Hydrogenics Corporation, leading producer of hydrogen generation and fuel cell related products and services, has reported dramatic increases in third quarter and year-to-date revenues, due largely to increased interest in backup power sources and renewable energy storage applications.
Quarterly revenues jumped 53%, representing the sixth consecutive quarter of revenue growth for the company, excluding the Test Systems business unit, resulting in a 59% increase in year-to-date revenues. In addition, cash operating costs declined 35% for the quarter, contributing to a 66% decrease in cash utilization for the nine months ending September 30.
Hydrogenics President and CEO, Daryl Wilson, said, “We continue to be encouraged with the growing interest in renewable energy and industrial electrolysis sales. Support for our proprietary fuel cell applications continues with our OEM partners including a new manufacturing supply agreement signed during the quarter with APC.” He went on to emphasize the success the company has had in reducing costs while improving productivity. “Value engineering efforts are paying off with reduced material costs. Technology innovation is supporting ongoing cost reduction. Operating efficiencies and overall productivity is up substantially.”
Hydrogenics, based in Canada with worldwide offices, is a leading global provider of clean energy solutions, focusing on hydrogen generation and related fuel cell power products.
The company’s two core business groups are:
• OnSite Generation – Through its comprehensive HySTAT™ Hydrogen Station product line, Hydrogenics provides turnkey hydrogen generation systems to a range of industrial, transportation, and renewable energy customers. The market for on-site hydrogen generation, storage, and dispensing solutions continues to expand.
• Power Systems – Hydrogenics core fuel cell product, the HyPM® Fuel Cell Power Module, built around the company’s proprietary H2X® fuel cell stack technology, can be used in a variety of applications, providing superior performance and reliability.
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