Hydrogenics Corporation
TSX : HYG
NASDAQ : HYGS

Hydrogenics Corporation

January 08, 2007 09:07 ET

Hydrogenics Signs Distribution Agreement With LiftOne

Major Material Handling Dealership Provides Market Channel for HyPX'TM' Fuel Cell Power Pack

MISSISSAUGA, ONTARIO--(CCNMatthews - Jan. 8, 2007) - Hydrogenics Corporation (TSX:HYG) (NASDAQ:HYGS), a leading designer and manufacturer of hydrogen and fuel cell systems, today announced it has entered into a distribution agreement with LiftOne, a division of Carolina Tractor.

A leading full-service material handling dealership, LiftOne is Hydrogenics' first distributor for the company's HyPX™ Fuel Cell Power Pack product for lift trucks. Under the agreement, LiftOne will market, sell, and service the HyPX fuel cell solution to potential end-users in Virginia, North Carolina and South Carolina.

"We believe that an important way to penetrate the lift truck market is by working with dealer-distributors in the local market areas," commented Daryl Wilson, Hydrogenics President and Chief Executive Officer. "Through their direct sales force, LiftOne has built strong relationships with the major material handling customers in the Greater Carolina region, and has a full-service organization to provide immediate local support. By tapping into these strengths, Hydrogenics can accelerate the sales process in reaching these key customers. We see LiftOne as an excellent partner to introduce the features and benefits of hydrogen and fuel cells to future customers in the Greater Carolina region."

"As their first HyPX Power Pack distributor, LiftOne is proud to represent the fine products of Hydrogenics. They have demonstrated to us the opportunities that exist for our customers to help them lower their costs, increase their productivity, as well as help us all improve the quality of our lives through the proper application of fuel cell technologies. We are looking forward to incorporating these products into our already extensive portfolio of materials handling equipment to help our customers. It's definitely a 'win-win' for all of us."

Hydrogenics HyPX Power Pack incorporates a hybrid fuel cell power solution, fueled by hydrogen, to deliver a zero emission 'plug and play' lead acid battery replacement for forklift trucks. Hydrogenics' first generation product completed successful pilot deployments that demonstrated significant productivity and operational improvements and savings when compared to lead acid battery vehicles and infrastructure.

The timing of this first distributorship agreement coincides with the introduction of Hydrogenics' next generation HyPX Fuel Cell Power Pack being highlighted at the ProMat 2007 materials handling tradeshow in Chicago this week.

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.

About LiftOne

LiftOne, A Division of Carolina Tractor (www.LiftOne.net) is a full-service material handling dealership, providing equipment solutions to move and store customers' product. LiftOne offers new and used equipment, as well as a large fleet of equipment ready-to-rent. With a service staff of over 130 highly trained technicians, LiftOne services most brands of material handling equipment at customer locations. LiftOne's product brand lineup includes: Cat® Lift Trucks, Linde Lift Trucks, Ottawa/Kalmar, Komatsu, LiftKing, and others.

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.

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