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HYDROGENICS CORPORATION COMPLETES SALE TRANSACTION WITH CUMMINS INC.

September 9, 2019 – Mississauga, Ontario, Canada – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (the “Company”) is pleased to announce that it completed today the previously-announced plan of arrangement pursuant to which Atlantis Acquisitionco Canada Corporation (the “Purchaser”), a subsidiary of Cummins Inc. (“Cummins”) acquired all of the outstanding common shares of the Company (the “Shares”) by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the “Transaction”).

Pursuant to the Transaction, the Purchaser acquired 15,486,610 Shares, representing 81.4% of the issued and outstanding Shares, for cash consideration of US$15.00 per Share, and The Hydrogen Company, a wholly-owned subsidiary of L’Air Liquide S.A. (“Air Liquide”), contributed all of its 3,537,931 Shares, representing 18.6% of the outstanding Shares, for common shares of the Purchaser on a one-for-one basis, in lieu of receiving the cash consideration from the Purchaser for its Shares.

Shareholders other than The Hydrogen Company who hold their Shares in registered form will receive payment of US$15.00 in cash per Share following the deposit of their share certificates with AST Trust Company (Canada), the depositary for the Transaction, in accordance with the instructions contained in the letter of transmittal previously sent to registered shareholders. Shareholders who hold their Shares through a broker or other intermediary should follow the instructions provided by the broker or intermediary in order to receive payment of the consideration for their Shares.

It is expected that the Company will be de-listed from the Toronto Stock Exchange and NASDAQ shortly and applications will be made for the Company to cease to be a reporting issuer or equivalent under the securities legislation of each of the provinces of Canada and the Company’s registration of Shares under the United States Securities Exchange Act of 1934 will be terminated.

About Hydrogenics Corporation

Hydrogenics Corporation (www.hydrogenics.com) is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, the Company 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.

Forward-Looking Information

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 laws, including with respect to the de-listing of the Shares and the Company ceasing to be a reporting issuer. These statements are based on management’s current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: the failure to obtain necessary regulatory or stock exchange approvals. Readers should not place undue reliance on the Company’s forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly available disclosure documents, as filed by the Company on SEDAR (www .sedar.com) except as updated in this press release. The forward-looking statements contained in this press release are made as of the date of this release, and the Company undertakes no obligation 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 paragraph.

For further information, contact:

Daryl Wilson
Chief Executive Officer
(905) 361-3660
investors@hydrogenics.com 

Marc Beisheim
Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com

HYDROGENICS CORPORATION RECEIVES COURT APPROVAL FOR PROPOSED TRANSACTION WITH CUMMINS INC.

MISSISSAUGA, Ontario, Canada – September 3, 2019 – Hydrogenics Corporation  (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”) announced today that it has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the previously-announced plan of arrangement pursuant to which Atlantis AcquisitionCo Canada Corporation (the “Purchaser”), a subsidiary of Cummins Inc., will, among other things, acquire all of the outstanding common shares of the Company (the “Shares”) other than the Shares owned by The Hydrogen Company, a wholly owned subsidiary of L’Air Liquide S.A., for US$15.00 in cash per Share (the “Transaction”). The Hydrogen Company has agreed to contribute its Shares for common shares of the Purchaser on a one for one basis, pursuant to the Transaction in lieu of receiving the cash consideration from the Purchaser for its Shares. Receipt of the final order follows the Company’s special meeting of shareholders held on August 29, 2019.

Completion of the Transaction remains subject to the satisfaction of certain customary closing conditions. Subject to the satisfaction or waiver of all of the conditions to the Transaction, the Transaction is expected to be completed on or about September 9, 2019.

About Hydrogenics Corporation

Hydrogenics Corporation (www.hydrogenics.com) 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.

Additional information about the Company is available at www.sedar.com.

Forward-Looking Information:

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, including with respect to the timing and completion of the Transaction. These statements are based on management’s current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: the failure to obtain necessary approvals or satisfy the conditions to closing the Transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the arrangement agreement dated June 28, 2019, which provides for the Transaction; material adverse changes in the business or affairs of the Company; either party’s failure to consummate the Transaction when required; our inability to increase our revenues or raise additional funding to continue operations, execute our business plan, or to grow our business; 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; and failure to meet continued listing requirements of Nasdaq. Readers should not place undue reliance on the Company’s forward-looking statements. Investors are encouraged to review the section captioned “Risk Factors” in the Company’s 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 the Company’s future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and the Company undertakes no obligation 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 paragraph.

