Hydrogenics (NASDAQ: $HYGS; TSX: HYG) Announces New Facility in California on National #Hydrogen & #FuelCell Day
Plant to Focus on Integration of Heavy Mobility Vehicles and Hydrogen Fueling Systems
MISSISSAUGA, Ontario - October 8, 2018 (Investorideas.com Newswire) 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, in conjunction with the U.S. Department of Energy's fourth annual Hydrogen & Fuel Cell Day, that it has opened its newest North American facility in Carlsbad, California. Located near San Diego, the site will primarily focus on the integration of hydrogen fuel cell systems into heavy-duty truck and bus platforms for customers in California, while also serving as a local support center for fueling, energy storage and power system projects throughout the state.
Rob Del Core, Managing Director of Hydrogenics USA, stated, "This marks an exciting moment in the business evolution of Hydrogenics. While we've had sales and service staff committed to California and the broader US markets for over a decade, we've come to recognize - with the state ranked as the world's fifth largest economy - the importance of having a dedicated presence to support the needs of our customers there and strengthen our business development activities."
"Hydrogenics has long been a proponent of important California initiatives designed to reduce society's reliance on fossil fuels," added Daryl Wilson, President and CEO of Hydrogenics. "We supported the very early rollout of fueling stations and various vehicle platforms that showcase the benefits of hydrogen technology, and this new facility underscores our commitment to the state and its customers. We envision a bright future for Hydrogenics in California, where we see excellent market potential for our advanced fuel cell power systems, energy storage applications, and electrolysis-based hydrogen fueling stations."
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.
About National Hydrogen and Fuel Cell Day
National Hydrogen and Fuel Cell Day was created to help raise awareness of fuel cell and hydrogen technologies and to celebrate the vast potential hydrogen technologies have today and in future. October 8th (10.08) was chosen in reference to the atomic weight of hydrogen (1.008).
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.
Marc Beisheim, Chief Financial Officer
Hydrogenics Investor Relations
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