H Power Signs Letters of Intent with Air Products and ChemicalsFebruary 05, 2001 by Jeff Shepard
H Power Corp. (Clifton, NJ) announced that it has signed letters of intent with Air Products and Chemicals Inc. (Allentown, PA) to jointly investigate forming a business alliance to serve the emerging market for small portable and mobile hydrogen-based fuel cells. The letters also provide that the two companies will jointly conduct an analysis and development effort to pursue the market for hydrogen-based fuel cell power systems used in high-value, critical-service telecom back-up power applications.
H Power and Air Products will jointly gather and analyze the power requirements and market opportunities for hydrogen-based fuel cell systems. This analysis will include market size, growth, customer requirements, price volume targets, and maintenance and service requirements. In addition, both companies will participate in discussions with potential customers.
H. Frank Gibbard, CEO of H Power, commented, “These letters of intent are expected to expedite the commercialization of hydrogen-based fuel cells by coupling Air Products' hydrogen distribution infrastructure with H Power's fuel cell systems. They constitute a first step towards the realization of a worldwide hydrogen economy."