 

For further information, contact:

Daryl Wilson
Chief Executive Officer
(905) 361-3660
investors@hydrogenics.com 

Marc Beisheim
Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com

HYDROGENICS CORPORATION SHAREHOLDERS APPROVE TRANSACTION WITH CUMMINS INC.

MISSISSAUGA, Ontario, August 29, 2019 – Hydrogenics Corporation  (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”) is pleased to announce that at the special meeting of its shareholders held today (the “Meeting”), shareholders voted in favour of a special resolution (the “Transaction Resolution”) approving the previously announced plan of arrangement pursuant to which Atlantis AcquisitionCo Canada Corporation (the “Purchaser”), a subsidiary of Cummins Inc. will, among other things, acquire all of the outstanding common shares of the Company (the “Shares”), other than the Shares owned by The Hydrogen Company, a wholly owned subsidiary of L’Air Liquide S.A., for US$15.00 in cash per Share (the “Transaction”). The Hydrogen Company has agreed to contribute its Shares for common shares of the Purchaser, on a one for one basis, pursuant to the Transaction in lieu of receiving the cash consideration from the Purchaser for its Shares.

The Transaction required approval by: (i) 66 2/3% of the votes cast by shareholders present in person or represented by proxy at the Meeting; and (ii) a simple majority of the votes cast at the Meeting in person or by proxy by shareholders, excluding Shares held by The Hydrogen Company and its affiliates, and any other shareholders required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61‑101”).

An aggregate of 10,583,881 Shares were voted in favour of the Transaction Resolution, representing approximately 86.63% of the votes cast on the Transaction Resolution. In addition, an aggregate of 6,868,680 Shares, representing approximately 80.78% of the votes cast on the resolution, excluding the votes attached to Shares required to be excluded pursuant to MI 61-101, were voted in favour of the Transaction.

The Company’s full report of voting results can be found under the Company’s issuer profile at www.sedar.com.

Completion of the Transaction remains subject to the satisfaction of certain customary closing conditions, including court approval. The Company intends to seek a final order of the Ontario Superior Court of Justice (Commercial List) to approve the Transaction at a hearing expected to be held on September 3, 2019. Provided that such approval is granted, and all other closing conditions are satisfied or waived, the Transaction is expected to be completed on or about September 9, 2019. Following completion of the Transaction, the Company will be de-listed from the Toronto Stock Exchange and NASDAQ and applications will be made for the Company to cease to be a reporting issuer or equivalent under the securities legislation of each of the provinces of Canada and the Company’s registration of Shares under the United States Securities Exchange Act of 1934 will be terminated.

About Hydrogenics Corporation

Hydrogenics Corporation (www.hydrogenics.com) 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.

Forward-Looking Information:

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, including with respect to the timing and completion of the Transaction. These statements are based on management’s current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: the failure to obtain necessary approvals or satisfy the conditions to closing the Transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the arrangement agreement dated June 28, 2019, which provides for the Transaction; material adverse changes in the business or affairs of the Company; either party’s failure to consummate the Transaction when required; our inability to increase our revenues or raise additional funding to continue operations, execute our business plan, or to grow our business; 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; and failure to meet continued listing requirements of Nasdaq. Readers should not place undue reliance on the Company’s forward-looking statements. Investors are encouraged to review the section captioned “Risk Factors” in the Company’s 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 the Company’s future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and the Company undertakes no obligation 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 paragraph.

For further information, contact:

Daryl Wilson
Chief Executive Officer
(905) 361-3660
investors@hydrogenics.com   

Marc Beisheim
Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com

Hydrogenics Announces Second Quarter Conference Call on August 12, 2019

Mississauga, Ontario – July 29, 2019 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that the Company will host a conference call at 10:00 a.m. Eastern on August 12, 2019 to review the fiscal second quarter and six months ended June 30, 2019. Earnings will be issued before the market opens, and the filing of the company’s results with the appropriate regulatory bodies will follow.  

