H Power and Synergy Announce Fuel Cell MOU

April 17, 2002 by Jeff Shepard

H Power Corp. (Clifton, NJ) and Synergy Technologies Corp. (Calgary, Canada) announced that they have entered into a memorandum of understanding (MOU) to jointly pursue development of fuel cell systems utilizing H Power's proton-exchange membrane (PEM) fuel cell technology and Synergy's patented SynGen cold plasma process for reforming heavy fossil fuels to produce hydrogen.

"We are extremely pleased with this understanding," said Barry Coffey, CEO of Synergy. "We look forward to the opportunity to work with H Power, a leader in the development and manufacturing of PEM fuel cell systems. We believe this agreement provides validation of the potential for commercial applications of Synergy's reforming technology."

H. Frank Gibbard, CEO of H Power, added, "This MOU is another example of H Power's commitment to expand its presence in the marketplace through the pursuit of relationships that provide complementary technical, marketing or sales capabilities. Working with Synergy to combine our technologies, we expect to broaden the marketability of our product line into a wider and expanding customer base."