|Hydrogenics Secures Order for 25 Fuel Cell Power Modules from Global Back-up Power Company|
|TORONTO, November 10, 2004 -- Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG), a designer and manufacturer of hydrogen and fuel cell systems, today announced that it has secured a follow-on order for 25 Fuel Cell Power Modules. These HyPM® 10kW power modules will be incorporated into back-up power products for one of the world's largest suppliers of uninterruptible power. Hydrogenics expects to deliver two units in 2004 and the remainder throughout 2005.
"This ushers in an exciting stage in Hydrogenics' continuing strategy of providing solutions for early-adopting markets like back-up power," said Pierre Rivard, President and CEO of Hydrogenics. "This is Hydrogenics' largest sale of hydrogen power modules to a singular OEM customer, validating the HyPM 10 as a reliable and cost-effective solution for mission critical back-up power. We know that fuel cells provide operational benefits surpassing that of traditional lead acid batteries or diesel generators. Now, with costs coming down so steadily, our fuel cell HyPM is clearly becoming a viable option for those looking for a clean and reliable alternative."
Hydrogenics' HyPM power modules are clean power generators that require only hydrogen fuel to produce DC electrical power. The HyPM has been deployed in applications ranging from light mobility to stationary to portable power solutions. In addition to a fuel cell stack, the power module includes the associated components, subsystems and control software required to produce clean, efficient electricity.
Hydrogenics Corporation (www.hydrogenics.com) is a leading clean power generation company, engaged in the commercialization of fuel cell technology and test stations for fuel cells. The company is building a sustainable business, in a potentially "game changing technology" for transportation, stationary and portable power. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in British Columbia, Canada, Japan, the United States and Germany.
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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