To: J. M. Burr who wrote (35) | 9/20/2000 1:31:16 PM | From: Islander | | | H Power Corp. To Supply Ball Aerospace With Fuel Cell Stacks For Use In Advanced Military Field Equipment
New Fuel Cell Based Portable Power Systems Will Permit Military to Operate Sensitive Electronic Devices in Remote Locations Without Batteries
CLIFTON, N.J.--(BUSINESS WIRE)--Sept. 20, 2000-- H Power Corp. (NASDAQ:HPOW - news), a leading fuel cell development company, today announced that it has signed a ``Memorandum of Understanding'' with Ball Aerospace & Technologies Corp., a subsidiary of Ball Corporation (NYSE:BLL - news).
Under the terms of the Memorandum, H Power Corp. will supply Ball Aerospace with proton-exchange membrane (PEM) fuel cell stacks for use in Ball Aerospace's portable hydrogen fuel cell power systems that are sold to the U.S. military and other users requiring similar highly sophisticated power sources.
H Power will provide fuel cell stacks capable of supplying between 10 and 500 watts of electricity for Ball's PPS-15, PPS-50 and PPS-100 portable power systems. The memorandum is subject to completion of definitive documentation.
H. Frank Gibbard, chief executive officer of H Power Corp., commented, ``Our alliance with Ball Aerospace represents a significant milestone for the company and an advance for our armed forces. H Power gets an additional high-volume customer with international recognition, and Ball Aerospace gets a source of custom, sophisticated fuel cell stacks for their Portable Power Systems.
Rich Reinker, Ball manager of Fuel Cell Programs, said, ``Portable Power Systems based on sophisticated fuel cells are well suited for use as a primary energy source in the military of the future.''
Gibbard continued, ``We see Ball Aerospace's military application as among the first of many that will use these versatile fuel cells to improve the way we live, work and play. Fuel cells are safe, do not pollute, have low operating costs, low noise levels, high reliability and low maintenance. In addition to a wide range of portable mobile products, H Power is also developing stationary cogeneration products for the remote and rural homeowner markets. Today's announcement is another step toward our goal of powering the world cleanly with fuel cells'.''
H Power has sold fuel cell systems for stationary and portable applications to the U.S. Government, state agencies and numerous domestic and multinational corporations.
About Ball Aerospace
Ball Aerospace & Technologies Corp. provides imaging and communications products for commercial and government customers worldwide and is a subsidiary of Ball Corporation, a Fortune 500 company with sales of $3.6 billion in 1999.
About H Power Corp.
H Power Corp. is a leading fuel cell development company and one of the first providers to complete a commercial sale of a proton-exchange membrane (PEM) fuel cell system. PEM fuel cells generate electricity efficiently and cleanly from the electrochemical reaction of hydrogen and oxygen. Hydrogen is typically derived from conventional fuels such as natural gas or propane, and oxygen is drawn from the air.
H Power's fuel cells are designed to provide electricity for a wide range of stationary, portable and mobile applications including residential cogeneration products for rural, remote homes, and backup power units for mobile applications.
For additional information, please visit our website at www.hpower.com or www.ballaerospace.com.
Certain expectations and projections regarding the future performance of H Power discussed in this news release are forward-looking and are made under the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on currently available competitive, financial and economic data along with the Company's operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, amongst others, may cause H Power's plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, and other risks set forth from time to time in H Power's filings with the Securities and Exchange Commission, including, but not limited to the risks set forth in H Power's Registration Statement on Form S-1. H Power undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The events highlighted herein should not be assumed to be items that could affect the future performance of the Company. |
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To: Islander who wrote (36) | 9/21/2000 12:50:09 AM | From: Hyrulean King | | | Today was another good day for HPOW. I still think that this stock is undervalued, and is still a buy below $40. Since we have passed Lehman's $30 target, I would expect renewed coverage of some sort soon. I don't know if it will go as high as PLUG, but I think there is a good chance at $50 this fall conservatively. The volume is averaging over 1mm daily, and as great as 4mm on a strong day. The outlook is very positive with HPOW. I added to my position at 30 - 32 recently. |
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To: whiteneon95 who wrote (32) | 10/3/2000 3:57:02 PM | From: 993racer | | | I am trying to confirm your post.
