|SECURITIES AND
EXCHANGE COMMISSIONWashington, D.C. 20549


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FORM 40-F
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| | |X| | REGISTRATION
STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934
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|OR
|--

| | |_| | ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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|FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003 |  | COMMISSION FILE NUMBER 000-31815
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HYDROGENICS
CORPORATION(Exact name of Registrant as specified in its charter)



Ontario(Province
or other jurisdiction of incorporation or organization)



3629(Primary
Standard Industrial Classification Code Number (if applicable))



Not applicable(I.R.S.
Employer Identification Number (if applicable))



5985 McLaughlin
Road, Mississauga, Ontario L5R 1B8. Canada. (905) 361-3660(Address and telephone
number of Registrants principal executive offices)



CT Corporation
System, 111 Eighth Avenue, New York, New York 10011. (212) 894-8400(Name, address
(including zip code) and telephone number (including areacode) of agent for service in
the United States)



Securities registered
or to be registered pursuant to Section 12(b) of the Act:    None.


Securities registered
or to be registered pursuant to Section 12(g) of the Act:


Common shares


Securities for which
there is a reporting obligation pursuant to Section 15(d) of the Act:    None.


For annual repots,
indicate by check mark the information filed with this Form
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||X|      Annual information form |  | |_|      Audited annual financial information
|-------------------------------- |  | ---------------------------------------------

|Indicate
the number of outstanding shares of each of the issuers classes of capital or common
stock as of the close of the period covered by the annual report


At December 31, 2003,
53,108,647 common shares were issued and outstanding


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Indicate
by check mark whether the Registrant by filing the information contained in this Form is
also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934 (the Exchange Act). If Yes is
marked, indicate the file number assigned to the Registrant in connection with such Rule.


Yes |_|      No |X|


Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.


Yes |X|      No |_|
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|EVALUATION OF
DISCLOSURE CONTROLS AND PROCEDURES


As
of the end of the period covered by this Annual Report on Form 40-F, an evaluation was
carried out by our management, under the supervision, and with the participation, of our
Chief Executive Officer (the CEO) and Chief Financial Officer (the CFO),
of the effectiveness of our disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)). Based on that evaluation, the CEO and CFO concluded
that such disclosure controls and procedures were effective and designed to ensure that
material information relating to us and our consolidated subsidiaries would be made known
to them by others within those entities.


CHANGES IN INTERNAL
CONTROL OVER FINANCIAL REPORTING


During
the year ended December 31, 2003, there were no changes in our internal control over
financial reporting that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.


IDENTIFICATION OF THE
AUDIT COMMITTEE


We
have a separately-designated audit committee established in accordance with section
3(a)(58)(A) of the Securities Exchange Act of 1934. Our audit committee is comprised of
four independent members: Norman M. Seagram, Don J. Morrison, Donald J. Lowry and Wesley
Twiss.


AUDIT COMMITTEE
FINANCIAL EXPERT


Our
board of directors has determined that it has at least one audit committee financial
expert serving on its audit committee. Wesley Twiss and Don Morrison have been determined
to be audit committee financial experts and are independent, as that term is defined by
the Nasdaq National Markets listing standards. The U.S. Securities and Exchange
Commission has indicated that the designation of these individuals as an audit committee
financial expert does not make them an expert for any purpose, or impose any
duties, obligations or liabilities that are greater than those imposed on members of the
audit committee and board of directors who do not carry this designation or affect the
duties, obligations or liabilities of any other member of the audit committee or board of
directors.


CODE OF ETHICS


We
have adopted a written Code of Business Conduct and Ethics (the Code) which
governs the behaviour of our directors, officers, and employees. The Code also includes
provisions required by the Sarbanes-Oxley Act of 2002 that are applicable to our
Chief Executive Officer, Chief Financial Officer and other senior financial officers. The
board, through the Nomination and Corporate Governance Committee, oversees compliance
with the Code. Any amendments or regulations any deviations from or amendments to the
Code will be publicly disclosed. The Code is accessible on our investor relations web
page at www.hydrogenics.com.
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|PRINCIPAL ACCOUNTANTS
FEES AND SERVICES


