03:55:45 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Hydrogenics Corp (2)
Symbol HYG
Shares Issued 10,088,759
Close 2014-07-24 C$ 19.49
Market Cap C$ 196,629,913
Recent Sedar Documents

Hydrogenics to build energy storage plant in Ontario

2014-07-25 11:48 ET - News Release

Mr. Daryl Wilson reports

HYDROGENICS SELECTED FOR 2 MEGAWATT ENERGY STORAGE FACILITY IN ONTARIO

Hydrogenics Corp. has been selected as a preferred respondent by the Independent Electricity System Operator (IESO) for Ontario in its procurement for grid energy storage. This Power-to-Gas project will deliver two megawatts of storage capacity and be located in the Greater Toronto Area. Hydrogenics will supply the facility's next-generation PEM electrolyzers, and is partnering with Enbridge Inc. to develop, build and operate the energy storage facility to provide regulation services to the IESO under contract.

"Storage facilities on the grid are a real game changer," said Bruce Campbell, president and chief executive officer of the IESO in a press release. "Our electricity system was built on the concept that you can't store large amounts of electricity -- we produce electricity at the same time that we consume it. Energy storage projects will provide more flexibility and offer more options to manage the system efficiently."

Daryl Wilson, CEO of Hydrogenics, added: "We are very excited to have been awarded this Power-to-Gas project, the first of its kind in North America. We have already experienced the positive impact of having a highly visible reference site with E.ON in Germany, and our partnership with Enbridge will make this application an excellent reference site closer to home. We appreciate the leadership of the Ontario Ministry of Energy to invest in clean energy storage technologies and the IESO for providing this platform for energy innovation."

Today, the company continues to prove that its hydrogen-based energy storage technology will transform the energy sector by providing services to grid operators to convert renewable generation when it is not needed into renewable power, fuel or heat, when and where it is needed.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.