14.1.2003: Meldung: Hydrogenics secures new client in Germany
ZSW, with extensive experience as an independent test center for batteries, over the last few years has recently expanded into fuel cell testing, and has build up a FC Test and Evaluation Center. The 100 kW FCATS that is to be delivered for this contract significantly increases the power range that the testing center will be capable of servicing. ZSW is receiving government assistance from Germany"s Department of Economic Affairs for this FCATS purchase. ZSW also develops small fuel cell stacks in a power range up to 10 kW, as well as prototype fuel cell systems. The organization was the winner of the Prize of the German Gas Industry in 2000 for their FC residential house energy supply system and of the 2001 "f-cell" prize, an award for leadership in fuel cell technology advancement issued by the Stuttgart Region Economic Development Corporation.
"We are excited to have secured a new key client in Germany. This is a progressive region that is setting the pace for all of Europe in advancing fuel cell technology," said Pierre Rivard, President and CEO of Hydrogenics. "Achieving a first time FCATS sale is always a considerable achievement and we welcome the opportunity to support this new client within the framework of our European operations and to leverage this sale into future opportunities."
The local presence of Hydrogenics GmbH, Hydrogenics" wholly-owned subsidiary based in Gelsenkirchen, Germany, played an important role in securing this contract.
ZSW (http://www.zsw-bw.de/en/index.html), the Center for Solar Energy and Hydrogen Research (Zentrum fuer Sonnenenergie- und Wasserstoff-Forschung), is located in Ulm, Germany, in the State of Baden-Wuerttemberg.
Hydrogenics Corporation (http://www.hydrogenics.com) is dedicated to the design and development of commercial PEM fuel cell systems for transportation, stationary and portable power applications. With its first commercial product line of fully integrated fuel cell test systems, the Company has established a leadership position in fuel cell balance-of-plant and operating system technology. The knowledge, expertise, and relationships that Hydrogenics has established from this early R&D product market are providing the foundation for the development and manufacture of fuel cell power modules and fully integrated power generators. Hydrogenics" 95,000 square foot headquarters and R&D facility is located in Mississauga, Ontario, Canada. The Company also has operations in Burnaby (British Columbia, Canada), Japan, the United States, and Germany.
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 or 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" Form 20F filed with the Securities and Exchange Commission on June 26, 2002 for a more complete discussion of factors that could affect Hydrogenics" future performance. 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.
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