August 7, 2008
Hydrogenics to Supply Electrolyzer to Powertech Labs for Remote Community Hydrogen Energy System
Hydrogenics Corporation (TSX: HYG)(NASDAQ: HYGS), a leading designer and manufacturer of hydrogen electrolyzers and fuel cell systems, has been selected by Powertech Labs, a wholly-owned subsidiary of BC Hydro, to provide an electrolyzer for a community hydro-hydrogen-diesel system serving the community of Bella Coola, British Columbia. By adding zero-emission hydrogen generation, storage and power generation, the Bella Coola project expects an increase in the proportion of electricity derived from their run-of-the-river hydro-electric power generation system. This increased penetration of renewable resources will lead to a decreased dependence on diesel fuel. Hydrogenics anticipates it will deliver its commercially proven HySTAT(TM) onsite generation electrolyzer to Powertech Labs within nine months.
Like many communities around the globe, Bella Coola is isolated from the main electrical grid. It is dependent on its run-of-the-river hydro-electric station to generate electric power for the community. Harnessing the power of available renewable resources is an ideal approach for communities like Bella Coola, however, power generation is limited by the river's inherent fluctuation. During periods of low river flow, the community is dependent on diesel generators to provide power. Introducing hydrogen technologies allows energy to be stored and redeployed to supply a greater percentage of the community's power requirements. Reducing the dependence on diesel fuel, reduces costs, while providing a clean environmentally friendly power system. Funding for the project comes from BC Hydro, Sustainable Technology Development Canada, and GE Canada.
"Hydrogen provides an ideal energy storage solution," said Daryl Wilson, President and CEO of Hydrogenics. "We believe that hydrogen will play a critical role in capturing the power of renewable resources and creating viable energy systems that are cost effective, sustainable and environmentally friendly," says Wilson. Batteries are often used to store excess energy; however, batteries incur significant energy loss over time and are relatively expensive options for large scale energy storage. By comparison, stored hydrogen does not dissipate energy over time and the cost of storage is relatively low. "Hydrogen storage is highly scalable and ideal for storing large amounts of energy for long periods of time," Wilson added. This is particularly significant at Bella Coola where the intermittency of the run-of-the-river system will require long-term storage, where hydrogen significantly outperforms batteries. In addition, hydrogen is multi-use and can be used to fuel vehicles and other industrial equipment.
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.
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.
Contacts: Investor Contact: Hydrogenics Corporation Lawrence Davis, Chief Financial Officer (905) 361-3633 Email: [email protected] Website: www.hydrogenics.com
SOURCE: Hydrogenics Corporation