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Home > Press > HydroGen Corporation Reports Results for the Fiscal 2007 Third Quarter

Abstract:
HydroGen Corporation (Nasdaq:HYDG), a designer and manufacturer of multi-megawatt air-cooled phosphoric acid fuel cell (PAFC) systems, today announced its financial results for the quarter ended September 30, 2007. HydroGen is currently in the development stage and is expected to remain so for at least the next several quarters.

HydroGen Corporation Reports Results for the Fiscal 2007 Third Quarter

CLEVELAND, OH | Posted on November 8th, 2007

Recent Operational Highlights


* HydroGen Corporation announced that the Pennsylvania Energy
Development Authority (PEDA) granted the Company $500,000 to fund
the design, manufacture, and installation of commercial scale gas
clean-up modules to validate the use of surplus hydrogen-rich coke
oven gas for commercial scale fuel cell power plants to produce
electricity. HydroGen will be working in cooperation with U.S.
Steel's Mon Valley Works plant in Mon Valley, PA.

* The Company also announced that the Pennsylvania NanoMaterials
Commercialization Center awarded the Company approximately $230,000
to support the development of advanced fuel cell catalyst systems.
HydroGen will be working in cooperation with the University of
Pittsburgh's Peterson Institute of Nano Science and Engineering on
this project. This award complements HydroGen's ongoing efforts to
develop state-of-the-art catalysts as recent developments in
nanomaterials have the potential to yield commercially available
fuel cell catalysts that will lead to longer lifetimes and lower
life-cycle costs.

* HydroGen also noted the continued progress for the production and
delivery of a PAFC module to the Company's 400 kW commercial
demonstration power plant at a chlor-alkali manufacturing plant
owned and operated by ASHTA Chemicals, Inc.

"We have made steady progress in our mission to achieve commercialization," said Dr. Leo Blomen, Chairman and Chief Executive Officer of HydroGen Corporation. "We are working hard to prepare to deliver and validate our core PAFC module at our 400 kW commercial demonstration plant, and anticipate commercial activity in line with our business objectives to follow on the heels of successful demonstration at ASHTA. We have developed a large pipeline of projects with several large generators of by-product hydrogen and other potential customers in North America and abroad who have expressed interest in acquiring fuel cell power plants. We anticipate that as we transition into 2008, the Company will accelerate quickly into commercialization of our technology, with expanded manufacturing activities as well as plant design, engineering, and construction."

Joshua Tosteson, President of HydroGen Corporation, added: "With energy prices reaching new highs and concerns related to climate change in the forefront, interest in our technology among industrial companies continues to grow. These companies are drawn to the compelling economic proposition offered by our technology as they seek viable, environmentally-safe solutions for on-site distributed electric power generation. In addition, the use of clean technology continues to gain traction as a result of government incentives and increasingly stringent environmental standards. HydroGen is in a position to fully capitalize on these trends as we will continue to execute our strategic plan which will lead to commercialization in the coming year."

2007 Third Quarter Results

For the quarter ended September 30, 2007, HydroGen's net loss was $3.5 million, or $(0.27) per basic and diluted share, based on the weighted average of 12,769,904 common shares outstanding. This compares with a net loss of $2.2 million, or $(0.17) per basic and diluted share for the quarter ended September 30, 2006, based on the weighted average of 12,769,904 common shares outstanding.

HydroGen's balance of cash, cash equivalents and short-term investments at September 30, 2007, totaled $12.2 million as compared to a balance totaling $24.1 million at December 31, 2006. Spending on research and development for fiscal 2007 third quarter amounted to $2.5 million, increasing more than 37% over the third quarter of 2006.

####

About HydroGen Corporation
HydroGen Corporation is a manufacturer of multi-megawatt fuel cell systems utilizing its proprietary 400 kW phosphoric acid fuel cell (PAFC) technology. HydroGen's fuel cell technology, originally developed by Westinghouse Corporation, offers a multi-megawatt, zero-emission power generation product that supports the growth of industrial distributed energy. The Company targets market applications where hydrogen is currently available and other drivers favoring the adoption of fuel cells are present.

Forward-Looking Statements

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.

