Hydrogenics Corp.: Strategic Development Agreement
Hydrogenics and Rosetti Marino to Jointly Commercialize Utility-Scale Hydrogen Power Plants
Companies Announce Strategic Development Agreement
MISSISSAUGA, Ontario, Jan. 4, 2010 -- Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and fuel cell products, and Rosetti Marino S.p.A., an established provider of engineering and construction services and technology for the oil and gas industry, today announced an agreement to jointly design, develop and commercialize utility-scale hydrogen power plants for peak shaving and energy management.
The plants will incorporate Hydrogenics' electrolyzer and fuel cell systems for turnkey applications that produce hydrogen for energy storage and electricity generation. Rosetti Marino will provide expertise in large-scale gas compression, storage, and facility design; the complete systems are planned to provide for renewable energy, peak shaving, grid optimization and ancillary services. Other potential applications include large-scale fueling and hydrogen production for industrial uses.
"We firmly believe that hydrogen can provide energy storage solutions with greater versatility and economic benefit than compressed air storage and pumped hydro systems," said Daryl Wilson, Hydrogenics President and CEO. "While already focused on the market for hydrogen-based energy coupled with renewable power, Hydrogenics will accelerate its presence in the field by partnering with a large, well-respected company such as Rosetti Marino. Hydrogen remains the key to sustainable energy storage going forward -- particularly in regions with grids stressed by unreliable, intermittent power."
"Rosetti Marino believes that the combination of Hydrogenics' technology and product platform with our experience in large scale gas plants and storage facilities creates a clear path towards the commercialization of hydrogen energy storage systems in the gigawatt-hour range," said Gianfranco Magnani, President of Rosetti Marino Group. "These systems will help expand the market for renewable energy and serve to catalyze the transformation and optimization of the next generation of electrical infrastructure."
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 and Europe.
ABOUT ROSETTI MARINO
Rosetti Marino (www.rosetti.it) is an Italian company providing solutions and services to the Oil & Gas industry. It has strong engineering and project management capabilities, state-of-the-art fabrication expertise, and is a reliable and cost effective partner supporting customer's investment in capital assets. In 2008, Rosetti Marino had consolidated annual revenue of EUR 326.8 million.
Lawrence Davis, Chief Financial Officer
Darrow Associates, Inc.
Investor Relations Contact:
Rosetti Marino S.p.A.
Joachim Wilhelm, Technology Development Director
Bruno Dalledonne, Business Development Director
+39 0544 878132