Hydrogenics Corporation (USA) (NASDAQ:HYGS), a leading developer and manufacturer of hydrogen generation and hydrogen-based fuel cell power modules, today announced that it has been awarded a contract to supply three electrolyzers and a fuel cell power module system for the Levenmouth Community Energy Project in Fife, Scotland. The project, funded with a £4million grant from the Scottish Government’s Local Energy Challenge Fund, is being led by Bright Green Hydrogen along with project partners, Fife Council and Toshiba. The project will further develop an existing local energy research center in Methil, Fife into a world-class demonstrator of hydrogen applications generated from renewable sources. Bright Green Hydrogen awarded Edinburgh-based Logan Energy as the integrator for the project.
Hydrogenics will deploy one alkaline electrolyzer and one PEM electrolyzer which will be integrated by Logan Energy for containerized fueling, along with another PEM electrolyzer and fuel cell module to be part of an energy storage system powered by wind. Additional terms, including contract value, were not disclosed.
Daryl Wilson, CEO of Hydrogenics, stated, “The Levenmouth Community Energy Project is an excellent example of utilizing hydrogen technology in multiple applications for both energy storage and fueling. Hydrogenics is pleased to be involved as a partner on this project and we believe that this is an excellent opportunity to demonstrate the full breadth of our capabilities. This is also our third project in Scotland following on our fueling station in Aberdeen and at the Kittybrewster depot, also in Aberdeen. We look forward to working with Logan Energy, Bright Green Hydrogen and their project partners on this exciting project.”
The Levenmouth project located in Fife, Scotland’s third largest council area, will take electricity generated by wind and solar sources to power electrolyzers, and the hydrogen generated will be stored and used to fuel hybrid commercial vehicles (HCVs). Hydrogenics will support nine organizations in this initiative. Along with Bright Green Hydrogen Ltd., a Fife-based non-profit organization that promotes a hydrogen future, Fife Council and Toshiba, the project consortium members include; Leven Valley Development Trust; Fife College; BOC (for hydrogen transport); Green Business Fife; Community Energy Scotland; and the Scottish Hydrogen and Fuel Cell Association (SHFCA). (Original Source)
Shares of Hydrogenics closed yesterday at $8.12. HYGS has a 1-year high of $25.88 and a 1-year low of $8.01. The stock’s 50-day moving average is $9.58 and its 200-day moving average is $11.78.
On the ratings front, Hydrogenics has been the subject of a number of recent research reports. In a report issued on May 27, Roth Capital analyst Matt Koranda maintained a Buy rating on HYGS, with a price target of $15, which implies an upside of 84.7% from current levels. Separately, on May 6, Canaccord Genuity’s Sara Elford reiterated a Buy rating on the stock and has a price target of $19.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matt Koranda and Sara Elford have a total average return of 1.6% and -18.1% respectively. Koranda has a success rate of 37.3% and is ranked #1920 out of 3727 analysts, while Elford has a success rate of 33.3% and is ranked #3413.
Hydrogenics Corp along with its subsidiaries, designs, develops and manufactures hydrogen generation and fuel cell products based on water electrolysis technology and proton exchange membrane technology.