Hy-Drive Technologies Ltd, based in Mississauga,
announced last week that it was to raise $5 million in equity through a private placement -- the news came just a month after the company was listed as the
small-cap clean tech stock of the week by TMXmoney and as one of the
Earth Day penny stock picks at Stockhouse.
The company is growing rapidly as it markets its proprietary innovation -- a patented hydrogen generating system that injects hydrogen gas into a regular fuel injection system that allows fuel to burn cleaner and more efficiently. The Stockhouse report explains, "
The enriched air/fuel
mixture burns more efficiently, extracting more clean energy from the
fuel while reducing harmful greenhouse gas emissions. Further,
independent tests show that the Hy-Drive Hydrogen Generating System
increases fuel economy by more than 10 per cent."According to a
company release, it has recently been engaged in a large marketing drive that it is happy with -- and has resulted in 150 expressions of interest in its product. "We are very pleased with the initial results..." said Fred
Florence, Hy-Drive CFO and COO, in a release, "and we expect to add many more fleets to trial HGS
and prove to themselves the savings and emission reductions that can be
realized."
The company has been around in various forms since 1996, but first launched it's hydrogen generating product -- which it calls the result of "over 100 person-years of research" -- in 2004. Now headquartered in Mississauga, the company employs approximately 30 people.
Writer: Edward Keenan
Sources: Fred Florence, COO, Hy-Drive Technologies Ltd.; Stockhouse; TMXmoney
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