UNITED
STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549



FORM 40-F



(Check One)



|☐ | Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
|- | ------------------------------------------------------------------------------------

or



|☒ | Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------



| | For the fiscal year ended December 31, 2015 | Commission file number: 000-31815
| | ------------------------------------------- | ---------------------------------



HYDROGENICS
CORPORATION -CORPORATION HYDROGÉNIQUE(Exact name of registrant as specified in its charter)



|Canada                                                           | 2810                                                                    | 98-0644202                            
|---------------------------------------------------------------- | ----------------------------------------------------------------------- | --------------------------------------
|(Province or other jurisdictionof incorporation or organization) | (Primary Standard IndustrialClassification Code Number (if applicable)) | (I.R.S. EmployerIdentification Number)



|220 Admiral BoulevardMississauga, Ontario L5T 2N6(905) 361-3660
|---------------------------------------------------------------
|                                                               
|                                                               
|                                                               

|                                                                               
|-------------------------------------------------------------------------------
|Securities registered or to be registered pursuant to Section 12(b) of the Act.



|Title of Each Class |  | Name Of Exchange On Which Registered
|------------------- |  | ------------------------------------
|Common Shares       |  | The NASDAQ Global Market            





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



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



For annual reports, indicate by check mark
the information filed with this Form:



|☒Annual Information Form |  | ☒ Audited Annual Financial
    Statements
|------------------------ |  | -----------------------------------------



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: 12,540,757
Common Shares



Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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  ☒No  
☐



Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the Registrant was required to submit and post such files).



Yes☐No☐







Principal Documents



The following documents of Hydrogenics
Corporation (the “Registrant” or the “Company”) are filed as exhibits to this annual report and are incorporated
by reference herein:

- the Registrant’s Annual Information Form for the year ended December 31, 2015;
- the Registrant’s Audited Consolidated Financial Statements for the years ended
December 31, 2015 and 2014; and
- the Registrant’s Management Discussion and Analysis for the year ended December
31, 2015.

Forward Looking Statements



This report contains forward-looking statements
concerning anticipated developments in the operations of the Company in future periods, planned development activities, the adequacy
of the Company’s financial resources and other events or conditions that may occur in the future. Forward-looking statements
are frequently, but not always, identified by words such as “estimate”, “project”, “believe”,
“anticipate”, “intend”, “expect”, “plan”, “predict”, “may”,
“should”, “will” and similar expressions, or by statements that events, conditions or results “will,”
“may,” “could” or “should” occur or be achieved. Forward-looking statements are statements
about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may
differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors,
including, without limitation, those described in the Annual Information Form incorporated by reference in this report.



The Company’s forward-looking statements
are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no
obligation to update such forward-looking statements in the future. For the reasons set forth above, investors should not place
undue reliance on forward-looking statements.



Additional Disclosure



Certifications and Disclosure Regarding
Controls and Procedures.



(a)	Certifications. See Exhibits
99.4 to 99.7 to this annual report on Form 40-F.



(b)	Disclosure Controls and Procedures.
The required disclosure is included in Management’s Discussion and Analysis, which is incorporated herein by reference to
Exhibit 99.2.



(c)	Management’s Annual Report
on Internal Control Over Financial Reporting. The required disclosure is included in Management’s Discussion and Analysis,
which is incorporated herein by reference to Exhibit 99.2.



(d)	Attestation Report of the Registered
Public Accounting Firm. The attestation report of PricewaterhouseCoopers LLP is included in the Independent Audit Report included
in the Registrant’s audited consolidated financial statements attached hereto as Exhibit 99.1 and is incorporated by reference
herein.



(e)	Changes in Internal Control Over
Financial Reporting. During the fiscal year ended December 31, 2015, there were no changes in the Registrant’s internal
control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Registrant’s
internal control over financial reporting.



Notices Pursuant to Regulation BTR.



None.







Identification of the Audit Committee
and Audit Committee Financial Expert



The required disclosure is included in
the Annual Information Form, under the heading “Audit Committee Matters”, which is incorporated herein by reference
to Exhibit 99.3. The Audit Committee has at least one member, Douglas Alexander, who qualifies as an audit committee financial
expert under applicable securities regulations.



Code of Ethics



The Registrant has adopted a code of ethics
that applies to all members of its Board of Directors, as well as its officers and employees. A copy of the code of ethics was
previously filed with the Securities and Exchange Commission, is posted on the Registrant’s Internet website at www.hydrogenics.com,
and is available in print to any person without charge, upon written request to the corporate secretary of the Registrant. No waivers
of the code of ethics have been granted to any principal officer of the Registrant or any person performing similar functions.



Principal Accountant Fees and Services



The required disclosure is included in
the Annual Information Form, under the heading “Audit Committee Matters”, which is incorporated herein by reference
to Exhibit 99.3.



Off-Balance Sheet Arrangements



The required disclosure is included under
the heading “Off-Balance Sheet Arrangements & Contractual Obligations” in Management’s Discussion and Analysis,
which is incorporated herein by reference to Exhibit 99.2. The information pertaining to the Registrant’s indemnification
arrangements contained in the Annual Information Form, under the heading “Material Contracts”, is also incorporated
herein by reference to Exhibit 99.3.



