|Hydrogenics Awarded Contract for Chemical Hydride Fuelled Portable Fuel Cell Generator|
|TORONTO, June 1 -- Hydrogenics Corporation (Nasdaq: HYGS - news; TSE: HYG - news), a designer and manufacturer of proton exchange membrane (PEM) fuel cell systems, today announced the successful contract award by the Department of National Defence Canada (DND) to develop a portable power generator, for delivery in the 3rd quarter of 2001. The power generator will be fuelled by Hydrogenics' proprietary chemical hydride system. This contract follows Hydrogenics' successful completion of three previous DND-sponsored projects that evaluated various hydrogen storage and generation technologies. The most recent project involved Hydrogenics' HyPORT portable fuel cell power generator that was demonstrated in the 4th quarter of 2000.
The product in development is a compact 500-watt power generator, designed to charge batteries and to directly power instrumentation devices. Hydrogenics' proprietary chemical hydride system will be used for both storage and generation of hydrogen fuel for the fuel cell power module. The chemical hydride system is designed to deliver approximately 35kWh of electricity at a total system weight (including fuel) of less than 125 pounds. For the same application, battery systems generally weigh between 250 and 3,500 pounds.
Pierre Rivard, President and CEO, explains the importance of this new contract: "Our portable power strategy has always been to cultivate working relationships with early adopters such as the military. The military is technically sophisticated toward fuel cell capabilities and is focused on practical applications for new technologies. Our chemical hydride/fuel cell system is smaller, lighter and has a higher energy density than similar primary battery systems. We believe the market for this technology over the next three years will be substantial, for both Canadian and US militaries."
Hydrogenics Corporation (http://www.hydrogenics.com) is a fuel cell technology company focused on the commercialization of proton exchange membrane ("PEM") fuel cells for clean power generation. Hydrogenics develops and manufactures fully integrated PEM fuel cell test systems, including related peripheral products and associated diagnostic and control equipment. The knowledge and expertise that Hydrogenics has acquired from the development and manufacture of its fully automated test and control systems is being actively applied to the development of fuel cell power generation products with broad commercial applications. Hydrogenics' strategy is to exploit energy markets across the transportation, stationary and portable spectrum. Hydrogenics' head office is located in Mississauga, Ontario, Canada.
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Law of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. These risks include the following: (1) technological changes or changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics' business; (2) changes in general economic, financial or business conditions adversely affecting the business or the markets in which Hydrogenics operates, (3) the ability to attract and retain customers and business partners, and (4) dependency on third party suppliers. These factors should be considered carefully and readers should not place undue reliance on Hydrogenics' forward-looking statements. Investors are encouraged to review the section captioned "Risk Factors" in Hydrogenics' Form 20F filed with the Securities and Exchange Commission on May 22, 2001 for a more complete discussion of factors that could affect Hydrogenics' future performance. 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.
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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