A Hydrogen Powerhouse in the Making

Hydrogenics expects to have approximately US$120 million in cash and short term investments after its acquisition of Stuart Energy, as well as an unmatched portfolio of multipurpose hydrogen economy products.

Published: 05-Jan-2005

N class=articlefulltext>Want to eliminate production of harmful emissions produced by burning gasoline or diesel fuel? How about reducing the rate at which we are burning through the world's reserves of natural gas? For some applications, the solution is available today. Think hydrogen- it's a gas!

When Mississauga based Hydrogenics Corporation entered into an agreement to acquire all the outstanding common shares of Stuart Energy Systems Corporation in a share exchange takeover bid, the exciting prospects for successful commercialization of hydrogen fuel cell systems got even better.

"This acquisition gives us a breadth of capabilities, sustainability and resources that we previously did not possess," said Pierre Rivard, president and CEO of Hydrogenics. Mr. Rivard will continue as president and CEO of the combined companies.

Hydrogenics has offered to exchange 0.74 of its shares for each Stuart Energy share. The total value of the transaction is expected to be approximately $155 million Canadian. The offer was expected to be mailed to Stuart Energy shareholders by early December and will remain open for 35 days. At least two thirds of Stuart Energy shares must be tendered for the bid to succeed. Through a lock-up agreement, approximately 37 per cent of Stuart Energy shares have already been tendered from a number of the larger shareholders and each of the directors and officers.

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