Stuart Energy discusses partnership with GE

Hydrogen fuelling company Stuart Energy Systems Corp. is in talks with General Electric Co. on a potential partnership that would help fund its rapid growth in coming years, Stuart's chief executive said recently.

With the Mississauga company anticipating triple-digit revenue growth next year, GE could prove a "critical component" of Stuart's future as hydrogen stations and generators for fuelling cars, homes and offices become more prevalent.

"GE is great and we have had extensive, deep conversations with them already," Stuart CEO Jon Slangerup said at the company's annual meeting in Toronto.

Randy MacEwen, Stuart's vice-president of corporate development, said GE has a renewable energy business through its purchase last year of Enron Corp.'s wind-turbine business, which can be used in hydrogen production and makes engines that could be reconfigured to use hydrogen. That makes the U.S. corporate giant a "valuable" potential partner, he said.

"There are a number of companies we're continuing to have discussions with and GE is certainly one of our preferred partners," MacEwen said.

Stuart's energy stations use water and electricity to produce, store and deliver hydrogen on-site, creating emission-free fuel for stationary power generation, transportation fuel and industrial markets.

Stuart has 1,100 hydrogen stations in 100 countries for industrial applications and about 20 existing and planned stations for fuelling or power applications, with a 70 per cent share of a market still in its infancy.

"If we can hold on to a dominant market share going forward, this will be a massive opportunity for this business," Slangerup said.

Stuart is also developing with Shell hydrogen "stations" that would store hydrogen and can fuel two hydrogen-powered cars and provide backup or primary electricity to a home.

Canadian Press