Hydrogenics, developer and manufacturer of hydrogen (H2) generation and H2-based power modules, has announced that it has signed a Purchase and License Agreement for technology and fuel cells with Blue-G New Energy Science and Technology Corporation (Blue-G).
The Purchase and License Agreement states that the company will deliver 1,000 fuel cell units to Blue-G to be integrated into zero-emission electric buses, and an engineering support component for an aggregate sum payable to the company of over $50m.
Delivery of the fuel cells and the associated payments are expected to occur over the next two to three years. Incremental are license royalties which are expected to generate revenues for the Company over a 10-year period.
The agreement was signed in Beijing by Daryl Wilson, President and CEO of Hydrogenics, and Ronald R. Lee, President and CEO of Blue-G. Witnessing the signing was the Minister of Natural Resources Canada, James Gordon Carr.
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