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H2 Consolidation: Hydrogenics and Stuart Energy

Hydrogenics is acquiring Stuart Energy Systems in a $130-million all-stock deal. ($155 million Canadian—both parties are Canadian companies, and located about 2 km apart in Ontario.)

The combination of the hydrogen generation (water electrolysis) and fueling technologies of Stuart Energy with the fuel-cell technologies and testing equipment of Hydrogenics creates a larger company with a more complete product portfolio that can offer a comprehensive hydrogen energy solution, especially for on-site applications, including private fleet refueling.

We’re in a race, I think this race is a serious race, and those that create critical mass early on and are able to focus on profitability early on are going to be the ones that command the future.

A lot of fleet operators, looking at trends in energy market, are increasingly intrigued by the potential of hydrogen and fuel cells...when combined with renewable electricity and electrolysis, we have a compelling solution in many applications.

—Jon Slangerup, CEO Stuart Energy, who will be an adviser to the new company

Stuart has long been a proponent and provider of on-site hydrogen generation solutions and  has a strong focus on tying low-cost electrolyzers with windmills for distributed, renewable H2 production, especially in Europe.

Stuart also has been working with Ford on the H2ICE program. Ford uses Ballard fuel cell technology, but the new tie-up between Stuart and Hydrogenics might open up some other possibilities.

Conference call on the acquisition announcement.

Comments

Shane Bodchuk

Here it is Feb 2006, 15 months since Hydrogenics and
Stuart collided, and this is the first post on the
Green Car Congress. To me this merger seems like a very important event in terms of the hydrogen economy, yet their is very little talk about it.

Hydrogen pilots and demonstartions have been popping up everywhere(since about 2001): Japan, Europe, California, Michigan, Canada. No one ver asks...hey wheer is this hydrogen coming from? I bet Stuart has provided almost 75% of the hydrogen for these projects(with their on sit and MOBILE units.)
We here other names like Air Products, General Hydrogen, Teledyne, Praxair, Proton Energy etc, etc
but these guys mostly supply the dispensers(not the hydrogen.)
STUART ENERGY IS KING OF HYDROGEN AND I HOPE THEIR MERGER WITH HYDROGENICS SERVES THEM WELL!!!

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