During the earnings call, Daryl Wilson, President and Chief Executive Officer, and Marc Beisheim, Chief Financial Officer, will review the company’s second quarter financial results. The telephone number for the earnings conference call is 877-307-1373 or, for international callers, 678-224-7873. A live webcast of the call will be available on the Company’s website.

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.

For further information, contact:
Marc Beisheim
Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations 
(646) 438-9385
cwitty@darrowir.com

 

 

 

 

Hydrogenics Corporation Announces Arrangement Agreement With Cummins Inc.

MISSISSAUGA, Ontario, Canada, June 28, 2019 (GLOBE NEWSWIRE) — Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”), a leading developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment, announced today that it has entered into an arrangement agreement (the “Arrangement Agreement”) with Cummins Inc. (“Cummins”) and Atlantis AcquisitionCo Canada Corporation (the “Purchaser”), pursuant to which the Purchaser, a subsidiary of Cummins Inc., has agreed to acquire all of the outstanding common shares of the Company (the “Shares”), other than Shares owned by The Hydrogen Company, a wholly owned subsidiary of L’Air Liquide S.A. (“Air Liquide”), for US$15.00 in cash per Share (the “Transaction”). The Hydrogen Company has agreed to exchange its Shares for shares of the Purchaser pursuant to the Transaction.

“Over the past 24 years, the Hydrogenics team has worked to refine and improve transformative technology solutions in Hydrogen. Today, our years of work are recognized as two very major high-quality industrial leaders have taken the baton to continue our legacy in bringing clean energy solutions to the world. It is a great honour to be associated with such distinguished companies as Cummins and Air Liquide. We look forward with renewed vigor to work alongside them to accelerate the transformative journey,” said Mr. Daryl Wilson, Chief Executive Officer of the Company.

The consideration per Share to be received by the Company’s shareholders (the “Shareholders”) in connection with the Transaction represents a premium of 21.6% over the 30-day volume-weighted average price (“VWAP”) of the Shares on the NASDAQ and 38.8% over the 90-day VWAP on the NASDAQ for the period ending June 27, 2019.

Special Committee and Board of Directors Recommendation

The Hydrogen Company is the Company’s largest Shareholder, owning 3,537,931 Shares, which represents approximately 18.6% of the issued and outstanding Shares. Accordingly, the Transaction, if consummated, will constitute a “business combination” for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). A Special Committee of the Board of Directors (the “Special Committee”) comprised of Doug Alexander, Sara Elford, David Ferguson and Don Lowry was formed to, among other things, review, evaluate and negotiate the terms of the Transaction, make  recommendations to the Board of Directors in respect of the Transaction, and supervise the preparation of a formal valuation of the fair market value of the Shares in accordance with MI 61-101.

Origin Merchant Partners (“Origin”) was retained by the Special Committee as an independent financial advisor and to prepare, under the Special Committee’s supervision, a formal valuation in accordance with the requirements of MI 61-101. Houlihan Lokey Capital, Inc. (“Houlihan Lokey”) was retained by the Company as financial advisor to the Company.

Origin has provided its conclusion that, as of June 26, 2019, the fair market value of the Shares was between US$12.41 and US$16.36. Origin has also provided a fairness opinion to the Special Committee and Houlihan Lokey has provided a fairness opinion to the Board of Directors, stating in each case, that in its opinion, as of June 28, 2019 and subject to the assumptions, limitations, qualifications and other matters considered in connection with the preparation of such opinion, the consideration to be received by Shareholders (other than The Hydrogen Company and its affiliates) pursuant to the Transaction is fair, from a financial point of view, to such Shareholders.

After consideration of, among other things, the conclusions of Origin as to the fair market value of the Shares, the fairness opinion of Origin, the advice of the Company’s legal advisors, and the terms and conditions set forth in the Arrangement Agreement, the Special Committee unanimously recommended that the Board of Directors approve the Transaction and recommend to Shareholders (other than The Hydrogen Company and its affiliates) that they vote in favour of the Transaction.

