Hydrogenics Announces Pricing of US$22.5 Million Public Offering of Common Shares

MISSISSAUGA, ONTARIO--(Marketwired - May 14, 2014) - Hydrogenics Corporation (TSX:HYG)(NASDAQ:HYGS) (the "Company") today announced the pricing of its previously announced public offering of 1.5 million common shares (the "Offering") (1,000,000 shares from treasury and 500,000 secondary shares by CommScope, Inc. of North Carolina ("CommScope") a selling shareholder) at a price of US$15.00 per share. Net proceeds to the Company from the Offering are expected to be approximately US$13.7 million, after deducting underwriting commissions and other expenses related to the Offering.

Canaccord Genuity is acting as the sole book-running manager, and Craig-Hallum Capital Group and Roth Capital Partners are acting as co-managers for the Offering.

The Offering is expected to close on or about May 16, 2014, subject to customary closing conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approvals of the Toronto Stock Exchange and the NASDAQ Global Market.

The Company intends to use its net proceeds from the Offering primarily for general corporate purposes, including to support any negative cash flows from operating activities. The Company will not receive any proceeds from the sale of common shares by CommScope.

The Offering is being conducted pursuant to the Company's effective shelf registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission (the "SEC") and its corresponding Canadian base shelf prospectus filed with the securities regulatory authorities in each of the provinces of Canada, except Quebec. A final prospectus supplement relating to the Offering will be filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec. Copies of the final prospectus supplement and the accompanying base shelf prospectus relating to the Offering may be obtained, when available, upon request by contacting Canaccord Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at [phone]. Electronic copies of the preliminary and final prospectus supplements and the accompanying base shelf prospectus can be obtained on the SEC's website at www.sec.gov or on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com.