HydrogenSource to be Dissolved
UTC Fuel Cells Media Contact - Paula Gill 860/727-2410
Shell Hydrogen Media Contact - Lisa Givert 44 20 7934 2914
SOUTH WINDSOR, CONN., June 11, 2004
HydrogenSource LLC, a developer of fuel processing systems, will be dissolved following a joint decision by the company's owners, UTC Fuel Cells and Shell Hydrogen (U.S.).
While HydrogenSource has made great progress in its fuel processing work, the owners recognized that over the past three years the evolving hydrogen industry has moved away from on-board fuel processors for hydrogen fueled vehicles. Their view is that the market demand for these products has shifted in both direction and timing with on-board fuel processing being replaced with on-board hydrogen storage.
UTC Fuel Cells and Shell Hydrogen (U.S.) remain committed to championing and investing in the hydrogen economy.
Commenting on the shareholders action, UTC Power president Jan van Dokkum said, "The market for fuel processors had dramatically changed over the last few years, with on-board fuel processing being replaced with on-board hydrogen storage. We remain committed to the industry and will continue to develop and invest in our fuel cell technologies."
Jeremy Benthem, CEO of Shell Hydrogen commented, "Shell Hydrogen remains committed to champion and invest in the hydrogen economy. While HydrogenSource has made great progress in their fuel processing work, our view is that the market demand for these products has shifted. It is important to keep in mind that in any new and evolving technology, investments are made and then modified to stay current with industry shifts. By redeploying capital as necessary, Shell Hydrogen can more effectively pursue its hydrogen business."
HydrogenSource was formed in May 2001 by UTC Fuel Cells and Shell Hydrogen (U.S.) to develop, manufacture, and sell fuel processors and hydrogen generation systems for emerging fuel cell and hydrogen fuel applications. Initial efforts were focused primarily on reformers for stationary fuel cells and on-board fuel processors for hydrogen fueled vehicles.
HydrogenSource LLC is a joint venture between UTC Fuel Cells and Shell Hydrogen (U.S.).
Shell Hydrogen refers to a global business of the Royal Dutch/Shell Group and consists of separate companies set up to pursue and develop business opportunities related to hydrogen and fuel cells.
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