Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that it, together with eight other partners, has won a major energy storage R&D and demonstration project in Europe. Called “Don Quichote,” the project includes a financial contribution of 2.86 million Euros by the European Commission, under the auspices of the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), and will take five years to complete.
The core innovation of the Don Quichote project will consist of combining a 350 bar electrochemical compressor, a 30Nm3 PEM electrolyzer system, and a 90 kW fuel cell system to demonstrate the technical and economical viability of an integrated hydrogen storage system for renewable electricity linked to a hydrogen refueling facility. The consortium will design, build, deploy and operate the system at the Colruyt site near Brussels to double the capacity of the existing 350 bar fueling station to 130 kilograms per day and install a fuel cell system for electricity demand leveling.
This project seeks to increase renewable-based electricity, grid balancing, sustainable mobility and the use of clean hydrogen. It aims to demonstrate and validate system-level technology readiness while maintaining a high safety level and generate further data for the expansion of renewable electricity and hydrogen-fueled, sustainable mobility.
“All consortium partners are delighted to be a part of this important energy storage and fueling project, which further substantiates the enabling position of hydrogen for renewable energy integration,” said Daryl Wilson, Hydrogenics’ President and Chief Executive Officer. “The importance that the EU places on hydrogen technology – which holds the key to solving utility-scale energy storage and transport issues of today and tomorrow – is very gratifying. The innovative technologies at the core of the Don Quichote project are well placed to enable greater renewable power generation around the globe.”
Consortium members include the leading grocery chain Colruyt Group (Belgium); the European Commission’s Directorate — General Joint Research Centre (Belgium); the European Hydrogen Association (EHA), represented through FAST; HyET Hydrogen Efficiency Technologies, the pioneer in electrochemical compression (the Netherlands); Iceland New Energy, which is investigating the potential for eventually replacing the use of fossil fuels in Iceland with hydrogen-based fuels and create the world’s first hydrogen economy; PE INTERNATIONAL, an international strategic consulting, software solutions and services company in the field of sustainability (Germany); TUV Rheinland Group, a leading safety & security assessment and regulatory agency (Germany); and WaterstofNet (Belgium), which is developing major hydrogen projects in the region of Flanders and South of the Netherlands.
Hydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world. Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centers in Russia, China, India, Europe, the US and Canada.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements and other statements concerning Hydrogenics objectives and strategies and managements beliefs, plans, estimates and intentions about its achievements, future results, goals, levels of activity, performance, and other future events. Hydrogenics believes the expectations reflected in its forward-looking statements are reasonable, although cannot guarantee achievements, future results, levels of activity, performance, or other future events. These statements are based on the managements current expectations and actual results may differ from these forward-looking statements due to numerous factors. Readers should not place undue reliance on these forward-looking statements. Readers 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 the factors that could affect the foregoing forward-looking statements. 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 cautionary statement.
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