Hydrogenics Receives Contracts From Linde AG for HyPM'R' Fuel Cell Power Packs
Market Wire, July, 2006
Hydrogenics Corporation (TSX: HYG)(NASDAQ: HYGS), a leading designer and manufacturer of hydrogen and fuel cell systems, announced today that it has received orders for four HyPM® Fuel Cell Power Packs for STILL International, a wholly-owned company of Linde AG, the market leader in Europe for electric forklifts. Two Fuel Cell Power Packs (FCPP) will be integrated into STILL Class 1 forklifts, used extensively throughout the automotive industry in North America. The remaining modules will be integrated into two airport tow tractor vehicles to be deployed at the Hamburg Airport in Germany. All four FCPPs are scheduled for delivery in 2006.
"This order from a world leading OEM is indicative of the growing interest in the potential of fuel cells in material handling applications," said Pierre Rivard, President and Chief Executive Officer of Hydrogenics. "The local service and technical support that we have based in Germany is an important consideration for all of our European customers, both OEMs and end-users."
Hydrogenics' FCPP incorporates the company's proprietary HyPM 12 Fuel Cell Power Module to handle base load requirements, and energy-storing ultracapacitors to handle load peaks and capture energy through regenerative braking. Designed to fit within an existing battery pack compartment, the hybrid power pack is easily integrated into such equipment as STILL's newly designed RX60-40, a Class 1 forklift with a 4 tonne lifting capacity and their R07 Tow Tractor. Fuel for the FCPP integrated vehicles will be provided by Linde Gas.
Interest in FCPPs for these two early-adopting applications is based on their ability to increase productivity by reducing refueling times, extending run-time between fills, and providing consistent and abundant power while releasing no harmful emissions.
In 2005, Hydrogenics undertook field trials that validated the benefits of using fuel cells for Class 1 forklifts in multi-shift environments at General Motors of Canada's car assembly plant in Oshawa and FedEx Canada's logistics hub at Toronto's Pearson International Airport. For these deployments, Hydrogenics designed, built and integrated first generation FCPPs to replace the lead acid batteries in two Class 1, 5500 lb sit-rider forklifts.
For more information on STILL International on the internet please visit: www.still.co.uk
For more information on Linde AG on the internet please visit: www.linde.com
About Hydrogenics
Hydrogenics Corporation ( www.hydrogenics.com ) is a leading global developer of clean energy solutions, advancing the Hydrogen Economy by commercializing hydrogen and fuel cell products. The company has a portfolio of products and capabilities serving the hydrogen and energy markets of today and tomorrow. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in North America, Europe and Asia.
CAUTION REGARDING 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 Law of 1995. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics' business. 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 United States 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. The forward-looking statements contained in this release are expressly qualified by this.
Contacts: Hydrogenics Corporation Investor Contact: Lawrence Davis Chief Financial Officer (905) 361-3633 investors@hydrogenics.com Ketchum Communications Media Contact: Melody Gaukle (416) 544-4906 media@hydrogenics.com
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