Canadian fuel cell maker Hydrogenics (TSX:HYG) today announced it terminated the supply and manufacturing agreement with the American Power Conversion Corporation (APC), which has been in place for almost 3 years. Hydrogenics has also requested a termination payment of USD 2.1 million based on the number of products ordered and paid for by APC.
According to the terms of the contract, Hydrogenics was to supply APC with 500 HyPM XR 12 kW Fuel Cell Power Modules for integration into APC’s InfraStruXure architecture. Yet the APC failed to fulfil their obligations and buy enough power modules.
"We strongly believe that despite the termination of the Supply Agreement, our independent efforts over the past three years have resulted in the development of significant expertise and know-how, which will allow us to build upon and benefit other fuel cell products, applications and solutions," said Hydrogenics CEO Daryl Wilson.
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