In the company’s news yesterday,
Hydrogenics Corporation 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.”
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