If this is the case, it should have a nice effect on the stock price when it is announced.
racer
"H Power has located a site for the new production facility. It looks like they are going to be building fuel cells in South Carolina! Expect remote generation units to become affordable next year.<\i> |
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To: 993racer who started this subject | 10/4/2000 9:23:31 AM | From: Lhn5 | | | Subj: H Power Corp. Reports 47% Increase in First Quarter Revenues
H Power Corp. Reports 47% Increase in First Quarter Revenues
CLIFTON, N.J.--(BUSINESS WIRE)--Oct. 4, 2000--
Company Completes Initial Public Offering; Introduces New Fuel
Cell System and Will Supply Ball Aerospace With Fuel Cell
H Power Corp. (NASDAQ:HPOW), a leading fuel cell development company, today reported financial results for the first quarter ended August 31, 2000.
Net revenues for the quarter were $1,214,000, a 47 percent increase from $825,000 reported for the first quarter of last year. The net loss attributable to common stockholders was $4,045,000, or 10 cents per share, compared with $1,513,000, or 5 cents per share a year ago. Revenues from product sales were $652,000, an increase from $17,000 for the same period last year. Revenues from contracts were $562,000, a decrease of 30 percent from the same period last year, reflecting the company's emphasis on commercialization.
Cash and cash equivalents at the end of the quarter were $110,694,000, compared with $11,257,000 for the fiscal year ended May 31, 2000. Working capital was $110,907,000, up from $13,213,000 at May 31, 2000, and shareholders' equity rose to $111,353,000 at the end of the quarter from a deficit of $6,938,000 at May 31, 2000.
H Power's initial public offering (IPO) raised $104.2 million for the company on August 9, 2000.
"First quarter results are consistent with our strategic plan," H. Frank Gibbard, chief executive officer of H Power Corp., commented. "Net losses were primarily the result of planned increases in research and development, marketing and selling and general administrative expenses. This is not unusual for the fuel cell industry, which is characterized by significant amounts of capital investment, strong competition and intense ongoing technical development.
"Our successful IPO strengthened H Power's capital base and will further expedite our commercialization of fuel cells," continued Gibbard. "We recently introduced the PowerPEM(R) PS250, a 250 watt mobile and rack-mounted system that may be used either as a primary or backup power source for a variety of applications. In addition, we made significant progress on the commercialization front by signing a memorandum of understanding with Ball Aerospace to supply fuel cells for use in their military field equipment. We are already selling portable units and expect to start production of stationary units in 2001, as planned."
H Power's goal is to establish fuel cells as a major alternative energy source and to become the leading commercial provider of fuel cells and systems. The company focuses primarily on existing markets for stationary power products such as the rural residential market. Going forward, the company intends to strengthen and expand strategic relationships, penetrate the markets for portable and mobile fuel cell products and develop low-cost, state-of-the-art manufacturing capabilities. In addition, H Power plans to capitalize on its technological advantages over other fuel cell developers and other potential alternative power sources, and develop and acquire advanced complementary technologies.
About H Power Corp.
H Power Corp. is a leading fuel cell development company and one of the first providers to complete a commercial sale of a proton-exchange membrane (PEM) fuel cell system. PEM fuel cells generate electricity efficiently and cleanly from the electrochemical reaction of hydrogen and oxygen. Hydrogen is typically derived from conventional fuels such as natural gas or pro`ane, and oxygen is drawn from the air. H Power's fuel cells are designed to provide electricity for a wide range of stationary, portable and mobile applications including residential cogeneration products for rural, remote homes, and backup power units for mobile applications.
For additional information, please visit our website at www.hpower.com
H Power will hold a conference call discussion of first quarter results today, October 4 at 11 am eastern time. To listen, please call (877) 841-0748. A replay of the call will be available until October 11. To listen to the replay, please call (800) 642-1687, and use the reference code No. 529235.
Certain expectations and projections regarding the future performance of H Power discussed in this news release are forward-looking and are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on currently available competitive, financial and economic data along with the Company's operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, amongst others, may cause H Power's plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, and other risks set forth from time to time in H Power's filings with the Securities and Exchange Commission, including, but not limited to the risks set forth in H Power's Registration Statement on Form S-1. H Power undertakes no ¯bligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The events highlighted herein should not be assumed to be items that could affect the future performance of the Company.
H Power Corp.
First Quarter Financial Results (unaudited)
Three Months Ended Income Statement Data: August 31, 2000 1999
Net revenues $ 1,214,000 $ 825,000 Loss from operations (4,483,000) (1,459,000) Net loss (4,004,000) (1,460,000) Net loss attributable to common shareholders (4,045,000) (1,513,000)
Loss per share, basic and diluted ($ 0.10) ($ 0.05)
Weighted average shares outstanding 41,702,000 29,396,000
Balance Sheet Data: August 31, 2000 May 31, 2000
Cash and cash equivalents $110,694,000 $11,257,000 Working capital 110,907,000 13,213,000 Total assets 116,771,000 18,650,000 Long-term debt 68,000 67,000 Minority interest 0 5,000,000 Mandatory redeemable preferred stock 0 15,327,000 Total stockholders' equity (deficit) 111,353,000 (6,938,000)
CONTACT:
H Power Corp.
