Hydrogenics: Contract by Concurrent Technologies Corporation
Class 1 lift trucks are used extensively in manufacturing facilities, distribution centers and warehouses that currently rely on lead acid battery powered MHE to meet zero emission requirements. A two-year trial is expected to validate that users can realize significant productivity gains using hydrogen-powered equipment, particularly in high-use three-shift 24/7 work environments.
"Hydrogenics has focused on material handling equipment, including lift trucks, as an important commercial mobility market for fuel cells," comments Daryl Wilson, Hydrogenics President and CEO. "We have developed our HyPX(TM) Fuel Cell Power Pack as a leading-edge replacement product for lead-acid battery powered equipment, with particular focus on Class 1 forklifts. We are very pleased to work with CTC as an integrator with Crown Equipment Corporation to put these products into service at the DoD as they demonstrate once again their leadership in embracing new technologies."
Designed to fit within a lift truck's existing standard battery pack compartment, Hydrogenics' HyPX Power Packs incorporate the company's proprietary HyPM® HD Fuel Cell Power Module for base load requirements and energy-storing ultracapacitors to handle load peaks and to capture energy through regenerative braking.
Hydrogenics Corporation (www.hydrogenics.com) is a globally recognized developer and provider of hydrogen generation and fuel cell products and services, serving the growing industrial and clean energy markets of today and tomorrow. Based in Mississauga, Ontario, Canada, Hydrogenics has operations in North America, Europe and Asia.
CTC is an independent, nonprofit, applied scientific research and development professional services organization providing innovative management and technology-based solutions to government and industry. Established in 1987, CTC operates from more than 50 locations with a staff of more than 1,400 employees. As a nonprofit organization, CTC conducts impartial, in-depth scientific and technology-based assessments and delivers reliable, unbiased solutions that emphasize increased quality, enhanced effectiveness, and rapid technology transition and deployment. CTC offers a broad range of services and capabilities, coupled with real-world experience. CTC's core strengths are in the areas of advanced materials and manufacturing; energy and environmental sustainability; force readiness; and command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR). For more information about CTC, visit www.ctc.com.
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.
Lawrence Davis, Chief Financial Officer
Source: Hydrogenics Corporation