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Updated every week With a Free Subscription To "Inside
The Industry"As Well as a Weekly Updated Patents Page| Publication
date: 24-May-2004
Source:Hydrogenics |
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| Hydrogenics Corporation (HYGS) (CA:HYG) , a designer
and manufacturer of hydrogen and fuel cell systems, announced today that
it has been contracted by ITOCHU Corporation of Tokyo, Japan, to provide
a 10 kilowatt HyPM fuel cell power module for a demonstration project in
Mie Prefecture, Japan. Hitachi Zosen Corporation of Osaka, Japan, will
also participate in this project as the overall technical supervisor and
supplier of electrolysis equipment.
This project, funded by the Government of Mie Prefecture and Yokkaichi City, will combine Hydrogenics' fuel cell power module expertise and engineering support, Hitachi Zosen's technology and expertise in electrolyzers, system integration and packaging, and ITOCHU's expertise in business development and project management. Itochu will take delivery of the power module in June 2004. "We are very excited by our second power module sale in Japan this year and to be involved in a project of this stature," said Pierre Rivard, President and CEO. "This again demonstrates the versatility of our power module technology for use in a wide range of applications and markets. By collaborating on this power generation project with two of Japan's leading companies, we hope to increase our opportunities to work with stationary power customers, not only in this region but elsewhere in the world." One of the aims of the project is to demonstrate a zero-emission energy system based on renewable energy. An electrolyser will produce hydrogen on site using electricity from existing solar photovoltaic panels. The hydrogen will then be stored and used to fuel Hydrogenics' HyPM 10 power module during hours of peak electricity demand. Rivard added, "We are very excited to be working with these world class partners as we build towards our long term vision for renewable global energy." About Hydrogenics Hydrogenics Corporation (http://www.hydrogenics.com/) is a leading clean power generation company, engaged in the commercialization of hydrogen and fuel cell technology and test stations for fuel cells. The company is building a sustainable business, in a potentially "game changing technology" for transportation, stationary and portable power. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in British Columbia, Canada, Japan, the United States and Germany. About ITOCHU Corporation ITOCHU Corporation (http://www.itochu.co.jp/), is one of Japan's leading trading companies with annual sales exceeding 11.4 trillion yen (approx. US$85.5 billion). Currently ranked 17th in Fortune Magazine's Global 500 list, ITOCHU Corporation has over 650 subsidiaries and associated companies worldwide and is engaged in a wide variety of businesses, including information technologies, finance, textiles, construction, chemicals, real estate, aerospace, machinery, energy and food products. About Hitachi Zosen Corporation Hitachi Zosen Corporation (http://www.hitachizosen.co.jp/) forges ahead as a technology and business innovator that provides environment, energy, industrial machinery, precision machinery, electronic and information systems in an integrated manner, and presses head with the promotion of high-value- added total-solution business. The company is working to cut greenhouse gases, utilize renewable energy and make effective use of waste heat. 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. Web sites:
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