The Board of Directors, after receiving financial and legal advice and following receipt of the fairness opinion of Houlihan Lokey and the unanimous recommendation of the Special Committee, unanimously approved the Transaction and recommended that Shareholders vote in favour of the Transaction. Mr. Pierre-Etienne Franc, an officer of an affiliate of Air Liquide and The Hydrogen Company’s nominee director, declared a conflict and recused himself from consideration of and voting on the Transaction.

Copies of the fairness opinions of Origin and Houlihan Lokey and a copy of the formal valuation of the fair market value of the Shares in accordance with MI 61-101 prepared by Origin, and other relevant background information, will be included in the management information circular (the “Circular”) of the Company to be prepared in connection with a special meeting of Shareholders expected to be held in August 2019 to consider and vote on the Transaction. The Company will send the Circular and certain related documents to Shareholders and copies will be filed under the Company’s profile on SEDAR at www.sedar.com and on EDGAR on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Transaction Details

The Transaction is structured as a statutory plan of arrangement under the Canada Business Corporations Act. The Transaction requires approval of at least 662/3% of the votes cast by Shareholders, as well as the approval by a simple majority of votes cast by disinterested Shareholders, excluding Shares held by The Hydrogen Company and its affiliates, and any other Shareholders required to be excluded under MI 61-101. The Hydrogen Company has entered into a voting and support agreement with Cummins and the Purchaser to vote in favour of the Transaction. The directors and senior officers of the Company, who as of the date hereof collectively hold approximately 1% of the issued and outstanding Shares, have also entered into voting and support agreements with Cummins and the Purchaser to vote in favour of the Transaction. The Transaction is also subject to the approval of the Ontario Superior Court of Justice and the satisfaction of other customary closing conditions.

The Arrangement Agreement provides for, among other things, customary representations, warranties and covenants, including customary non-solicitation covenants from the Company and a “fiduciary out” that allows the Board of Directors to accept a superior proposal in certain circumstances subject to a “right to match” in favour of the Purchaser and payment by the Company of a US$8.9 million termination fee to the Purchaser.

The Transaction is expected to be completed in Q3 2019. The foregoing summary is qualified in its entirety by the provisions of the Arrangement Agreement, a copy of which will be filed under the Company’s profile on SEDAR at www.sedar.com and on EDGAR on the U.S. Securities and Exchange Commission’s website at
www.sec.gov.

Advisors
Houlihan Lokey is serving as financial advisor and Torys LLP is serving as legal counsel to the Company.

Origin is serving as independent financial advisor to the Special Committee and formal valuator.

Morgan Stanley & Co. LLC is serving as financial advisor, and Gowling WLG (Canada) LLP and Barnes & Thornburg LLP are serving as legal counsel to Cummins.

Stikeman Elliott LLP and Dorsey & Whitney LLP are serving as legal counsel to Air Liquide.

About Hydrogenics
Hydrogenics Corporation (www.hydrogenics.com) 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.

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 paragraph.


For further information, contact:

Daryl Wilson
Chief Executive Officer
(905) 361-3660
investors@hydrogenics.com
Marc Beisheim
Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com

 

Hydrogenics Announces First Quarter Conference Call and Annual Meeting on May 14, 2019

Mississauga, Ontario – May 1, 2019 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that the Company will host a conference call at 1:00 p.m. Eastern on May 14, 2019 to review the fiscal first quarter ended March 31, 2019, following the Company’s Annual Shareholder Meeting at 10 a.m. that same day. Earnings will be issued before the market opens, and the filing of the company’s results with the appropriate regulatory bodies will follow.  

The Annual Meeting will take place at Hydrogenics’ corporate headquarters, at 220 Admiral Boulevard, Mississauga, Ontario.

During the earnings call, at 1:00 p.m., Daryl Wilson, President and Chief Executive Officer, and Marc Beisheim, Chief Financial Officer, will review the company’s first quarter financial results. The telephone number for the earnings conference call is 877-307-1373 or, for international callers, 678-224-7873. A live webcast of the call will be available on the Company’s website.

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.

