Hydrogenics Signs New Agreement With John Deere to Advance
the Commercialization of Fuel Cells
Provides a Path to Advance the Technical Development of Fuel
Cell Systems and Achieve the Required Commercialization Milestones
TORONTO, July 28, 2004 -- Hydrogenics Corporation (Nasdaq: HYGS; TSX: HYG),
announced today that it has entered into a five-year agreement with Deere &
Company (NYSE: DE) regarding continued research and development efforts
concerning the use of hydrogen and fuel cells in commercial vehicles. The
five-year agreement incorporates both qualitative and quantitative commitments,
and builds on the success of earlier joint projects involving the integration of
Hydrogenics' HyPM™ fuel cell power module
technology into Deere vehicles. Earlier this year Hydrogenics launched its
off-road mobility initiative in the belief that these applications present
earlier viable markets for hydrogen fuel cells than broader mass vehicular
applications such as the automobile. Deere is a renowned international supplier
of equipment and vehicles to a wide range of such early-adopter markets,
including, but not limited to, the military, high-end grounds maintenance,
agriculture, forestry and mining.
"Deere has proven to be exceptional in this effort, largely due to the
company's recognition of the potential for fuel cell technologies to enhance
their current and future product platforms," commented Pierre Rivard,
Hydrogenics' President and Chief Executive Officer. "Broadening our
relationship with Deere is an important milestone towards achieving fuel cell
commercialization. Through this agreement we expect to transition our products
from R&D prototypes, or demonstration units, to robust commercial
products."
Under this Agreement, Deere and Hydrogenics will collaborate on both fuel cell
developments and engineering to integrate them into vehicle systems.
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.
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.