The transaction saw Hydrogenics sell 12.5 million common shares at US$0.40 per share. Investors received warrants for the purchase of one common share for each common share purchased.

Under the terms of the transaction, 5 983 886 of these warrants are exercisable at any time on or after the date of issuance until January 14, 2015 at an exercise price of US$0.52 per common share. The remaining 6 516 114 warrants are exercisable for a period of five years beginning six months and one day after issuance, at an exercise price of US$0.52 per common share.

Chardan Capital Markets LLC acted as the sole placement agent for this transaction.

These securities were offered by Hydrogenics in respect of a registration statement on Form F-3 previously filed and declared effective by the US Securities and Exchange Commission.

Hydrogenics is a globally recognized developer and provider of hydrogen generation and fuel cell products and services, serving the growing industrial and clean energy markets. Hydrogenics is based in Mississauga, Ontario, and has operations in North America and Europe.