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HYDROGENICS INVESTOR PRESENTATION

May, 2017

Version: 02.17

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Safe Harbor Statement

Certain statements in the Business Update and Order Backlog sections contain forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private

Securities Litigation Reform Act of 1995, and under applicable Canadian securities laws. These statements are based on management’s current expectations and actual results may

differ from these forward-looking statements due to numerous factors, including: our inability to increase our revenues or raise additional funding to continue operations, execute our

business plan, or to grow our business; our inability to address a slow return to economic growth, and its impact on our business, results of operations and consolidated financial

condition; our limited operating history; inability to implement our business strategy; fluctuations in our quarterly results; failure to maintain our customer base that generates the majority

of our revenues; currency fluctuations; failure to maintain sufficient insurance coverage; changes in value of goodwill; failure of a significant market to develop for our products; failure of

hydrogen being readily available on a cost-effective basis; changes in government policies and regulations; failure of uniform codes and standards for hydrogen fuelled vehicles and

related infrastructure to develop; liability for environmental damages resulting from our research, development or manufacturing operations; failure to compete with other developers

and manufacturers of products in our industry; failure to compete with developers and manufacturers of traditional and alternative technologies; failure to develop partnerships with

original equipment manufacturers, governments, systems integrators and other third parties; inability to obtain sufficient materials and components for our products from suppliers;

failure to manage expansion of our operations; failure to manage foreign sales and operations; failure to recruit, train and retain key management personnel; inability to integrate

acquisitions; failure to develop adequate manufacturing processes and capabilities; failure to complete the development of commercially viable products; failure to produce cost-

competitive products; failure or delay in field testing of our products; failure to produce products free of defects or errors; inability to adapt to technological advances or new codes and

standards; failure to protect our intellectual property; our involvement in intellectual property litigation; exposure to product liability claims; failure to meet rules regarding passive foreign

investment companies; actions of our significant and principal shareholders; dilution as a result of significant issuances of our common shares and preferred shares; inability of US

investors to enforce US civil liability judgments against us; volatility of our common share price; dilution as a result of the exercise of options; and failure to meet continued listing

requirements of Nasdaq. Readers should not place undue reliance on Hydrogenics’ forward-looking statements. Investors are encouraged to review the section captioned “Risk Factors”

in our regulatory filings with the Canadian securities regulatory authorities and the US Securities and Exchange Commission for a more complete discussion of factors that could affect

our future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this presentation, and we undertake no obligation to revise or update

any forward-looking statements in order to reflect events or circumstances that may arise after the date of this presentation, unless otherwise required by law. The forward-looking

statements contained in this presentation are expressly qualified by this.

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Our Company

Technology 145 (Patents & Applications)

Extensive Know-How

Wide Experience

Geographies Canada, Belgium, Germany, US,

SE Asia, Russia, China, Korea

Financial

Snapshot

LTM Revenue: $33.5M

Backlog: $110M

Corporate 1995 Start

2000 IPO

HYGS | NASDAQ; HYG | TSX

12.5M basic |13.5M fully diluted

Canada

Germany

Belgium

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How Do Our Products Work?

Takes Hydrogen

and creates

electricity

Hydrogen

Air

Fuel Cell

Electromechanical

Engine

Water

Electric

Power

Electrolyzer

Gas

Generation Oxygen

Hydrogen

Fuel

Water

Electric

Power

Fuel Cell (Power Systems)

Takes electric

power (often from

renewables) and

creates Hydrogen

fuel for bulk

energy storage

Electrolyzer (Onsite Generation)

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• Extended Range Electric Rail Transport for Europe

• Utility Scale Energy Storage for Germany & Canada

• Clean Electric Public Transport in California & China

• Clean Continuous Power Generation in Korea

Many applications on two standardized platforms

(Growth) (Simplicity & Cost Reduction)

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Q1 2017 Highlights

• Strong start to the year with top line

growth and healthy margin profile

• Recent wins across multiple verticals

including mobility, power to gas, and

progress in China

• Order intake of $11M contributing to

record $110M backlog

• New funding pathway via $21M private

placement with Hejili – illustrating

investor confidence in HYGS and the

market potential in China

Fuel Cells in China:

Strong demand for

mobility solutions

and market driven

investor interest

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HYDROGEN MOBILITY

Salzgitter, Germany Stuttgart, Germany

Toronto, Canada Basel, Switzerland Winnipeg, Canada & Scottsdale, Arizona

California, USA

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Hydrogen Mobility Solutions

Hydrogenics HyPM™ power modules provide a robust and flexible

platform for zero-emission mobility applications.

