GreenShift Corporation (OTCBB: GSHF) is investing in General Hydrogen Corporation, a company that specializes in battery replacement technology for electric forklifts, industrial vehicles and other off-road equipment.
General Hydrogen, based in Richmond, BC, Canada, produces high-performance Hydricity Packs, which can triple electric industrial vehicle runtimes and raise productivity significantly.
General Hydrogen’s business model is based on replacing conventional lead-acid batteries in centralized industrial applications with high-performance ‘plug and play’ power packs that contain a Ballard fuel cell. The main applications are for Class 1 forklifts and Automated Guided Vehicles.
Frank Trotter, General Hydrogen’s President and CEO, said “General Hydrogen’s Hydricity Packs are entering the industrial vehicle market in the US right now and making sales. The potential market is huge in the US where material handling industries are keenly seeking technology that can reduce operational costs and increase efficiency.
“The US installed base of electric forklifts is about 800,000 and double that in Europe with a robust infusion of new vehicles every year.”
Kevin Kreisler, GreenShift’s Chairman and CEO, said “GreenShift invests in clean companies and technologies that leverage transformational environmental gains out of sustainable profits on relatively small infrastructure investments. These incremental, green shifts forward in both profit and environmental gain are at the core of our investment philosophy.”
“General Hydrogen has right-sized a clearly transformative technology at a scale that enables commercially viable use of hydrogen fuel cell technology today. Their Hydricity Packs are designed to be a direct replacement for standard industrial batteries in forklifts. They capitalize effectively on existing plant infrastructure while creating a realizable economic return on an impressively short payback period for their clients. We are very excited by this investment and we plan to help General Hydrogen in its development efforts in any way we can.”
Under the terms of the investment agreements, GreenShift will purchase 500,000 shares of General Hydrogen common stock and 500,000 warrants exercisable into General Hydrogen common stock for $500,000.
General Hydrogen was introduced to GreenShift by Ardour Capital Investments, LLC, an investment banking, equity research and advisory service firm for the energy technology sector.
Fuel Cell Hydricity Packs
Hydricity Packs use a fuel cell that generates electrical power through a chemical reaction between hydrogen and oxygen, and produce only heat and pure water vapor in the process, so they can be used virtually everywhere, including indoors and around perishable goods.
Hydricity Pack fuel cell systems are designed to enable longer run times, operate faster than trucks with batteries, and refuel in a fraction of the time. The simple and quick fueling and minimal maintenance requirements reduce staffing and space devoted to maintaining the machines and batteries. The net result for many high-use operators is a payback period of only 2 to 4 years.
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