HydroGen Corporation Reaches Key Milestones in First Half of 2006; Company Achieves Technical, Manufacturing, Personnel and Financing Goals.
Among the accomplishments to date in 2006, the company has:
--Achieved planned operations at its fuel cell manufacturing plant in Versailles, PA, including plate production lines and heat treatment;
--Hired key technical personnel to support growth and continuity in the company's engineering, manufacturing, systems design, and projects departments;
--Closed on $25.775 million in a May private placement of common stock, to support commercial demonstration, advanced manufacturing and sales and marketing activities; and
--Commenced work under a $1 million grant agreement with the State of Ohio Third Frontier Fuel Cell Program, to support the company's advanced manufacturing efforts.
"We are dedicated to becoming the first fully profitable manufacturer of stationary fuel cells for large-scale power generation, and the HydroGen team has reached key internal milestones toward our mission," said the Company's Chairman and Chief Executive Officer, Dr. Leo Blomen. "We now run a fully operational manufacturing plant that is producing plates for our 400kW air-cooled PAFC fuel cell module, which serves as the building block of HydroGen's core product, a 2MW Power Island. The key technical personnel we hired over the past six months were an integral part to building, outfitting and operating our plant, and they ensure that the Company has the technical competence and leadership in place for years to come."
Joshua Tosteson, President of HydroGen Corporation, added: "In the first part of the year we were able to strengthen our balance sheet and commercial prospects. The funds we raised in the second quarter have helped us execute our strategy for market introduction, and the grants from the State of Ohio continue to advance us toward our first installation and operation of a 400kW air-cooled phosphoric acid fuel cell (PAFC) module demonstration facility."
About HydroGen Corporation
HydroGen Corporation is a manufacturer of multi-megawatt fuel cell systems utilizing its proprietary 400-kilowatt phosphoric acid fuel cell (PAFC) technology. Utilizing fuel cell technology originally developed by Westinghouse Corporation, HydroGen Corporation offers a multi-megawatt, zero-emission power generation product that supports the growth of industrial distributed energy. The company targets market applications where hydrogen is currently available and other drivers favoring the adoption of fuel cells are present.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding HydroGen's anticipated economically competitive fuel cell systems. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as fluctuations in demand for HydroGen's products, HydroGen's ability to maintain strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of HydroGen's liquidity and financial strength to support its growth, and other information that may be detailed from time to time in HydroGen's filings with the United States Securities and Exchange Commission. HydroGen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.