For further information, contact:
Marc Beisheim
Chief Financial Officer
(905) 361-3660
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations 
(646) 438-9385
cwitty@darrowir.com

Hydrogenics to Deliver First Green Hydrogen Production Station to New Zealand

Mississauga, Ontario –– Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation, fueling equipment and hydrogen-based fuel cell power modules, today announced that it has entered into an agreement with Halcyon Power – a joint venture of New Zealand-based Tuaropaki Trust and Obayashi Corporation of Japan – to supply a carbon-free hydrogen production facility in New Zealand.

The 1.5 megawatt hydrogen production project is scheduled to be in operation by 2020 and will be a valuable asset supporting joint research and development initiatives by Tuaropaki Trust and Obayashi Corporation, which are working towards implementing a hydrogen supply chain for New Zealand and Japan. The “green” (carbon neutral) hydrogen will be generated using electricity from stable, cost-effective geothermal energy in Mokai, Taupo, located adjacent to an existing Tuaropaki power plant. In New Zealand the use of hydrogen shows strong potential to be a critical component for the energy industry, where approximately 80% of domestic power is already generated from renewable energy sources. This project will allow these abundant renewables to be more easily exported in the form of hydrogen to other countries.

“We are very pleased to be supplying products and services to support Halcyon Power as they work towards the development of an emissions-free, hydrogen-based energy sector,” said Daryl Wilson, President & CEO of Hydrogenics. “We continue to see increased worldwide interest in the development of hydrogen fueling stations and integration of hydrogen into the existing national energy infrastructure. We applaud companies in New Zealand and Japan for taking steps that help demonstrate the value of hydrogen to supply domestic and foreign markets with renewable power. Demand for hydrogen-based energy solutions continues to grow, and we look forward to a long relationship with Halcyon.”

Hydrogenics will provide an onsite hydrogen production plant using the Company’s industry-leading, large-scale containerized PEM electrolysis technology – capable of producing up to 250Nm3 per hour of hydrogen. This proprietary application offers the smallest footprint and highest power density in the market, with modular capacities allowing it to be scaled to meet a variety of input and output ranges.

About Hydrogenics

Hydrogenics Corporation (www.hydrogenics.com) 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, offices, engineering and service professionals in Germany, Belgium and Canada and service centers in Russia, Europe, the US and Canada.

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
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com

Hydrogenics Announces Fourth Quarter Conference Call on March 15, 2019

Mississauga, Ontario – March 4, 2019 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that the Company will host a conference call at 10:00 a.m. Eastern on March 15, 2019 to review the fiscal fourth quarter and full year ended December 31, 2018. Earnings will be issued before the market opens, and the filing of the Company’s results with the appropriate regulatory bodies will follow.

During the earnings call, Daryl Wilson, President and Chief Executive Officer, and Marc Beisheim, Chief Financial Officer, will review the company’s quarterly financial results. The telephone number for the earnings conference call is 877-307-1373 or, for international callers, 678-224-7873. A live webcast of the call will be available on the Company’s website.

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.

Hydrogenics Contacts:

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com

Marc Beisheim, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com

Hydrogenics to Deliver World’s Largest Hydrogen Electrolysis Plant

Air Liquide Selects Company for 20MW Installation

Mississauga, Ontario, Canada – February 25, 2019 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”), a leading developer and manufacturer of hydrogen generation and hydrogen fuel cell modules, today announced that it has received an award by Air Liquide Canada (“Air Liquide”) to design, build and install a 20 megawatt electrolyzer system for a hydrogen production facility located in Canada.  The facility is expected to be in commercial operation by the end of 2020, with an output of just under 3,000 tons of hydrogen annually. The 20MW plant will use Hydrogenics’ advanced large-scale PEM electrolysis technology, offering the smallest footprint and highest power density in the industry. With best-in-class efficiency and cost-effectiveness, Hydrogenics has established itself as the market leader for multi-megawatt PEM electrolyzers to global customers, including Air Liquide. Both companies continue to see growing interest and opportunities for the deployment of large-scale electrolysis across the globe. 

