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MISSISSAUGA, Ontario, June 30, 2010 (GLOBE NEWSWIRE) --
Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG) ("Hydrogenics" or the "Company"), a leading developer and manufacturer of hydrogen generation and fuel cell products, today announced that it has been selected by Ontario's Independent Electricity System Operator (IESO) to participate in the Alternative Technologies for Regulation Demonstration Project for utility-scale grid stabilization. Over a two month period, the load from a Hydrogenics HySTAT
TM electrolyzer will provide regulation services within Ontario's electricity market by responding to power signals from the IESO.
Using an electrolyzer currently installed at Hydrogenics' corporate headquarters, the IESO and Hydrogenics will work together to assess how well the hydrogen equipment follows regulation signals in a real-world scenario. In doing so, Hydrogenics will aim to provide better balancing of electrical supply and demand while alleviating local transmission constraints.
"We are very pleased to have been selected for this ambitious study by Ontario's IESO," said Daryl Wilson, President and CEO. "We believe this demonstration will showcase the smart-grid capability of utility-scale hydrogen technology, which can and will be used for both grid stabilization and energy storage in the years to come."
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.
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, 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 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' regulatory filings with the Canadian securities regulatory authorities and the United States 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, except as required by law. The forward-looking statements contained in this release are expressly qualified by this.