William L. Zang, CFO x 424
Thomas Michael, VP x 500
973/249-5444
or
The Dilenschneider Group
Robert Valdmanis - Media
Ken Di Paola - IR
212/922-0900 |
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To: 993racer who started this subject | 10/6/2000 7:13:45 PM | From: whiteneon95 | | | The CEO of H-Power speaks on Radio WallStreet.
radiowallstreet.com
Dr. Frank Gibbard discusses H-Power fuel cells and their plan to market them.
Some highlights:
Multiple markets targeted: Stationary Rural, Residential, and then infrastructure-less markets (the 2-billion people without power) Back-up power Portable power
Power cost forecasted to be in .12 per kWh range, could be very attractive to people in areas that are now deregulated (where costs have doubled or more).
They are working to deliver 20 thousand units in the next 36 months, mostly into the 81 Million-dollar ECO Fuelcell backorder. Stationary unit costs to fall to $ 5,000 price point in 36 months.
The units will be able to work on propane or natural gas and run in the high 60 percent efficiency range with the waste heat-recapturing feature. This is better than centralized power generation!
Go HPOW!! |
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To: Lhn5 who wrote (40) | 10/7/2000 2:22:27 PM | From: Secret_Agent_Man | | | patents hoovers.com^INDEX+0,,RANKTYPE=CHRON,,ELEMENT_SET=OF,,DBSELECT2=ALL,,FIELD_1=AN,,TERM_1=H+Power
Pat. No. Title 1. 6,093,501 Fuel cell using an aqueous hydrogen-generating process 2. 6,051,331 Fuel cell platelet separators having coordinate features 3. 6,048,634 Fuel cell using water-soluble fuel 4. 6,028,414 Fuel cell stand-by energy supply system 5. 5,925,322 Fuel cell or a partial oxidation reactor or a heat engine and an oxygen-enriching device and method therefor 6. 5,863,671 Plastic platelet fuel cells employing integrated fluid management 7. 5,858,567 Fuel cells employing integrated fluid management platelet technology 8. 5,840,270 Catalytic method of generating hydrogen 9. 5,830,426 Aqueous hydrogen generation process 10. 5,776,625 Hydrogen-air fuel cell 11. 5,690,902 Hydrogen-powered automobile with in situ hydrogen generation 12. 5,683,828 Metal platelet fuel cells production and operation methods 13. 5,643,352 Reactive iron material for use in a hydrogen-generating process in an electrical vehicle 14. 5,629,102 Electrical automobile having a fuel cell, and method of powering an electrical automobile with a fuel cell system 15. 5,510,201 Method of operating a fuel cell wherein hydrogen is generated by providing iron in situ |
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To: Secret_Agent_Man who wrote (42) | 10/25/2000 11:42:12 AM | From: D.Austin | | | time to buy........out of many in this sector HPOW looks really good.This may not be the best entry here but when is that ? cheers and good fortune d.a
p.s.I have a feeling I am attracted to boards that do not have much action. |
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To: 993racer who started this subject | 11/10/2000 1:00:34 PM | From: whiteneon95 | | | HPOW options will trade soon. I look forward to buying some calls!!
biz.yahoo.com
Thursday November 9, 3:02 pm Eastern Time
Philadelphia Stock Exchange to list H Power options
CHICAGO, Nov 9 (Reuters) - The Philadelphia Stock Exchange said it will start listing options on fuel-cell development company H Power Corp. (NasdaqNM:HPOW - news), options symbol (HQf) on Nov. 16.
Options on H Power will trade on the January expiration cycle with initial expiration months of December, January, April and July. Initial opening strike prices will be 15, 17.5 and 20.
Gateway Partners was named the specialist for H Power. |
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To: Secret_Agent_Man who wrote (42) | 12/11/2000 4:38:44 AM | From: Secret_Agent_Man | | | December 11, 2000
California Energy Officials Discontinue Price-Cap System, in a Surprise Move
By REBECCA SMITH Staff Reporter of THE WALL STREET JOURNAL
California grid officials unexpectedly abandoned their main tool for managing prices after it proved incapable of reining in runaway energy costs. Instead of capping bids at $250 per megawatt hour, they will now accept electricity at any price so long as suppliers can prove it is justified by production costs.
