MISSISSAUGA, Ontario, Nov. 3, 2015 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power systems, today announced the start of commercial operations of its initial 1 megawatt fuel cell power system owned and operated by the Kolon Hydrogenics joint venture in South Korea.
The fuel cell power generation system has been installed at Hanwha-Total's oil refinery site (formerly known as Samsung-Total) in Daesan, South Korea. The application uses surplus hydrogen generated as part of other refinery processes at the site; the hydrogen is fed into the fuel cell stack and supplies 1 megawatt per hour continuous electrical power. This first megawatt system is a pilot plant to demonstrate the viability of Hydrogenics' fuel cell technology.
"The successful start-up of our fuel cell application in South Korea is an important milestone on the journey to large scale, multi-megawatt facilities across the globe," stated Daryl Wilson, CEO of Hydrogenics. "We are pleased with the strength of the team at Kolon Hydrogenics and look forward to the next stage of commercialization."
Soo-Young Lee, CEO of Kolon Water and Energy, added, "Korea's energy policy makes a clear and compelling case for the deployment of clean fuel cell technology on an industrial scale. Kolon's expertise in engineering, procurement and construction of industrial plants, combined with Hydrogenics' PEM technology, makes for a strong relationship to serve our industrial customers. We are excited by this achievement and anticipate larger-scale deployments in the quarters to come."
The Kolon Hydrogenics joint venture was created in 2014 to identify the potential for renewable power generation projects in South Korea. South Korea has a significant focus on the deployment of clean, efficient fuel cell technology. The venture owners, Hydrogenics and Kolon Water & Energy, plan to capitalize on these renewable energy opportunities across the region.
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.
About Kolon Water & Energy
Kolon Water & Energy (www.kolonwe.com) is a well-recognized conglomerate in South Korea providing total solutions for the water and energy sector. Kolon Group operates under its "Lifestyle Innovator" vision to fulfill its customers' needs. Based in Seoul, Korea, Kolon Group has operations in various countries around the world.
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 Act of 1995, and under applicable Canadian securities law. These statements are based on management's current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: our inability to increase our revenues or raise additional funding to continue operations, execute our business plan, or to grow our business; inability to address a slow return to economic growth, and its impact on our business, results of operations and consolidated financial condition; our limited operating history; inability to implement our business strategy; fluctuations in our quarterly results; failure to maintain our customer base that generates the majority of our revenues; currency fluctuations; failure to maintain sufficient insurance coverage; changes in value of our goodwill; failure of a significant market to develop for our products; failure of hydrogen being readily available on a cost-effective basis; changes in government policies and regulations; failure of uniform codes and standards for hydrogen fuelled vehicles and related infrastructure to develop; liability for environmental damages resulting from our research, development or manufacturing operations; failure to compete with other developers and manufacturers of products in our industry; failure to compete with developers and manufacturers of traditional and alternative technologies; failure to develop partnerships with original equipment manufacturers, governments, systems integrators and other third parties; inability to obtain sufficient materials and components for our products from suppliers; failure to manage expansion of our operations; failure to manage foreign sales and operations; failure to recruit, train and retain key management personnel; inability to integrate acquisitions; failure to develop adequate manufacturing processes and capabilities; failure to complete the development of commercially viable products; failure to produce cost-competitive products; failure or delay in field testing of our products; failure to produce products free of defects or errors; inability to adapt to technological advances or new codes and standards; failure to protect our intellectual property; our involvement in intellectual property litigation; exposure to product liability claims; failure to meet rules regarding passive foreign investment companies; actions of our significant and principal shareholders; dilution as a result of significant issuances of our common shares and preferred shares; inability of US investors to enforce US civil liability judgments against us; volatility of our common share price; and dilution as a result of the exercise of options; and failure to meet continued listing requirements of Nasdaq. 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 US 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, unless otherwise required by law. The forward-looking statements contained in this release are expressly qualified by this.