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.’