Hydrogenics Receives Order for HyPM’R’ Fuel Cell Power Pack from Japan

July 24, 2006

HyPM FCPP to be Integrated into Class 1 Forklift

Hydrogenics Corporation (TSX: HYG)(NASDAQ: HYGS), a leading designer and manufacturer of hydrogen and fuel cell systems, announced today that it has received an order for a HyPM® Fuel Cell Power Pack (FCPP) to be integrated into a Japanese OEM’s Class 1 forklift, with delivery scheduled for late in 2006. This is the third material handling OEM to trial a Hydrogenics FCPP in their forklift truck platform as a replacement for existing battery technology.

“This order is indicative of the growing interest in fuel cells for material handling applications and the confidence that customers place in Hydrogenics’ product and its ability to perform in existing lift truck platforms,” said Pierre Rivard, President and Chief Executive Officer of Hydrogenics. “The local service and technical support that we have based in Japan is an important consideration for our Asian Pacific customers, both OEMs and end-users.” 

Hydrogenics’ FCPP incorporates the company’s proprietary HyPM 12 Fuel Cell Power Module to handle base load requirements, and energy-storing ultracapacitors to handle load peaks and capture energy through regenerative braking. Designed to fit within an existing battery pack compartment, the hybrid power pack is easily integrated into such equipment as a Class 1 electric forklift. Interest in FCPPs for this early-adopting application is based on their ability to increase productivity by reducing refueling times, extending run-time between fills, and providing consistent and abundant power while releasing no harmful emissions.

About Hydrogenics

Hydrogenics Corporation (www.hydrogenics.com) is a leading global developer of clean energy solutions, advancing the Hydrogen Economy by commercializing hydrogen and fuel cell products. The company has a portfolio of products and capabilities serving the hydrogen and energy markets of today and tomorrow. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in North America, Europe and Asia.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

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.

Contacts:
Hydrogenics Corporation
Investor Contact: Lawrence Davis
Chief Financial Officer
(905) 361-3633
investors@hydrogenics.com

Ketchum Communications
Media Contact: Melody Gaukle
(416) 544-4906
media@hydrogenics.com

SOURCE:  Hydrogenics Corporation

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