Hydrogenics receives project funding of two million dollars from Canada

TORONTO, March 26, 2001 à‚– Hydrogenics Corporation (Nasdaq: HYGS; TSE: HYG), a designer and manufacturer of proton exchange membrane (PEM) fuel cell technology, today announced a $2 million contribution from the Government of Canada toward the development of a stationary fuel cell system capable of generating power for use in multi-dwelling clusters and small commercial buildings.

This funding from Natural Resources Canada (NRCan) and the Climate Change Action Fund will aid Hydrogenics’ development of its 50 kW fuel cell power generator fueled by natural gas.

The system being developed by Hydrogenics, known as the Fuel Cell Energy Tap, or FCET, will generate electricity by using proton exchange membrane (PEM) fuel cell technology and will be fueled by natural gas. Each generator will be capable of providing 50 kW of electrical power, as well as space and water heating.

NRCan is supporting this initiative due to its interest in promising energy options for reducing carbon dioxide emissions à‚– a key greenhouse gas. Widespread installation of systems like the FCET could reduce emissions of carbon dioxide by 1 megatonne over 12 years.

“I’m excited by the potential of fuel cell technology”, said NRCan Minister Ralph Goodale. “Fuel cells are clean, efficient and reliable, and have the potential not only to reduce greenhouse gas emissions, but also to provide new opportunities for Canadian firms to help the rest of the world deal with climate change.”

The total project cost is $6,000,000 over two years. The Government of Canada is contributing $2 million à‚– $1,600,000 from the Technology Early Action Measures (TEAM) component of the Climate Change Action Fund, and $400,000 from NRCan. Hydrogenics is contributing $4,000,000 through private financing.

“It means a great deal to Hydrogenics that the Government of Canada supports our efforts,” said Pierre Rivard, President and CEO. “We are pleased that there is a shared vision of clean and efficient energy through fuel cell technology. Hydrogenics is proud to be a leader in the development of innovative energy solutions.”

Hydrogenics Corporation (https://hydrogenics.com) develops PEM fuel cell systems for commercialization, including related peripheral products and associated diagnostic and control equipment. Hydrogenics is recognized by key customers for its solid hands-on competency in fuel cell operating systems while establishing a sustainable commercial business as a leading provider of systems for control and testing of PEM fuel cells and stacks.

The knowledge base that Hydrogenics has dedicated to these fully automated, state-of-the-art fuel cell systems is being applied to the development of fuel cell power generation with broad commercial applications. Hydrogenics’ strategy is to exploit energy markets across the transportation, stationary and portable spectrum. Hydrogenics’ head office is located in Mississauga, Ontario, Canada.

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