GM, Hydrogenics form fuel cell alliance

TORONTO - General Motors will boost its stake in fuel cell developer Hydrogenics part of an alliance to hasten the development of vehicles and other products powered by fuel cells, the companies said on Tuesday.

The alliance will include shared intellectual property rights and joint efforts in fuel cell product development, engineering, prototyping, testing, branding and marketing strategies.

Under the agreement, GM will receive 11.3 million shares of Hydrogenics common stock, or about 24 percent of Hydrogenics' outstanding shares. Hydrogenics will also issue GM warrants to acquire an additional 2.4 million Hydrogenics common shares, bringing GM's stake to 28 percent of outstanding equity.

"GM and Hydrogenics share a joint vision to commercialize fuel cell technology and develop the energy and propulsion systems that will use this technology," said Larry Burns, GM vice president of research and development and planning.

Hydrogenics, based in Toronto, develops and commercializes proton exchange membrane fuel cell systems for clean power generation -- including associated testing and control technology.

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