The unilateral move by the California Independent System Operator, or ISO, came at the end of a chaotic week in which energy prices spiraled out of control and the world's seventh-largest economy was threatened by blackouts. Originally meant to have a small role in the state's deregulated market, the ISO, which guarantees electricity reliability, has lately found itself buying as much as one-third of the power consumed daily. In order to do so, the ISO has paid ever-higher prices for last-minute power purchases. On Monday, it spent $5 million. By Friday, the figure had climbed to $81 million.
Generators, which already had 30% of the state's power plants down for repairs after running them hard all summer, offered progressively less power to a computerized day-ahead market run by a state-sanctioned auction. They held back thousands of megawatts, offering the juice to the ISO only if prices got high enough. That put the ISO in the position of having to beg and haggle for power, despite the fact that actual demand wasn't anything extraordinary.
"My people were making phone deals -- 10 to 15 an hour -- when I needed them running the grid," said Terry Winter, ISO chief executive. "We had a gun to our head."
In the end, the ISO took the rogue action of abandoning its "hard price cap" of $250. It did so without advance approval of its governing board, Gov. Gray Davis or even the Federal Energy Regulatory Commission, to which the ISO reports. Nevertheless, the four-member commission concurred with the move, at least temporarily, noting the "extraordinary circumstances occurring in California." The energy commission is expected to issue on Wednesday an important order on what is to be done with the California problem.
Mr. Winter said he got tired of waiting around as politicians and bureaucrats debated a fix for California's broken energy market, which saw prices soar to record levels even before last week and which has put the state's main utilities at risk of eventual insolvency. "I wanted some accountability for these outrageous costs," Mr. Winter said.
Gov. Davis, who has come under fire from consumer groups for the sharply rising energy costs, immediately lambasted the ISO for what he called an "outrageous assault" on consumers. Gov. Davis, who favors a $100 price cap -- a level that generators say is below their operating costs -- threatened to "dismantle" the ISO in retaliation.
Generators and traders, on the other hand, said that by freeing up prices, the ISO is actually doing what is necessary to make sure the market works. They argue a better match of supply and demand should eventually bring down prices. "Price caps distort the market," says Kenneth Lay, chairman of Enron Corp., the nation's largest energy trader.
Even if that is the case, relief may not come quickly. A cold snap is increasing electrical demand throughout much of the West, soaking up juice that otherwise could be available to California. What's more, the price of natural gas -- the fuel for many power plants -- has shot up to unprecedented highs recently. Natural-gas prices, at $2 to $3 per million British thermal units a year ago, are now trading on the spot market at around $40 to $60, by far the highest level in the country.
The ISO action, though, should give the organization some breathing room. By promising generators they can offer energy at more than $250 per megawatt hour and not have their bids rejected outright, the ISO saw the amount of juice offered on Friday jump from nearly zero to 3,000 megawatts, giving it the biggest cushion it had all week. Some of the offers came in below $250.
By Sunday, more trading had shifted back into the day-ahead market run by a sister organization, the California Power Exchange. But that pushed up its average price for power to be delivered Monday to a record $611.80 per megawatt hour, nearly one and a half times the prior daily high.
That price run-up may reflect the fact that the ISO, in its emergency market, now is forcing suppliers to provide "appropriate cost information" to the energy commission and state officials when they offer power at prices above $250 per megawatt hour. The daily auction has no such requirement. When emergencies are declared, the ISO also is asserting the right to fine generators who refuse to provide power.
The change in the pricing system is a risky one because generators may be able to justify sky-high prices because of their natural-gas purchases. There are only a handful of generators serving California, and some buy their natural gas from affiliate companies, opening the door to sweetheart deals. "There's no arms-length relationship between the gas and electric companies," say Harvey Morris, an attorney at the state Public Utilities Commission who has filed an action against El Paso Energy, owner of a major gas pipeline serving California, alleging that contractual arrangements between its units have driven up gas prices. El Paso denies that is the case.
Under traditional cost-based regulation, such arrangements weren't allowed. Electric generators -- utilities -- were required to show they bought their gas at reasonable prices. Today, they are allowed to buy gas from anyone and at any price because the assumption was that a competitive electricity market would make it impossible for them to pass through inflated costs.
Energy experts say that the ISO's actions will only have a positive effect if the energy commission sets standards for permissible costs and then audits generators and traders aggressively.
Write to Rebecca Smith at rebecca.smith@wsj.com |
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