MISSISSAUGA, Ontario, Jan. 4, 2010 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and fuel cell products, and Rosetti Marino S.p.A., an established provider of engineering and construction services and technology for the oil and gas industry, today announced an agreement to jointly design, develop and commercialize utility-scale hydrogen power plants for peak shaving and energy management.
The plants will incorporate Hydrogenics' electrolyzer and fuel cell systems for turnkey applications that produce hydrogen for energy storage and electricity generation. Rosetti Marino will provide expertise in large-scale gas compression, storage, and facility design; the complete systems are planned to provide for renewable energy, peak shaving, grid optimization and ancillary services. Other potential applications include large-scale fueling and hydrogen production for industrial uses.
"We firmly believe that hydrogen can provide energy storage solutions with greater versatility and economic benefit than compressed air storage and pumped hydro systems," said Daryl Wilson, Hydrogenics President and CEO. "While already focused on the market for hydrogen-based energy coupled with renewable power, Hydrogenics will accelerate its presence in the field by partnering with a large, well-respected company such as Rosetti Marino. Hydrogen remains the key to sustainable energy storage going forward -- particularly in regions with grids stressed by unreliable, intermittent power."
"Rosetti Marino believes that the combination of Hydrogenics' technology and product platform with our experience in large scale gas plants and storage facilities creates a clear path towards the commercialization of hydrogen energy storage systems in the gigawatt-hour range," said Gianfranco Magnani, President of Rosetti Marino Group. "These systems will help expand the market for renewable energy and serve to catalyze the transformation and optimization of the next generation of electrical infrastructure."
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 ROSETTI MARINO
Rosetti Marino (www.rosetti.it) is an Italian company providing solutions and services to the Oil & Gas industry. It has strong engineering and project management capabilities, state-of-the-art fabrication expertise, and is a reliable and cost effective partner supporting customer's investment in capital assets. In 2008, Rosetti Marino had consolidated annual revenue of EUR 326.8 million.
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 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. The forward-looking statements contained in this release are expressly qualified by this.