The
following table sets forth the total remuneration that was paid by us and our
subsidiaries to our independent accountants, PricewaterhouseCoopers LLC, in each of our
previous two fiscal years:
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|                   | 2002 |         | 2003 |        
|------------------ | ---- | ------- | ---- | -------
|
|Audit fees         |      | 340,400 |      | 606,286
|Audit-related fees |      | 83,055  |      | 135,444
|Tax fees           |      | 44,512  |      | 51,050 
|All other fees     |      | 25,000  |      |       
|                   |      |         |      |        
|Total              |      | 492,967 |      | 792,780

|Audit Fees


These
fees include professional services rendered by the external auditors for the review of
interim financial statements, statutory audits of annual financial statements, the review
of prospectuses, consultations about financial and reporting standards and other
regulatory audits and filings.


Audit-related fees


These
fees include professional services that reasonably relate to the above services,
including non-statutory audits and consultations about prospective financial accounting
and reporting standards.


Tax fees


These
fees include professional services for tax compliance, tax advice, tax planning and
advisory services relating to the preparation of corporate tax returns.


Other fees


These
fees include professional services rendered in 2002 for recruiting assistance.


Our
audit committee approved all audit and non-audit services provided to us and to our
subsidiaries during the periods listed above. Our audit committee has adopted
pre-approval policies and procedures to ensure that all services provided by the auditor
are approved in advance by the audit committee or are approved by the chair of the audit
committee and subsequently reported to the committee as a whole at the following meeting
of the committee.


OFF-BALANCE SHEET
ARRANGEMENTS


The
disclosure provided under the heading Managements Discussion and Analysis of
Financial Condition and Results of Operations  Contractual Obligations Contingent
off-balance sheet arrangements on page 34 of Exhibit 2 hereto (Managements
Discussion and Analysis of Financial Condition and Results of Operations for the year
ended December 31, 2003) is incorporated by reference herein.


TABULAR DISCLOSURE OF
CONTRACTUAL OBLIGATIONS


The
disclosure provided under the heading Managements Discussion and Analysis of
Financial Condition and Results of Operations  Contractual Obligations on
page 33 of Exhibit 2 hereto (Managements

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|Discussion and Analysis of Financial
Condition and Results of Operations for the year ended December 31, 2003) is incorporated
by reference herein.


UNDERTAKING


The
registrant undertakes to make available, in person or by telephone, representatives to
respond to inquiries made by the Commission staff, and to furnish promptly, when
requested to do so by the Commission staff, information relating to: the securities
registered pursuant to Form 40-F; the securities in relation to which the obligation to
file an annual report on Form 40-F arises; or transactions in said securities.

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|SIGNATURES


Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant hereby
certifies that it meets all of the requirements for filing on Form 40-F and that it has
duly caused and authorized the undersigned to sign this annual report on its behalf.
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| |  | HYDROGENICS CORPORATIONBy: /s/ Jonathan Lundy                    
Jonathan LundyVice President, General Counsel and Corporate Secretary
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|Date: May 20, 2004
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|EXHIBITS


Exhibit       Description
|------------------------------------

|1 | Consolidated
Financial Statements for the Year Ended December 31, 2003 (Incorporated
by reference to pages 43 through 71 of Exhibit 2 of the Registrants Report
on Form 6-K dated May 20, 2004.)
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|2. | Managements
Discussion and Analysis for the year ended December 31, 2003 (Incorporated
by reference to pages 18 through 42 of Exhibit 2 of the Registrants Report
on Form 6-K dated May 20, 2004.)
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|3. | Renewal
Annual Information Form for the year ended December 31, 2003
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|4. | Consent
of PricewaterhouseCoopers LLP
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|5. | Certification
of Chief Executive Officer of the Registrant pursuant to Section           302 of the
Sarbanes-Oxley Act of 2002.
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|6. | Certification
of Chief Financial Officer of the Registrant pursuant to Section           302 of the
Sarbanes-Oxley Act of 2002.
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|7. | Certification
of Chief Executive Officer of the Registrant pursuant to Section           906 of the
Sarbanes-Oxley Act of 2002.*
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|8. | Certification
of Chief Financial Officer of the Registrant pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.*
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|* | This
document is being furnished in accordance with SEC Release Nos. 33-8212 and 34-47551.
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