Press Release Source: Hydrogenics Corporation
Hydrogenics Signs Multiple Orders Toward Development of Pre-Commercial Fuel Cell Markets
Thursday April 19, 6:30 am ET
Power module orders from nine customers include repeat order to The Toro Company for ongoing development of fuel cell utility vehicles
MISSISSAUGA, ONTARIO--(MARKET WIRE)--Apr 19, 2007 -- Hydrogenics Corporation (Toronto:HYG.TO - News)(NasdaqGM:HYGS - News), a leading designer and manufacturer of hydrogen and fuel cell systems, announced today that it has received HyPM® Fuel Cell Power Module orders to date in 2007 from eight new customers and one repeat customer, for deployment in a range of pre-commercial markets. The total value of these orders is approximately $1.0 million and in some cases includes additional engineering and system integration.
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Power module orders from three leading European OEMs and system integrators involved in renewable energy applications will be deployed in projects that are combining hydrogen and fuel cells with wind and/or solar energy sources to demonstrate the benefits of integrating hydrogen technologies to create fully renewable, continuous power systems.
Orders for light mobility applications include a repeat order for two HyPM HD modules to The Toro Company for an initiative partially funded by NYSERDA (New York State Energy Research and Development Authority) to deploy fuel cell powered Toro® Workman® turf utility vehicles in grounds operations in New York State parks. Additional light mobility orders include three modules to a system integrator customer advancing the use of fuel cells in off-road commercial utility vehicles, and one module to a European customer developing and demonstrating a small scale fuel cell powered marine transit bus in the canals of Venice as a potential solution to the current pollution issues in this UNESCO-designated area.
Orders for power modules have also been received from three Research & Development customers, based in Japan and the United States.
"We remain very focused on developing products for our target markets, specifically backup power and materials handling," commented Daryl Wilson, Hydrogenics President and Chief Executive Officer. "At the same time, we continue to ensure that later-to-emerge markets that show promise, such as the ones here, are seeded with Hydrogenics' technology and products. The beauty of our HyPM power module product is that it is universal in many aspects, and well-suited for pre-commercial customers that are exploring and advancing what fuel cell technology can do for their application. These are important customers for us to do business with, not only in terms of revenues but also in terms of continued market leadership."
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