Tabular Disclosure of Contractual Obligations



The following table lists, as of December
31, 2015, information with respect to our contractual obligations (dollar amounts are expressed in thousands of U.S. dollars):



|                              |  | Payments due by period,
|----------------------------- |  | -----------------------
|Contractual Obligations       |  |                        
|Operating leases              |  | $                      
|Purchase obligations          |  |                        
|Employee future benefits      |  |                        
|Total contractual obligations |  | $                      



The additional required disclosure is included
under the heading “Off-Balance Sheet Arrangements & Contractual Obligations” in Management’s Discussion and
Analysis, which is incorporated herein by reference to Exhibit 99.2.



NASDAQ Corporate Governance



The Registrant’s common shares are
listed on the NASDAQ Global Market (“Nasdaq”). Nasdaq Marketplace Rule 5615(a)(3) permits a foreign private issuer,
such as the Registrant, to follow its home country practice in lieu of most of the requirements of the 5600 Series of the Nasdaq
Marketplace Rules, provided, however, that such an issuer shall: comply with Rules 5625 (regarding notification of material non-compliance);
5640 (regarding voting rights), have an Audit Committee that satisfies Rule 5605(c)(3); and ensure that such Audit Committee’s
members meet the independence requirements in Rule 5605(c)(2)(A)(ii). We do not intend to follow Rule 5620(c) (shareholder quorum)
and Rule 5605(b) (majority independent director requirement) but instead will follow the practice described below.







Shareholder Meeting Quorum Requirements.
The Nasdaq minimum quorum requirement under Rule 5620(c) for a shareholder meeting is 33-1/3% of the outstanding shares of common
stock. In addition, a company listed on Nasdaq is required to state its quorum requirement in its by-laws. On March 7, 2008, our
Board of Directors approved an amendment to our by-laws to provide that the quorum requirement for a meeting of our shareholders
is two persons present in person or represented by proxy holding in the aggregate not less than 25% of the outstanding common shares
entitled to vote at the meeting. This amendment was approved by our shareholders at an annual and special meeting of shareholders
on May 6, 2008. We believe the foregoing is consistent with Canadian public companies and consistent with corporate governance
best practices in Canada.



Independent Director Requirements.
Nasdaq Rule 5605(b) requires a majority of independent directors on the Board of Directors and that the independent directors convene
regularly scheduled meetings at least twice a year at which only independent directors are present. The CBCA requires a “distributing
corporation” to have at least two directors who are not officers or employees of the corporation or its affiliates. There
are seven members of our Board. Five of the Company’s directors are “independent.” The Board’s determination
as to each director’s independence is made with reference to definitions under applicable securities laws and stock exchange
regulations. In order to facilitate open and candid discussions among independent directors, independent directors may meet at
the end of each regularly scheduled Board meeting, in an in camera session without the non-independent members. From time to time,
the independent directors will have a special meeting with only independent directors. In addition, we believe the fact that our
Audit Committee and Human Resources and Corporate Governance Committee are both composed entirely of independent directors facilitates
the Board’s exercise of independent judgment. The Human Resources and Corporate Governance Committee has oversight over executive
compensation and director nominations. .



Compensation Committee Independence.
Nasdaq Marketplace Rule 5605(d)(3)(D) provides that a listed issuer’s compensation committee may select, or receive advice
from, a compensation consultant, legal counsel or other adviser only after taking into account certain independence factors. We
follow applicable Canadian laws with respect to compensation consultants, legal counsel and other advisers to our Human Resources
and Corporate Governance Committee. Applicable Canadian securities legislation does not specifically require us to consider potential
conflicts of interest on the part of compensation consultants, legal counsel and other advisers to the compensation committee,
but best practices dictate that we disclose any such conflicts in our management information circular.



MINE SAFETY DISCLOSURES



Pursuant to Section 1503(a) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010, issuers that are operators, or that have a subsidiary that is an operator,
of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information
regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related
fatalities under the regulation of the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine
Safety and Health Act of 1977, as amended (the “Mine Act”). During the fiscal year ended December 31, 2015, the Registrant
did not have any mines in the United States subject to regulation by MSHA under the Mine Act.



UNDERTAKING AND CONSENT TO SERVICE
OF PROCESS



A.	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.







B.	Consent to Service of Process



The Registrant has previously filed with
the Commission an Appointment of Agent for Service of Process and Undertaking on Form F-X in connection with the class of securities
in relation to which the obligation to file this report arises.

Any change to the name or address of the
agent for service of the Registrant shall be communicated promptly to the SEC by amendment to Form F-X referencing the file number
of the Registrant.



















SIGNATURES



Pursuant to the requirements of the United
States Securities Exchange Act of 1934, as amended, the Registrant certifies that it meets all of the requirements for filing on
Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

|                    |  |  |  |                                                     |  |                               
|------------------- |  |  |  | --------------------------------------------------- |  | ------------------------------
|Date: March 9, 2016 |  |  |  | HYDROGENICS CORPORATION - 
CORPORATION HYDROGÉNIQUE
|                    |  |  | 
|                    |  |  |  | By:                                                 |  | /s/Robert Motz                
|                    |  |  |  |                                                     |  | Name: Robert Motz             
|                    |  |  |  |                                                     |  | Title: Chief Financial Officer











EXHIBIT
INDEX



|Exhibit |      |  | Description
|------- | ---- |  | -----------
|        |      |  |            
|        | 99.1 |  |            
|        | 99.2 |  |            
|        | 99.3 |  |            
|        | 99.4 |  |            
|        | 99.5 |  |            
|        | 99.6 |  |            
|        | 99.7 |  |            
|        | 99.8 |  |