BNET Industries

Hydrogenics Corp.

HYGS is in the Manufacturing Industry

Market Cap:$39.7M
Last Fiscal Year Sales:$37.9M
  • Public
  • CA
Dow Jones Description

Hydrogenics, together with its subsidiaries, designs, develops and manufactures hydrogen generation products based on water electrolysis technology and fuel cell products based on proton exchange membrane, or PEM technology. We were incorporated under the Canada Business Corporations Act in 1988 and commenced our fuel cell development activities in 1996. We maintain operations in Belgium, Canada and Germany. We operate in various geographical markets and organize ourselves in four reportable segments. Our OnSite Generation business segment is based in Oevel, Belgium and develops products for industrial gas, hydrogen fueling and renewable energy storage markets. For the year ended December 31, 2008 our OnSite Generation business reported revenues of $31.2 million and at December 31, 2008 had 73 full-time employees. Our Power Systems business segment is based in Mississauga, Canada with a satellite facility in Gladbeck, Germany. This segment develops products for stationary and motive power applications. For the year ended December 31, 2008 our Power Systems business reported revenues of $5.6 million and at December 31, 2008 had 81 full-time employees. Our Test Systems business segment is based in Burnaby, Canada and provided fuel cell testing services and sold fuel cell test stations. ...

President and Chief Executive Officer
Daryl Wilson
Number of Employees 265
Contact Information

5985 McLaughlin Road

Mississauga, Ontario L5R 1B8

hydrogenics.com

(905) 361-3660

NAICS Code Motor and Generator Manufacturing: 335312

Recent Events

  • Hydrogenics Announces Resignation of V. James Sardo from Board of Directors

    11/30/09 - Board Member - Leaving - View Story

  • Hydrogenics Files Litigation Against American Power Conversion Corporation to Collect Termination Payment Under Manufacturing and...

    11/18/09 - Lawsuit Filed - View Story

  • Hydrogenics acquires Algonquin Power Income Fund

    10/28/09 - Merger / Acquisition - View Story

  • Hydrogenics closes financing with Algonquin Power

    10/27/09 - New Investment - View Story

  • Hydrogenics loses $5.43-million (U.S.) in Q3

    10/26/09 - Financial Announcement - View Story

  • Hydrogenics Announces Contract with Vision Industries Providing Fuel Cells for Commercial Truck Applications

    9/05/09 - Joint Venture / Alliance - View Story

  • Hydrogenics loses $6.01-million (U.S.) in Q2 2009

    8/14/09 - Financial Announcement - View Story

  • Hydrogenics receives court approval for financing

    7/29/09 - New Investment - View Story

  • Hydrogenics terminates supply deal with American Power

    7/22/09 - Joint Venture / Alliance - View Story

  • Tax transactions key in Algonquin Power, Hydrogenics deal

    6/13/09 - Joint Venture / Alliance - View Story

  • Hydrogenics Announces Non-Dilutive Financing

    6/12/09 - Merger / Acquisition - View Story

News & Analysis

hydrogenics corp. and nasdaq stock market inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
Daryl Wilson President and Chief Executive Officer
Joseph Cargnelli CTO
Lawrence E. Davis Cfo
Bart Van Ouytsel Reg Vice President, Operations
Jennifer Barber Vice President Finance & Corporate Controller
John Werderman Vice President Business Development, Power Systems
Mel Ogmen Vice President, Operations
Ravi N. Gopal Vice President
Salil Munjal Vice President, Corporate Development
Wido Westbroek Vice President and General Manager
Bart Van
Mike Rogers
Peter Scheck
Rolanda Chen
Douglas S. Alexander Director
Frank Colvin Director
Michael Cardiff Director
William Szkodinski Director

Board of Directors

Name (plus bio) Position
Norman M. Seagram Chairman
Pierre Rivard Founder and Executive Chair
Doug Alexander Board of Directors
Henry J. Gnacke Board of Directors
Hugo Vandenborre Vice Chairman
James Sardo Board of Directors
V. James Sardo Board of Directors
William Szkodzinski Board of Directors

Daryl Wilson was appointed President and Chief Executive Officer in December 2006, bringing a varied 25-year background in technology and industrial management to the company, including operations, manufacturing, human resources, research, product development, organizational change and turn-around experience. Prior to joining Hydrogenics, he held senior leadership positions at Royal Group Technologies, Zenon Environmental, Toyota and Dofasco. Daryl began his career with a Bachelor's degree in Chemical Engineering from the University of Toronto. In 1990, Daryl also earned an MBA from McMaster University in Operations Management/Management Science.

