H Power Corp. Announces IPO of 7,000,000 Shares
H Power Corp. (Clifton, NJ), a developer and distributor of proton-exchange membrane (PEM) fuel cell systems, has announced the initial public offering of the company's 7,000,000 shares of common stock. The company plans to offer these shares on the Nasdaq symbol HPOW at a price of $11 to $13.H Power Corp.'s PEM fuel cells are designed to provide electricity for stationary, portable and mobile applications. In August 1999, the company entered into a 10-year agreement with ECO Fuel Cells LLC (Herndon, VA) to market, sell, install and service stationary power fuel cell systems to more than 900 US rural cooperatives.