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Article: CWRU-based fuel cell developer loses momentum, files for Chap. 11; HydroGen had deal with Samsung, among others.

Article from:
Crain's Cleveland Business
Article date:
November 3, 2008
Copyright

Byline: CHUCK SODER

A Cleveland fuel cell company has filed for Chapter 11 bankruptcy protection from creditors because of its inability to find money to continue developing its technology.

The nine remaining employees of HydroGen LLC, which employed 61 people in May, are focused on finding someone to buy the company and are preparing for the possibility it might need to liquidate its assets. Among those employees is HydroGen's new CEO, Scott Schecter, who replaced John Freeh on Oct. 17, when the publicly traded company's board cut three top executives to conserve cash.

Many potential investors said they would not back the company because of ...

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