Energy storage company Hydrogenics Corporation has reported a double-digit drop in revenue in its 2016 full-year financials but has underlined that it still sees significant growth potential for the year ahead.
Despite ending the year with lower revenue than in 2015, the Candian outfit’s CEO Daryl Wilson insists that Hydrogenics is going into 2017 with increased optimism about the year’s order flow and its strongest backlog ever.
In the company’s fiscal full-year report, revenue dropped by 19% from $35.9m the prior year to $29m. The company said that the year-over-year decrease was reflective of market dynamics, marking a decline in electrolyser sales for energy storage and industrial applications and significant projects in 2015 that were not repeated in 2016.
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