• Proven track record for superior performance, durability and

reliability

• Simple electrical and mechanical interfaces for easy integration

with electric vehicles

• Robust stack architecture with no humidifier, low pressure and

dry/dry features

• High durability components for demanding conditions

• Greatest range of kW systems

The ultimate OEM

friendly solution for

light and heavy

mobility applications

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Commuter Rail Update

• Dynamic testing at EU rail certification facility

in the Czech republic virtually complete, with

very positive results

• First series production orders on overall

€50M order anticipated in near future

• Excellent sales engagement with end

customers through market leader Alstom

Transport

• Additional rail platforms under discussion

Fuel cells for zero-emission passenger trains Alstom Coradia iLint:

Successful testing for

first 80km run

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China Update

• Significant product now on the road and doing well

• Further scale up in orders anticipated for 2017

• Certified Integrator Program (CIP) on track, with additional partners under review

• Moving through scale-up process of 1-10-100-1000 unit development

• New investor represents incremental market penetration opportunity and should accelerate Hydrogenics’ growth across energy storage, fueling, and grid-related projects

Continued expansion into the Chinese market Beijing, China:

First prototype with

40,000 km road

service

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HYDROGEN FUELING

Hamburg, Germany Barcelona, Spain Aberdeen, Scotland

Oslo, Norway Stuttgart, Germany Halle, Belgium

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Hydrogen Fueling Solutions

Hydrogenics has supplied zero-emission solutions to over 50

fueling stations – more than any other hydrogen fueling company.

• Production capabilities from 20kg to over 1,000 kg per day

• 350 and 700 bar stations

• Fully interconnected systems for easy installations

• Designed for clean onsite hydrogen production or

delivered hydrogen

• Built to the highest standards

Zero-emission fueling

for clean mobility

solutions

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RENEWABLE HYDROGEN & GRID

BALANCING

Avedøre, Denmark

Falkenhagen, Germany

Falkenhagen, Germany Katinnik, Quebec

Hamburg, Germany Grapzow, Germany

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Renewable Hydrogen Solutions

Hydrogen produced from renewable power via water electrolysis

enables the transition to a cleaner future across all energy sectors

and applications.

• Power-to Gas: Injecting hydrogen or synthetic natural gas

into the gas grid

• Power-to-Mobility: Hydrogen refueling for fuel cell electric

vehicles

• Power-to-Industry: Using hydrogen as a feedstock for

industrial facilities

• Power-to-Fuel: Using hydrogen as a feedstock for

traditional fuel production

• Power-to-Power: Repowering hydrogen through a fuel

cell

Offering hydrogen

solutions for a

renewable based

energy system

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INDUSTRIAL HYDROGEN

Elemash, Russia

Kirovgrad, Russia

Saint Gobain, Colombia

Nyagan, Russia

Bushan, India

Camao, Brazil

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Industrial Hydrogen Solutions

Hydrogenics’ HySTAT™ and HyLYZER™ electrolyzers generate

pure hydrogen for zero-emission solutions.

• On-site and on-demand hydrogen generation

• Designed for automatic and continuous operation

• Customizable and easy to integrate for industrial

and utility industries

• PEM and alkaline units, built to the highest safety

standards Clean and renewable

hydrogen generation:

on-site and on-

demand

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CRITICAL POWER

Daesan, South Korea

Daesan, South Korea Port of Honolulu, Hawaii, USA Istanbul, Turkey

Surrey, United Kingdom Nuuk, Greenland Brisbane, Australia

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Critical Power Solutions

Hydrogenics HyPM™ power modules set the technology

benchmark for meeting intermittent and continuous power needs.

• Designed for superior performance

• Fully integrated stack with power range flexibility from 3kW to

50 MW

• Best footprint with scalable design solutions to meet runtime

needs

• 10,000+ hour stack lifetime with unlimited stop and start cycles

• Greatest range of kW systems

The ultimate solution

for reliable backup,

standby and

continuous power

applications

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Recent Award Activity

• 2.4 Megawatt Power-to-Gas (P2G) award in

Germany

• 1 Megawatt P2G system in Scotland

• Two fueling stations in Greater Toronto

• The largest renewable hydrogen fueling

station in the U.S. – includes CelerityPlus™

power modules to be integrated into New

Flyer fuel cell buses

Span across end markets and around the globe

H2 Fueling Wins:

• First GTA stations

• Largest renewable

station in U.S.