Organization Position Status
Hydrogenics Corporation President and Chief Executive Officer Current
Hydrogenics Corporation Director Current
McMaster University MBA Former
University of Toronto Bachelor's Degree In Chemical Engineering Former

Joseph Cargnelli is one of our company's founders and has served as a Hydrogenics Director since January 1996. He became Vice President, Technology in July 2000. Joe is known for his hands-on approach to engineering and his dedication to finding efficient and effective engineering solutions. Previously, Joe worked for a year (1992-93) as a Research Engineer with the Laboratory of Advanced Concepts in Energy Conversion Inc., a laboratory engaged in the research, development and demonstration of alkaline fuel cells and hydrogen storage methods. He has his Master's degree in Applied Science, Mechanical Engineering from the University of Toronto, where he also received his Bachelor's degree in the same field. "Coming from an engineering research background, it's very satisfying to see how the potential of hydrogen power is now making headway in practical applications such as lift trucks, UPS systems and solar and wind power installations. This is a new era, and Hydrogenics is in a great position to help make it happen."

Organization Position Status
Hydrogenics Corporation CTO Current
Stuart Energy Systems Corporation Director Current
Hydrogenics Corporation Director Current
University of Toronto Master's Degree In Applied Science Former
University of Toronto Bachelor of Applied Science Degree In Mechanical Engineering Former

Lawrence E. Davis is the Chief Financial Officer of Hydrogenics Corporation and joined the company in 2005. He is responsible for Hydrogenics' overall financial management ensuring timely and accurate financial reporting, in addition to leading Hydrogenics' investor relations activities. Prior to joining Hydrogenics, Lawrence held senior financial and operational positions at several high growth North American technology businesses. In 1997, he founded Saturn Capital Corporation, a privately held merchant bank, to advise and invest in emerging growth businesses. Lawrence holds a Bachelor of Arts degree from the University of Toronto and is a member of the Canadian Institute of Chartered Accountants of Ontario. "The exciting thing for me about Hydrogenics is the opportunity to work with a large market presence while doing something beneficial for environmental and sustainability issues."

Organization Position Status
Hydrogenics Corporation Cfo Current
University of Toronto Bachelor of Arts degree Former

Organization Position Status
Hydrogenics Corporation Reg Vice President, Operations Current
Hydrogenics Corporation Board of Directors Former

Organization Position Status
Stuart Energy Systems Corporation Vice President Finance & Corporate Controller Current
Hydrogenics Corporation Vice President Finance & Corporate Controller Current

John Werderman has over 30 years of executive management experience in large, small and start-up companies. He has served in various roles as CEO, President, COO, and CFO within the Hi-Tech Industry. Most recently, John held the position of President/CEO of ReliOn, Inc (aka Avista Labs) and raised $25 Million Dollars for their second round of financing. Prior to that, he was President of IBUS/Phoenix, a subsidiary of Maxwell Technologies, focused on high reliability applied computer and power quality systems for the telecommunications industry. John grew the company from $22 Million to $65 Million within four years. He has extensive experience in the domestic and the international marketplace, both Commercial and Government sectors. John has an undergraduate in Accounting, MBA and CPA.

Organization Position Status
Delta Angel Group CEO, President Current
Hydrogenics Corporation Vice President Business Development, Power Systems Current
Delta Angel Group Board of Directors Current
ReliOn, Inc. CEO Former
Maxwell Technologies, Inc. President Former
ReliOn, Inc. President Former
I-Bus/Phoenix, Inc. President Former
Keller Graduate School of Management Masters In Business Administration Former

Organization Position Status
Hydrogenics Corporation Vice President, Operations Current
Hydrogenics Test Systems Corporation Vice President, Operations Former
Hydrogenics Corporation Board of Directors Former
York University Ph.D. (Physics) Former
University of Manitoba M.Sc. (Physics) Former
University of Nottingham B.Sc. in Physics Former

Organization Position Status
Hydrogenics Corporation Vice President Current

Organization Position Status
Hydrogenics Corporation Vice President, Corporate Development Current
Torys LLP Lawyer Former
University of Toronto Bachelors In Science Former
Queen's University Degree Former

Lawrence E. Davis , Chief Financial Officer and Corporate Secretary. Mr. Davis has served as our Chief Financial Officer since April 1, 2005. Mr. Davis has over 20 years of financial and operational experience. He has been a Chartered Accountant since 1987. From 1999 to 2003, Mr. Davis was the Chief Financial Officer of GDI Global Data Inc., a wireless data services company. Mr. Davis also acted as the President of Saturn Capital Corporation, a merchant bank that advises, invests in and assumes senior management positions for high growth businesses from 1997 until 1999. From 1987 to 1997, Mr. Davis served as a Vice President for PricewaterhouseCoopers LLP and he previously worked for two years with Ernst & Young.