“We are very pleased to have been selected by Air Liquide for this large-scale deployment of our world-leading PEM electrolysis technology,” said Daryl Wilson, Hydrogenics’ President and CEO. “With over 500 active electrolyzers currently in operation globally, we continue to maintain a strong leadership position in the industry. Hydrogenics was the first-to-market with scalable PEM electrolysis, and this order builds upon recent successes and milestones – including the commissioning, in 2018, of North America’s first megawatt-scale Power-to-Gas facility. We’re excited to support Air Liquide’s hydrogen needs in Canada, particularly in a renewable hydrogen application utilizing hydroelectric power.”

About Hydrogenics

Hydrogenics Corporation (www.hydrogenics.com) 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, offices, engineering and service professionals in Germany, Belgium and Canada and service centers in Russia, Europe, the US and Canada.

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
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations 
(646) 438-9385
cwitty@darrowir.com

Hydrogenics Announces Board of Directors Appointment

MISSISSAUGA, Ontario, Feb. 7, 2019 — Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”), a leading developer and manufacturer of hydrogen generation and hydrogen-based fuel cell modules, today announced that Pierre-Etienne Franc has been appointed to the Hydrogenics Board of Directors effective immediately. This appointment was provided for in the private placement that closed on January 24, 2019 between Hydrogenics and The Hydrogen Company, an indirect wholly-owned subsidiary of L’Air Liquide S.A.

“We are very pleased to welcome Pierre-Etienne to our Board of Directors,” said Doug Alexander, Hydrogenics’ Chairman. “His business acumen, in-depth understanding of the hydrogen space, and strategic mindset will be invaluable to Hydrogenics as we move through the current phase of scale-up in our Company.”

“I am delighted to join the Board of Directors of Hydrogenics,” added Mr. Franc. “The Air Liquide Group has been a pioneer in the development of the hydrogen industry and, like Hydrogenics, is convinced that the sector will play a key role in the fight against global warming. Hydrogen provides a concrete response to the challenges of sustainable mobility and local pollution in urban areas. I look forward to contribute with my experience and vision from the industry in my new role with the Company.”

Pierre-Etienne Franc joined the Air Liquide Group in 1995. Since 2010, he has been supervising a portfolio of advanced businesses and technology initiatives for the Air Liquide Group in the fields of energy and the environment, space, aeronautics and cryogenics. Since June 2017, Mr. Franc has held the position of Vice President in charge of developing the full potential of hydrogen activities worldwide for the Air Liquide group. He also supervises Air Liquide’s venture capital arm (“ALIAD”), created in 2013. He is the Hydrogen Council Secretary since its creation, a global initiative of leading companies, co-chaired by Air Liquide, with a united long-term ambition to foster the growth of hydrogen energy. Mr. Franc is the author of three books on management and technology and is a graduate of HEC Paris.

About Hydrogenics
Hydrogenics Corporation (www.hydrogenics.com) 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 Air Liquide
A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 65,000 employees and serves more than 3.5 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability. The company’s customer-centric transformation strategy aims at profitable growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders. Air Liquide’s revenue amounted to 20.3 billion euros in 2017 and its solutions that protect life and the environment represented more than 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes.

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
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations 
(646) 438-9385
cwitty@darrowir.com

Hydrogenics Provides Update on US$20.5 million Private Placement

MISSISSAUGA, Ontario, Jan. 8, 2019 — Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”), a leading developer and manufacturer of hydrogen generation and hydrogen-based fuel cell modules, today announced that it has received conditional approval from the Toronto Stock Exchange for its previously announced private placement of 3,537,931 common shares of Hydrogenics to The Hydrogen Company, a wholly-owned subsidiary of Air Liquide S.A., for gross proceeds of US$20,520,000 (the “Private Placement”). Subject to the satisfaction of the requirements of the Toronto Stock Exchange and the other conditions to closing, Hydrogenics expects that the Private Placement will close mid to late January 2019.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The securities will not be and have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold into the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act), absent registration or an exemption from registration requirements. The securities have not been and will not be qualified for sale by way of a prospectus under Canadian securities laws.

About Hydrogenics

Hydrogenics Corporation (www.hydrogenics.com) 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 Air Liquide

A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 65,000 employees and serves more than 3.5 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability. The company’s customer-centric transformation strategy aims at profitable growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization
implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders. Air Liquide’s revenue amounted to 20.3 billion euros in 2017 and its solutions that protect life and the environment represented more than 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes.

