Hydrogenics first announced its intention to make the offer on November 10, 2004 and it mailed its take-over bid circular to the shareholders of Stuart Energy on or about December 1, 2004. After acquiring 86% of the Stuart Energy common shares on January 6, 2005, Hydrogenics extended the offer until 6:00 p.m. (Toronto time) on January 20, 2005 to enable those shareholders that had not yet tendered to deposit their Stuart Energy common shares to the offer.

Hydrogenics will now exercise its statutory rights under the Canada Business Corporations Act to compulsorily acquire the remaining Stuart Energy common shares that have not been deposited to the offer. Following the compulsory acquisition, Hydrogenics will de-list the Stuart Energy common shares from the Toronto Stock Exchange.

About Hydrogenics

Hydrogenics Corporation (http://www.hydrogenics.com) is a leading global developer of clean energy solutions, advancing the Hydrogen Economy by commercializing hydrogen and fuel cell products. The company has a portfolio of products and capabilities serving the hydrogen and energy markets of today and tomorrow. Hydrogenics, based at 5985 McLaughlin Road, Mississauga, Ontario, Canada, has operations in North America, Europe and Asia.

About Stuart Energy

Stuart Energy Systems Corporation (http://www.stuartenergy.com) is the world's leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications.

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 are subject to 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' registration statement on form F-10 filed with the Securities and Exchange Commission on February 3, 2004 for a more complete discussion of factors that could affect Hydrogenics' future performance. 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.