World News: 10:30 GMT Friday 15th March 2019. [Hydrogenics Corporation via Globe Newswire via SPi World News]
MISSISSAUGA, Ontario, March 15, 2019 (GLOBE NEWSWIRE) -- ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today reported fourth quarter and full year 2018 financial results. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).
“Having worked hard throughout 2018, I’m pleased to note the many recent accomplishments that have strengthened our outlook for the quarters to come,” said Daryl Wilson, President and Chief Executive Officer. “While fourth quarter revenue was down from 2017’s record level, it reflected sequential growth from earlier in 2018 and the impact from higher shipments to China as well as increased electrolyzer orders. In addition, we announced a strategic agreement with Air Liquide during the period, including an investment of $20.5 million into the Company. This significant development not only bolstered our balance sheet – providing capital for growth – but aligned Hydrogenics with one of the world’s leading hydrogen production organizations. The agreement was done at a premium to then-current market prices, reflecting a great deal of confidence in our technology, growth outlook, and position within the industry. We've since announced a contract to supply Air Liquide with electrolyzers for a 20-megawatt hydrogen generation facility – the world’s largest – and are actively discussing other joint activities across the globe. At the same time, we continue to work hand-in-hand with Alstom on a number of potential rail applications and are upbeat about the expected demand for mobility fuel cells this year. We are actively engaged in negotiations that should result in many new contract awards and across multiple product lines. We anticipate top-line growth in 2019, even if China-related trade issues persist. Our advanced PEM technology, breadth of applications, and strong global relationships position us for improving performance going forward.”
An archived copy of the conference call and webcast will be available on the company's website, www.hydrogenics.com, approximately six hours following the call.
Marc Beisheim, Chief Financial OfficerHydrogenics Corporation(905) 361-3660
Chris WittyHydrogenics Investor Relations(646) 438-9385
Globe Newswire: 10:30 GMT Friday 15th March 2019
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