HydroGen Corporation Signs Agreement with ASHTA Chemicals Inc. to Install and Operate Fuel Cell Demonstration and Test Facility.Power Plant Project to Be Located in Northeast Ohio CLEVELAND -- HydroGen Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : HYDG), a designer and manufacturer of multi-megawatt air-cooled phosphoric acid fuel cell Phosphoric acid fuel cells (PAFC) are a type of fuel cell that uses liquid phosphoric acid as an electrolyte. The electrodes are made of carbon paper coated with a finely-dispersed platinum catalyst, which make them expensive to manufacture. (PAFC PAFC Phosphoric Acid Fuel Cells PAFC Plymouth Argyle Football Club (UK) PAFC Port Adelaide Football Club ) systems, today announced that it has signed a definitive agreement with ASHTA Chemicals Inc. to install and operate a 400 kW fuel cell demonstration power plant at ASHTA's chlor-alkali manufacturing plant in Ashtabula, Ohio
Ashtabula is a city in Ashtabula County, Ohio, United States, and the center of the Ashtabula Micropolitan Statistical Area (as defined by the United States Census Bureau in 2003). . Under terms of the agreement, HydroGen is planning to install the fuel cell module in early 2007, followed by a year of onsite operation. To support this project, HydroGen will utilize a $1,250,000 award that the State of Ohio Department of Development previously provided to the Company as a development grant for a three-phase program to deploy, demonstrate and commercialize the PAFC module. The goal of the project is to demonstrate the performance of HydroGen's core 400 kW PAFC module for potential customers of HydroGen's multi-megawatt fuel cell power plants. ASHTA Chemicals produces elemental hydrogen gas from its production of chlorine and related chemicals at its plant, which will be used as a fuel source to generate power from the PAFC demonstration facility. "This agreement with ASHTA Chemicals is a major milestone for this company in the commercialization of our multi-megawatt stationary fuel cell," said Dr. Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Blomen, HydroGen Corporation Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our demonstration facility should allow us to confirm the large-scale potential of our technology, and the partnership with ASHTA will help them generate low-cost, zero-emission electric power in Northeast Ohio." Added Joshua Tosteson, President of HydroGen Corporation: "We target market applications where hydrogen is currently available, and ASHTA's chlor-alkali plant is an ideal location to showcase and test our technology. We expect that a successful demonstration of our PAFC system will lead to heightened awareness of the value of our power plants within our target market segments. We appreciate ASHTA Chemicals' participation with us in this project and look forward to a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" outcome to the demonstration." Richard Jackson Richard Jackson may refer to the following people:
n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. hydrogen stream and achieve multiple benefits, including: reducing ASHTA's power cost, reducing operating costs associated with steam production and reducing greenhouse gases." 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. Forward-Looking Statements Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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