HydroGen Corporation (HYDG.OB), a company that designs and manufactures multi-megawatt air-cooled phosphoric acid fuel cell (PAFC) systems, announced it signed definitive agreements for a private placement of its securities for gross proceeds of $25,775,000.
Dr. Leo Blomen, Chairman and Chief Executive Officer of HydroGen Corporation, said, “Proceeds from this financing will be used to accelerate and expand our commercial demonstration and advanced manufacturing activities, as we execute our strategies for market introduction and for significant fuel cell module cost reductions. We thank our investors for their interest in the company and Piper Jaffray for their exceptional work in conducting this financing.”
HydroGen’s business plan calls for the company to design, manufacture and sell 6-30 megawatt (MW) turnkey power plants, based on a standardized 2MW power island consisting of five of HydroGen’s 400-kilowatt (kW) modules. Additionally, HydroGen plans to generate recurring revenues from the sale of operations and maintenance services, and ongoing lease revenues for the 400kW modules.
HydroGen Corporation is a developer of multi-megawatt fuel cell systems utilizing its proprietary 400-kilowatt phosphoric acid fuel (PAFC) cell technology. Utilizing fuel cell technology originally developed by Westinghouse Corporation, the company targets market applications where hydrogen is currently available and other drivers favoring the adoption of fuel cells are present.
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