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Hydrogenics wins new credit line in Europe, to fund 2010 expansion

Hydrogenics Europe NV, the Belgian subsidiary of Canadian-based Hydrogenics Corporation, has secured a €3.5 million (US$5.3 million) operating facility from Dexia Bank SA, a Belgian financial institution. The facility will be used to finance working capital requirements for Hydrogenics’ OnSite Generation business in 2010.

Hydrogenics is a leading developer and manufacturer of hydrogen generation and PEM fuel cell products. Its Belgian-based OnSite Generation business develops products based on alkaline water electrolysis technology for industrial gas applications, hydrogen fueling stations, and renewable energy storage markets.

Under the terms of the credit facility, Hydrogenics Europe may borrow a maximum of 75% of the value of awarded sales contracts, approved by Dexia Bank, to a maximum of €2.0 million (US$3m). The credit line also allows a maximum of €1.5 million (US$2.3m) for general business purposes.

‘This operating facility will provide increased working capital for our electrolyzer operations next year, and speaks to the increased availability of attractive credit in our end markets,’ explains Daryl Wilson, President and CEO.

‘The facility will allow our European operations greater flexibility to more rapidly respond to customer orders, and ship equipment in a more timely manner.' continues Wilson. 'Given our growth plans for 2010, we felt that now was the best time to take advantage of this opportunity.’

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Energy infrastructure  •  Energy storage including Fuel cells