Organization Position Status
Hydrogenics Corporation Vice President and General Manager Current

Organization Position Status
Hydrogenics Corporation Current
Pentair, Inc. Former

Organization Position Status
Hydrogenics Corporation Current
Green Light Company Director of Quality Former
McMaster University Bachelor of Engineering and Management degree Former

Organization Position Status
Hydrogenics Corporation Current
Green Light Company Former

Organization Position Status
Hydrogenics Corporation Current
Green Light Company Manager, Human Resources Former
University of British Columbia Bachelor of Commerce Former

Organization Position Status
Hydrogenics Corporation Chairman Current
Hydrogenics Corporation Board of Directors Former

Organization Position Status
Hydrogenics Corporation Founder and Executive Chair Current
Hydrogenics Corporation President & CEO Former
University of Toronto Master's degree in Mechanical Engineering Former
The University of Western Ontario Master's degree in Business Administration Former
Royal Military College of Canada Bachelor's degree in Mechanical Engineering Former

Organization Position Status
Hydrogenics Corporation Board of Directors Current

Organization Position Status
Hydrogenics Corporation Director Current

Organization Position Status
Hydrogenics Corporation Director Current

Henry J. Gnacke , Director. Mr. Gnacke joined our Board of Directors in May 2008. Formerly, Mr. Gnacke was the Executive Director, Global Purchasing Supply chain at General Motors. He was responsible for fuel cell propulsion systems and General Motors E-Flex programs. Mr. Gnacke has over 30 years of experience and has held numerous positions at General Motors, including several international assignments in the Middle East, Asia and Europe. Mr. Gnacke is the nominee of General Motors in connection with our strategic alliance with General Motors.

Organization Position Status
Hydrogenics Corporation Board of Directors Current

Organization Position Status
Hydrogenics Corporation Vice Chairman Current
Hydrogenics Corporation Board of Directors Former

Organization Position Status
Northstar Healthcare Inc. Chair of Compensation Committee, Nominating and Governance Committee Current
Hydrogenics Corporation Board of Directors Current
New Flyer Industries Inc Board of Directors Current
Kilbride Partners Board of Directors Current
Royal Group Technologies Interim President, CEO Former
SMK Speedy International, Inc. CEO Former
SMK Speedy International, Inc. President Former
Firestone Industrial Products Company President Former
Royal Group Technologies Chairman Former
Firestone Industrial Products Company Chairman Former
Custom Direct, LLC Chairman Former
Countryside Power Income Fund Chairman Former
Custom Direct Income Fund Board of Directors Former
Custom Direct, LLC Director Former
Royal Group Technologies Board of Directors Former

Mr. Cardiff is the Chief Executive Officer of Accelerents Inc., a strategic consulting company focusing on mergers, acquisitions, sales and marketing. Accelerents' clients include Imperial Capital Corporation, a Toronto-based merchant bank, where Mr. Cardiff has led their acquisition strategy in the technology sector. Prior to his role at Imperial Capital, Mr. Cardiff was President and CEO at Inea Corporation, a provider of business performance management software for financial institutions; President and CEO of Fincentric Corporation, a software provider for global financial institutions; and Executive Vice President of business and technology solution provider EDS Canada Inc.

Organization Position Status
The Descartes Systems Group, Inc. Chief Executive Officer, Accelerents Inc. Current
Descartes Gf-X Board of Directors Current
Hydrogenics Corporation Director Current
Flagship Customs Services, Inc. Board of Directors Current
The Descartes Systems Group, Inc. Board of Directors Current
Fincentric CEO Former
Fincentric President Former
Husky Injection Molding Systems Ltd. Director Former

Organization Position Status
Hydrogenics Corporation Board of Directors Current

Organization Position Status
Hydrogenics Corporation Director Current

Organization Position Status
Hydrogenics Corporation Board of Directors Current

Executive News

  • Hydrogenics Obtains Interim Order for Plan of Arrangement

    Reuters - 6/25/09 - View Story