Niche Focus Lifts Fuel Cell Maker Hydrogenics

In the once-hyped business of fuel cells, a shift to specialized markets is paying off.

Published: 28-Sep-2007

Instead of waiting for the "hydrogen economy" to arrive under the hood of a fleet of automobiles, Canadian fuel cell manufacturer Hydrogenics Corp. is tackling niche markets where the technology is already competitive.

By designing its fuel cells for specific markets such as forklift trucks and backup power supplies for computer rooms, the company has managed to generate a substantial revenue stream

Still, like every other fuel cell company, Hydrogenics is a long way from breaking even, and its stock price has been in the doldrums for many months. Less than four years ago it was trading at more than $8 a share, but it has languished below $2 for the past 12 months.

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