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Export Development Canada Provide $9MM Term Loan to Hydrogenics

November 07, 2016, 07:50 AM
Filed Under: Energy Services

Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that it has entered into a credit agreement with Export Development Canada (“EDC”) for a five year, U.S.$9 million term loan.

“We are very pleased to announce this new, long-term credit facility,” said Daryl Wilson, President & CEO of Hydrogenics.  “The facility allows us to invest in our business, providing funds for equipment to improve our manufacturing throughput as well as fund working capital during our expected expansion going forward. We appreciate the support given by EDC to Hydrogenics and our leading hydrogen-based applications.”

“Supporting clean technologies like those developed and manufactured by Hydrogenics is one of EDC’s key priorities,” said Dan Mancuso, Vice-President, International Financing, Small & Mid-Market at EDC. “Hydrogenics is a world leader in hydrogen technology, and we’re pleased to provide financing that will support their continued international growth.”

Funding under the loan is expected to be advanced on November 7, 2016. As consideration for providing the loan, EDC was granted 200,575 share purchase warrants. Each warrant is exercisable for one common share of Hydrogenics at an exercise price of US$6.85 per common share. The warrants are transferrable and expire on November 4, 2021.

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

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