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
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com

Hydrogenics Awarded Contract for Aircraft Fuel Cell Development & Supply

Mississauga, Ontario – December 4, 2018 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics”), a leading developer and manufacturer of hydrogen generation and hydrogen fuel cell power systems, today announced that it has been selected to design and supply fuel cell power modules for a new lightweight aircraft. Under development by a customer that wishes to remain undisclosed for competitive reasons, this electric air mobility vehicle will be used for daily commuting and other applications, revolutionizing the way people travel between cities and around the country. Over the course of 2019 Hydrogenics will develop and supply an ultra-light fuel cell system which will be the main propulsion unit for this aircraft.

Daryl Wilson, President & CEO of Hydrogenics, stated, “We are extremely pleased to have been selected by this innovative organization in the market for air mobility, where we see growing interest in aircraft applications to solve urban congestion. Hydrogenics has already established a position in the aerospace industry due to our work on the world’s first multi-passenger, all-electric airplane – launched in 2017 – and as a supplier to leading companies such as Airbus and Boeing. We look forward to adapting our proven, heavy-duty fuel cell solutions to this new aircraft.”

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.

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
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com

Hydrogenics to Present at Upcoming Investor Events

Mississauga, Ontario – November 8, 2018 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that the Company will participate in the following investor events during November and December:

  • November 15: The 9th Annual Craig-Hallum Alpha Select Conference in New York
  • December 11: The 6th Annual Roth New Industrials Corporate Access Day in New York
    Institutional investors are welcome to attend these conferences. Please contact the firms to inquire about meeting with management.

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.

Hydrogenics Contacts:

Marc Beisheim, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com

Hydrogenics Announces Third Quarter Conference Call on November 2, 2018

Mississauga, Ontario – October 18, 2018 – Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that the Company will host a conference call at 10:00 a.m. Eastern on November 2, 2018 to review the fiscal third quarter and nine months ended September 30, 2018. Earnings will be issued before the market opens, and the filing of the company’s results with the appropriate regulatory bodies will follow.

During the earnings call, Daryl Wilson, President and Chief Executive Officer, and Marc Beisheim, Chief Financial Officer, will review the company’s quarterly financial results. The telephone number for the earnings conference call is 877-307-1373 or, for international callers, 678-224-7873. A live webcast of the call will be available on the Company’s website.

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.

Hydrogenics Contacts:

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com

Marc Beisheim, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com

Hydrogenics to Supply Large-Scale PEM Electrolyzer for Hydrogen Fueling Station in Europe

Location in Wuppertal, Germany to Produce Over 400KG of Hydrogen Daily

Mississauga, Ontario. October 15, 2018 – 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 has been chosen to supply a large-scale electrolysis system to generate hydrogen at a fueling station in Germany. The customer, Maximator GmbH, is a compressor manufacturer which is building a one megawatt facility in Wuppertal to cover the daily needs of over 10 new fuel cell buses operated by WSW – the local public transit company. WSW prefers hydrogen-fueled buses over battery ones due to their higher reliability in providing power throughout the day, even on the steep terrain of Wuppertal. Surplus energy generated by a local waste incinerator will be used to power the electrolyzer and generate hydrogen. The Hydrogenics system will be delivered during 2019 and produce over 400 kilograms of hydrogen per day.

“We are pleased that our advanced PEM electrolyzers continue to be chosen for important and high-profile city transit applications such as this,” said Daryl Wilson, President and CEO of Hydrogenics. “Whether providing clean fuel for buses in Germany or elsewhere, Hydrogenics continues to be a leader across the hydrogen-powered, heavy-duty mobility landscape.”

Rene Himmelstein, Vice President of Maximator, added, “We are very proud to be able to carry out such a promising and market-leading project in the hydrogen sector. With Hydrogenics, we are building on a supplier who can deliver reliable electrolyzer technology for this major project.”

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 makes it suitable for existing infrastructure in various urban settings.

About Hydrogenics
Hydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift to a low carbon future. 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.

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 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.

Hydrogenics Contacts:

Marc Beisheim, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com