Canada Hydrogen Venture for Mitsubishi

Canada is the networking hot spot for Mitsubishi Corporation (MC) and their CAD$ 14 million (US$ 10.5 million) hydrogen venture company H3 Energy, which will manufacture and market a High-pressure Hydrogen Energy Generators (HHEG).

Vancouver, Canada – August 2, 2004 [] An HHEG is able to produce high-pressure hydrogen gas without a compressor, according to MC. HHEGs for uses such as small-scale industrial applications and hydrogen refueling stations for fuel cells cars should be available to the market by the end of 2005. H3 Energy plans to develop a model that can generate 80MPa hydrogen for the fuel cell vehicles storing 70MPa H2 as fuel, which is now under development by automobile manufactures. The start-up venture aims to obtain a certain share in hydrogen refueling stations market which would be growing as fuel cell vehicles penetrates. Vancouver is also the home of Ballard, which manufactures proton exchange membrane fuel cell products. Because of this established business, MC views the city as the best place to recruit talent, ally with partners and raise funds for their hydrogen venture. The company expects to have an initial public offering (IPO) in the near future, and H3 Energy has already started negotiations with several potential partners all over the world for joint development and alliance.

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