Wright Fuel Cell Group announces Hydrogen Corporation will locate corporate headquarters at Case Western Reserve University
Several researchers to move into the West Quad facilities at Case—Work set to begin on 400-kilowatt fuel cell demonstration project under recently awarded grant from Ohio Department of Development
The Wright Fuel Cell Group, a Wright Center for Innovation for fuel cells led by Case Western Reserve University, today announced that HydroGen Corporation (OTCBB: HYDG), a Pittsburgh-area fuel cell company, will establish its corporate headquarters in WFCG's West Quad Facilities on the Case campus. HydroGen is seeking to develop an accelerated manufacturing facility in Ohio between 2006-2008 as part of a previously announced $1.25 million grant from the Ohio Department of Development to build a 400-kilowatt fuel cell demonstration project. The opening of this facility is expected to create approximately 200 well-paying jobs in Ohio.
HydroGen will initially hire or relocate several of its staff to the West Quad headquarters of the Wright Fuel Cell Group (WFCG), which will also serve as the Ohio headquarters and business incubator for HydroGen as it develops its plans for the new manufacturing plant. The WFCG is a unique team of private companies, government agencies, universities and nonprofit organizations working together to develop better, more affordable fuel cell technology. The goal of WFCG is to establish Ohio as an international leader in fuel cell research and innovation, creating a competitive advantage for Ohio companies leading to job creation and spinoff businesses. Case is the lead institution of the WFCG, featuring some of the world's leading fuel cell researchers from the Case School of Engineering.
"HydroGen was attracted to Ohio and to the Wright Fuel Cell Group's new facility not only because of the availability of world-class researchers and facilities, but also due to the state's commitment to advancing the fuel cell industry through research and commercialization, said Joshua Tosteson, president of HydroGen. "We are proud to help lead the Third Frontier Project's Ohio Fuel Cell Initiative, which was created in 2002 as a $103 million program that aims to position
Ohio as a national leader in the growing industry while spurring economic growth and job creation in the state."
Through the WFCG's partnerships, Ohio-based manufacturers of fuel cell products will be able to use university research facilities to perfect their products and get them ready for market. Established fuel cell researchers will offer companies their experience, while other research teams will contribute emerging developmental ideas and concepts. By combining these talents, virtually any fuel cell-related issue can be handled, and commercialization can be handled faster, according to Robert F. Savinell, dean of the Case School of Engineering and fuel cell researcher who also serves on WFCG's Board of Directors.
There also is a mutual benefit for university students and Ohio businesses, Savinell notes.
"Side-by-side interaction during research and real-world development creates a unique talent pool of students ready to develop high-tech businesses after college," he said.
In another demonstration of the state's commission to enhance Ohio's fuel cell industry, the Third Frontier Commission provided an additional $1.6 million in operating funds for WFCG last spring. In May, the state also announced a three-year extension of the Ohio Fuel Cell Initiative.
In addition to HydroGen, the statewide partners of the Wright Fuel Cell Group include American Electric Power, Battelle Memorial Institute, Cleveland State University, the Dana Corporation, Edison Materials Technology Center, First Energy Corporation, Keithley Instruments, NASA Glenn Research Center, NexTech Materials, the Ohio Department of Development Fuel Cell Initiative, the Ohio Fuel Cell Coalition, Ohio State University, Parker Hannifin Corporation, SOFCo-EFS Holdings Ltd., Stark State College of Technology and the University of Toledo.
About Case Western Reserve University
Case is among the nation's leading research institutions. Founded in 1826 and shaped by the unique merger of the Case Institute of Technology and Western Reserve University, Case is distinguished by its strengths in education, research, service, and experiential learning. Located in Cleveland, Case offers nationally recognized programs in the Arts and Sciences, Dental Medicine, Engineering, Law, Management, Medicine, Nursing, and Social Work. http://www.case.edu.
About HydroGen Corporation
HydroGen Corporation, through its wholly-owned subsidiary, HydroGen, LLC, is a developer of multimegawatt fuel cell systems utilizing its proprietary 400-kilowatt phosphoric acid fuel cell technology. Utilizing fuel 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.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 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.