HYDROGENICS Stock

Mississauga developer and manufacturer of hydrogen generation technology and hydrogen fuel cell power modules Hydrogenics Corporation (TSX:HYG) (NASDAQ:HYGS) has been awarded a contract on the Electricity Generation Authority of Thailand (EGAT)'s Lam Takhong Wind Hydrogen Hybrid Project, along with Phraram 2 Civil Engineering Co., Ltd., which will provide the services required to implement technology supplied by Hydrogenics. Hydrogenics’ portion of the project is projected to be worth approximately €4.3 million. The project capitalizes on Hydrogenics' specialization as a developer and manufacturer of hydrogen (H2) generation machinery, and contributes to Southeast Asia’s first megawatt-scale renewable H2-based energy storage project. “We are pleased to work with the Electricity Generation Authority of Thailand and bring our unique hydrogen technology to this milestone project,” said Hydrogenics CEO and president Daryl Wilson. “There is great untapped potential for wind and solar energy storage worldwide, and Thailand is leading the path towards sustainability in Southeast Asia. This project once again shows the breadth and depth of Hydrogenics’ energy solutions for a diverse set of applications across the globe.” Located in the sub-station area of the Lam Takhong Wind Turbine Generation Project in Thailand's northeastern Nakhon Ratchasima Province, the installation will consist of Hydrogenics’ ultra-compact 1 MW (PEM) HyLyzer electrolyzer, and a HyPM fuel cell plant. The HyLyzer will be used to convert excess electricity from wind to hydrogen during off-peak hours, which will then be used by the HyPM fuel cell plant to generate 300kW of electricity for EGAT’s Learning Center, an energy neutral building. Last month, Hydrogenics entered into a strategic partnership with Beijing-based vehicle propulsion technology company SinoHytec, for the co-development and the supply of power systems, fuel cell power modules, and the delivery of fuel cells in China in 2016 and 2017. That contract is worth approximately $13.5 million. Last November, Hydrogenics announced several separate supply agreements with Chinese electric vehicle integrators to bring its fuel cell and fueling station technology to China to more than 2,000 vehicles over the course of the next three to five years. Over the next five years, vehicle fuel cell requirements in China alone are forecast to be above $100 million.

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Hydrogenics wins hybrid hydrogen power contract in northeast Thailand

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