based on the managements current expectations and actual results may differ from these forward-looking statements due to numerous factors. Readers should not place undue reliance on these forward-looking statements. Readers are encouraged to review the section captioned 'Risk Factors' in Hydrogenics regulatory filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission, for a more complete discussion of the factors that could affect the foregoing forward-looking statements. 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 cautionary statement.
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