Hydrogenics fuel cells for CommScope telecoms backup power

• Publisher: Elsevier Science
• Year: 2008
• Tongue: English
• Weight: 83 KB
• Volume: 2008
• Category: Article
• ISSN: 1464-2859
• DOI: 10.1016/s1464-2859(08)70438-3

✦ Synopsis

HydroGen LLC files for bankruptcy

Ohio-based, phosphoric acid fuel cell developer HydroGen LLC, a subsidiary of HydroGen Corporation, has filed for Chapter 11 bankruptcy protection, after failing to find a buyer or obtain additional financing. The firm's move came despite recently securing $2m in funding through a loan and security agreement with Samsung C&T Corporation and the Federated Kaufmann Fund [FCB, October 2008].

HydroGen (www.hydrogenllc.com) has been developing multi-MW fuel cell systems utilizing its proprietary 400 kW PAFC expertise, based on fuel cell technology originally developed by Westinghouse Corporation. The company has been operating a commercial scale demonstration power plant at the ASHTA Chemicals facility in Ashtabula, Ohio [FCB, June 2008].

Triax Capital Advisors is marketing for sale the assets of Hydrogen LLC. 'The clean tech sector is very hot right now, and we are hopeful that we will be successful in this restructuring process and finding the right strategic alternative for the company,' says Joseph E. Sarachek of Triax.