Hydrogenics completes US$20.5 million private placement

On January 24, 2019, The Hydrogen Company, a wholly-owned subsidiary of L'Air Liquide S.A. ("Air Liquide"), announced that it acquired ownership and control of 3,537,931 common shares of Hydrogenics Corporation (Hydrogenics), representing approximately 18.6% of the issued and outstanding common shares of Hydrogenics. The shares were acquired by way of a non-brokered private placement for an aggregate purchase price of US$20,520,000.00 (C$27,390,096.00), or approximately US$5.80 (C$7.74) per share. Hydrogenics intends to use the proceeds of the private placement primarily to fund current operations, technology developments and future scale-up of partners.

Concurrent with the subscription agreement, Hydrogenics also entered into a technology and business development agreement with Air Liquide to jointly develop PEM electrolysis technologies for growing hydrogen energy markets around the globe.

Hydrogenics is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. It provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world, with manufacturing sites in Germany, Belgium and Canada and service centers in Russia, Europe, the US and Canada.

Air Liquide is a world leader in gases, technologies and services for Industry and Health sectors.

Further information can be found on Canada Newswire's website.