                  HYDROGEN CORPORATION AND SUBSIDIARY
                 CONDENSED CONSOLIDATED BALANCE SHEETS

                                        SEPTEMBER 30,    DECEMBER 31,
                                            2007            2006
                                        -------------   -------------
                                         (unaudited)

 ASSETS
 ------

 CURRENT ASSETS
 --------------
  Cash and cash equivalents             $  12,152,784   $  14,170,530

  Short-term investments                           --       9,889,603

  Accounts receivable                         511,884         262,408

  Other current assets                      1,499,934       1,289,995
                                        -------------   -------------

   TOTAL CURRENT ASSETS                    14,164,602      25,612,536

  Property and equipment, net               4,488,125       3,469,533

  Other assets                                 66,433          57,017
                                        -------------   -------------

   TOTAL ASSETS                         $  18,719,160   $  29,139,086
                                        =============   =============

 LIABILITIES AND SHAREHOLDERS' EQUITY
 ------------------------------------

 CURRENT LIABILITIES
 -------------------
  Accounts payable and accrued
   expenses                             $   1,632,569   $   1,659,441

  Capital lease obligations, current
   portion                                    100,581          72,295

                                        -------------   -------------
   TOTAL CURRENT LIABILITIES                1,733,150       1,731,736

 LONG-TERM LIABILITIES
 ---------------------
  Capital lease obligations, net of
   current portion                            101,217         119,773

                                        -------------   -------------
   TOTAL LIABILITIES                    $   1,834,367   $   1,851,509
                                        =============   =============
  Common stock, $0.001 per share par
   value, authorized 65,000,000 shares,
   12,769,904 issued and outstanding at
   September 30, 2007 and
   December 31, 2006                           12,770          12,770

  Additional paid-in capital               42,913,469      42,595,815

  Deficit accumulated during the
   development stage                      (26,041,446)    (15,321,008)
                                        -------------   -------------

   TOTAL SHAREHOLDERS' EQUITY              16,884,793      27,287,577
                                        -------------   -------------

   TOTAL LIABILITIES AND SHAREHOLDERS'
    EQUITY                              $  18,719,160   $  29,139,086
                                        =============   =============


                  HYDROGEN CORPORATION AND SUBSIDIARY
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                          NOVEMBER 11,
                  FOR THE THREE         FOR THE NINE          2001
                  MONTHS ENDED          MONTHS ENDED      (INCEPTION)
                  SEPTEMBER 30,         SEPTEMBER 30,       THROUGH
             --------------------- ---------------------- SEPTEMBER 30,
                2007       2006       2007        2006        2007
             ---------- ---------- ----------- ---------- -----------

 Demonstration
  Grant 
  Revenue    $  481,884 $  219,847 $ 1,298,568 $  348,301 $ 2,045,991 
             ---------- ---------- ----------- ---------- -----------

 Costs and
  expenses
  (including
  stock-based
  compensation
  expense of
  $41,922 and
  $63,461, for
  the three 
  month
  periods
  ended
  September 30,
  2007 and
  September 30,
  2006,
  respectively,
  and $317,654
  and $259,744
  for the
  nine month
  periods ended
  September 30,
  2007 and
  September 30,
  2006, 
  respec-
  tively.)    4,115,792  2,745,432  12,671,154  5,951,876  28,189,308 
             ---------- ---------- ----------- ---------- -----------
 LOSS FROM 
  OPERATIONS (3,633,908)(2,525,585)(11,372,586)(5,603,575)(26,143,317) 
             ---------- ---------- ----------- ---------- -----------

  Interest 
   and
   other
   income       164,102    352,344     667,150    713,094   1,911,169

  Interest 
   and 
   other 
   financing
   charges       (5,676)    (5,698)    (15,002)   (90,456)   (785,487)

  Charge for 
   repricing
   conversion 
   price of
   convertible 
   debt              --         --          --         --    (875,000)
         
             ---------- ---------- ----------- ---------- -----------
 NET LOSS    (3,475,482)(2,178,939)(10,720,438)(4,980,937)(25,892,635)
             ========== ========== =========== ========== ===========

  Weighted 
   average
   common 
   shares
   outstanding
   (basic and
   diluted)  12,769,904 12,769,904  12,769,904 10,485,087
             ---------- ---------- ----------- ----------

  Net loss
   per share
   (basic and
   diluted)       (0.27)     (0.17)      (0.83)     (0.48)
             ---------- ---------- ----------- ----------

For more information, please click here

Contacts:
HydroGen Corporation
Scott Schecter, Chief Financial Officer
(212) 672-0380 x 3002


Makovsky + Company
Investor Relations
Hulus Alpay
(212) 508-9600

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