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Major Program Progress

Program Area Lead Customer Status Value

Hydrogen Rail Alstom Transport Program on schedule, with on-rail testing underway

Pre-series complete; Series production order is pending

>50M€

Booked

Mobility 4 Certified Integrator

Partners (CIP) China

1-10-100 progressing toward 1000 unit orders >$50M Potential

Power-to-Gas E.ON

Enbridge

First Canadian facility in operation Q2

Additional wins (California 2.5MW & Germany 2.5MW)

$20M in delivery

$70M Potential

Fueling Various Good progress in California and Canada More to come

Propulsion Confidential First commercial product builds underway

Total program valued at $90M won in 2012

$30M Firm

(70% complete)

$60M not in Backlog

Stationary MW Power Kolon 1MW pilot ran to year-end 2016 as planned

Three 5MW sites under review

>$20M

Potential

Detritiation Kurion Awaiting next step direction in Japan

Won a further detritiation pilot unit in March

Automotive & Rail Confidential New early-stage technology development support and vehicle

integration

TBD

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Building & Delivering Value

• Global technology leadership demonstrated in competitive

markets with Alstom, E.ON, Enbridge, and Chinese CIPs

• Multiple pathways to scale serves as a hedge against the

uncertainty of any one application

• Business opportunities across geographies yield significant

intrinsic value as applications scale independently

• Strong cost discipline to yield significant operating leverage

when scaling

• Backlog remains at record levels supporting significant growth

in revenue for 2017

Southeast Asia’s

First 1MW

Renewable

Hydrogen Plant

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Three months ended Mar. 31 Change

2017 2016 $ %

Revenue $ 8.8 $ 4.3 4.5 104%

Gross Profit 2.7

1.2 1.5 121%

Gross Margin % 30.3% 28.0%

Operating Expenses

Selling, general and administrative

(excluding stock-based compensation, amortization and depreciation) 2.4 2.0 0.4 20%

Research and product development 1.0 1.1 (0.1) (11)%

Adjusted EBITDA $ (0.7) $ (1.9) $ (1.2) (62)%

Notes

• Adjusted EBITDA is defined as net loss excluding: cash settled long term compensation indexed to share price, share settled stock-based

compensation expense, net finance income and expenses, depreciation and amortization. Adjusted EBITDA is a non-IFRS measure and

may not be comparable to similar measures used by other companies.

• Management uses Adjusted EBITDA as a useful measure of ongoing operational results.

• SG&A in Q1 2016 includes a reversal of an indemnification liability of $0.5 million. Excluding this reversal, SG&A expenses decreased

less than $0.1 million for the three months ended March 31, 2017 when compared to the prior period.

(in $ millions) Q1 Results

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Jan. 1/17

Backlog

Orders

Received

FX

Orders

Delivered

Mar. 31/17

Backlog

OnSite Generation $ 20.8 $ 9.5 $ 0.2 $ 2.1 $ 28.4

Power Systems 85.8 1.5 0.8 6.7 81.4

Total $ 106.6 $ 11.0 $ 1.0 $ 8.8 $ 109.8

As of March 31, 2017

($M)

Order Backlog

Of the above backlog of $109.8 million, the Company expects to recognize $44.1 million in the following twelve months as revenue. In

addition, revenue for the year ending December 31, 2017 will include orders received and delivered during the balance of 2017.

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Cash and cash equivalents

and restricted cash

$ 11.7 $ 11.3 0.4 3%

Trade, other and grants receivable 14.3 9.8 4.5 46%

Inventories 16.6 17.2 (0.6) (4)%

Operating borrowings 3.7 2.1 1.6 77%

Trade and other payables 9.8 7.2 2.6 35%

Financial liabilities 4.6 3.9 0.7 18%

Dec. 31,

2016

$ %

($M)

Change Mar. 31,

2017

Consolidated Balance Sheet Highlights

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Three months ended

March 31, 2017

Three months ended

March 31, 2016

Net loss $ 2.3 $ 2.4

Finance loss, net (0.9) (0.2)

Amortization and depreciation (0.2) (0.2)

Compensation indexed to share price (0.3) -

Stock-based compensation expense (0.2) (0.1)

Adjusted EBITDA loss $ 0.7 $ 1.9

($M)

Q1 Reconciliation of Non-IFRS Measures – Adj. EBITDA

* Note certain figures have been adjusted for rounding

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