MISSISSAUGA, ONTARIO--(CCNMatthews - July 27, 2006) - Hydrogenics Corporation (TSX:HYG)(NASDAQ:HYGS), a leading designer and manufacturer of hydrogen and fuel cell systems, announced today that it has received a US $460,000 order for a Fuel Cell Hybrid MidiBus from Rheinbahn Rheinische Bahngesellschaft AG, the public transit authority of the greater metropolitan Dusseldorf area in Germany.
Hydrogenics' power systems team based in Germany will install a HyPM(R) based fuel cell hybrid power-plant into a Tecnobus Gulliver electric Midibus platform. The hybrid design will allow the Midibus to travel 200 km on one tank of hydrogen, compared with only 60 to 80 km if powered by lead-acid batteries alone. This order follows the previous success of the Fuel Cell MidiBus road certification by the German TUV and demonstration with the North Rhine-Westphalia (NRW) regional government in partnership with the European Union.
"This sale highlights the versatility of our fuel cell product line and our competency in hybrid systems development. Hydrogenics' future success requires us to create compelling value propositions for our products in existing markets," said Pierre Rivard, Hydrogenics President and Chief Executive Officer. "The addition of our standard 12 kW power module to an existing battery-dominant bus platform has resulted in an enhanced new product with increased range, functionality and market opportunity."
The Fuel Cell Hybrid MidiBus is intended to be used over a 5 year period and is ideal for a range of niche transit applications, primarily in urban centers. The fuel cell hybrid design overcomes the main shortcomings of battery power as batteries must be exchanged normally twice per daily cycle, along with the associated operational "down-time" to do so, give off emissions during recharging, and must replaced every three to five years requiring special disposal and recycling procedures due to the toxic content. Depending on the average running load of the bus and the fuel cell power output required, hybrid systems are also more cost-effective than power-trains powered solely by hydrogen fuel cells.
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.
For more information about Rheinbahn Rheinische Bahngesellschaft AG on the internet visit www.rheinbahn.de
FOR FURTHER INFORMATION PLEASE CONTACT:
Lawrence Davis, Chief Financial Officer
Ketchum Public Relations (Canada)