June 2008

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Failure to Launch? HydroGen Corp., the Cleveland, OH-based developer of big phosphoric acid fuel cell systems for power plants, has laid off almost two thirds of its work force - a total of 76 employees and independent contractors. Apparently the company which was set up only a few years ago (H&FCL Oct. 05) has had difficulty attracting financing. CEO John Freeh said in a release that while the technology has progressed, “we must face the reality of the difficult equity market we find ourselves in.” Freeh said the idea is to gain time to pursue different funding strategies, but it also includes the option of “sale of the company.”

Contact: HydroGen, Scott Schecter, 212/672-0380, sschecter@hydrogenllc.com.