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SmallCapPower
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Cleantech stock watchlist ( Week of April 12, 2010 )
| Hy-Drive Technologies Ltd. (Symbol: HGS- TSXV) |
| Company Name: |
Hy Drive Technologies Ltd. |
| HQ Location: |
Mississauga, Ontario |
| Company Website: |
www.hy-drive.com |
| Closing Share Price (April 15, 2010) |
$0.43 |
| Shares Outstanding |
61.8 Million |
| Market Cap: |
$26.9 Million |
| Average Daily Volume |
60,000 |
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Share Highlight / 1-Year Stock Chart
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Business Overview
Hy-Drive is a technology firm that has developed a proprietary, patented hydrogen generating system. The mission of Hy-Drive Technologies Ltd is to improve engine fuel efficiency and simultaneously reduce engine emissions.
Its principal activity is to develop and sell hydrogen generating systems (HGS). These technologies aim at reducing emissions through enhanced engine combustion. Hy-Drive's Hydrogen Generating System generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely.+ More info
What is interesting?
- A cleantech company with proven technology to increase fuel economy by 10% by improving the efficiency of a vehicle’s engine.
- A strong research and development practice that leads to innovations and commercially viable product portfolio. The company has acquired patents in many countries including USA, Canada and Australia.
- Its proprietary Hy-Drive Hydrogen Generating System is an advanced revolutionary hydrogen injection system that increases diesel engine fuel efficiency as it reduces diesel emissions. The technology has been validated by third-party SAE tests that suggest the HGS performs well under real-world conditions.
- There is an increased emphasis on green technologies that reduce the use of fossil fuel and cut toxic emissions. A company like Hy-Drive that develops and markets clean fuel and fuel saving technologies stands to benefit greatly from this trend.
- The company has a robust sales pipeline and recent commercial successes.
- Hy-Drive product has commercial applicability in different areas that bodes well for an early stage clean technology company as it helps in diversifying its revenue stream.
Risks
Like many other cleantech companies Hy-Drive has high research and development costs. It has no revenue currently and continues to incur losses. Although currently well financed, the company might require to access capital markets to raise additional capital, which could potentially result in shareholder dilution. There could be delays in the acceptability of technologies offered by Hy-Drive and can adversely impact its growth.
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