Hydrogenics will use the funding to scale up its manufacturing and expand its research and development activities.
The company will partner with commercial leaders in the adoption of new solutions for applications under-served by incumbent technologies.
Hydrogenics president and CEO Daryl Wilson said the funding will enable the company, along with its commercial partners, to design and bring viable products and solutions in a competitive marketplace.
Hydrogenics has refined its product line-up in three areas including high-reliability telecommunications back-up power solutions, zero emission transportation products, and electrolyzer products for energy storage in the power utility market.
The funding agreement is subject to various conditions.
The deal follows a previous announcement on 11 August 2011 detailing the signing of a term sheet for this funding.
Canada-based Hydrogenics is a developer and provider of hydrogen generation and fuel cell products and services, serving the industrial and clean energy markets.
