Hydrogenics and Alstom Sign Agreement to Develop and Commercialize Hydrogen-Powered Commuter Trains in Europe
GLADBECK, Germany — Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that it has signed a 10 year exclusive agreement to supply Alstom Transport with hydrogen fuel cell systems for Regional Commuter Trains in Europe. Alstom Transport is a unit of Alstom, a France-based global leader in power generation, transmission and rail infrastructure with sales of [Eur6.2 billion for the year ended March 31, 2015.
The agreement, valued at over [Eur50 million, includes the supply of at least 200 engine systems along with service and maintenance as necessary over a 10 year period. Hydrogenics was selected by Alstom following a rigorous technical review process. The fuel cell systems, based on the Company's Heavy-Duty HD series fuel cells, will be developed to meet European train compliance regulations. The first units are expected to be delivered in 2016 following prototype work slated for late 2015.
"The selection by Alstom Transport of our technology platform is a strong validation of our team and our products as the best fit for heavy duty propulsion applications," said Joseph Cargnelli, CTO and co-founder of Hydrogenics. "Our proprietary, innovative technology allows our systems to operate at best-in-class efficiencies, without humidification or compressor systems, thus providing a compelling value proposition for our customers. Hydrogenics' experience in the supply of large, reliable propulsion systems for challenging applications was an important consideration in Alstom's decision."
"We are clearly excited by what this agreement represents," added Daryl Wilson, CEO of Hydrogenics. "Hydrogen is continuing to play an increasing role in mitigating the energy and pollution issues that fossil-fuel based transportation creates worldwide. The electrification of heavy duty transport leads to opportunities for efficient, clean hydrogen-based power solutions to play a critical role. Hydrogenics is pleased to work with industry leading and forward-thinking companies such as Alstom Transport."
A promoter of sustainable mobility, Alstom Transport develops and markets the most complete range of systems, equipment and services in the railway sector. Alstom Transport manages entire transport systems, including trains, signaling, maintenance and modernization, infrastructure and offers integrated solutions.
About Hydrogenics
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.
