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.

—Frank Trotter, General Hydrogen President and CEO

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.

Headquartered in British Columbia, General Hydrogen is a private, Delaware-registered company that was started six years ago by Dr. Geoffrey Ballard and Paul Howard, the original founders of Ballard Power Systems. General Hydrogen develops and is commercializing fuel cell systems and hydrogen fueling solutions for industrial vehicles and other off-road equipment.

Last week, GreenShift announced the formation of General Ultrasonics Corporation, a development-stage company that uses ultrasonics energies to enhance physical and chemical reactions, including more efficient steam reformation to produce hydrogen.

GreenShift claims that its technology, acquired in its recent acquisition of H2 Energy Solutions, can reduce the temperatures required for the standard steam methane reforming by 25%, and even greater gains compared to partial oxidation processes (POX). (Earlier post.)