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Hydrogenics Corp. (HYGS) Takes Part of California’s Hydrogen Highway Initiative

Hydrogenics Corp’s goal is to serve global markets as the first profitable manufacturer of hydrogen and fuel cell systems. The company develops clean energy solutions, advancing the hydrogen economy by commercializing hydrogen and fuel cell products. Hydrogenics has two core product areas: onsite generation and power systems.

Hydrogenics believes the way they have designed their fuel cell “stacks” provide a unique competitive advantage, even this early in the industry’s development. They cite their design as best-in-class based upon the following factors: “High efficiency and power density in an ambient pressure design, versatility for a range of applications, compact footprint, dynamic response to instantaneous power load, ease of integration into various OEM and end-user platforms, durability and reliability in hours of operation, including unlimited start/stop cycles, and cost effectiveness.”

Advantages of the onsite generation are: it can be a turnkey operation; there are multiple technology options; storage can be scalable for needs; operational cost is low, as is maintenance cost; production of hydrogen is on demand; the process produces no emissions; and finally, it is easy to use.

In recent news, on June 26, 2008 Hydrogenics announced that it had provided its onsite generation system to Shell Hydrogen LLC which opened a hydrogen station in Los Angeles that day as part of California’s Hydrogen Highway Initiative. This initiative, started in 2004, is broad and intends to place more hydrogen stations throughout the state as the concept is accepted. With gas prices at an all-time-high, the concept’s acceptance rate may accelerate faster than originally anticipated in the first “Rollout Strategy Team Report” issued on January 5, 2005.

Hydrogenics closed today at $2.05, near its 52 week high of $2.35. Hydrogenic’s 52 week low is $.49. Average 3 month volume is 800k shares. Today’s trading passed 7.6 million shares, so it may be good time to start watching this stock.

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