Triax Capital Advisors Engaged by HydroGen to Assist in Restructuring Process of Cleantech Power Plant Manufacturer

  
    
  
  
    
      Triax Capital Advisors, LLC, a New York based boutique merchant banking 
      firm said today that it is actively marketing for sale the assets of 
      Hydrogen LLC, a designer and manufacturer of multi-megawatt air-cooled 
      phosphoric acid fuel cell (PAFC) systems which filed a voluntary 
      petition under Chapter 11 of the US bankruptcy code on October 22, 2008 
      in the U.S. Bankruptcy Court for the Southern District of New York. 
      Hydrogen LLC is a subsidiary of HydroGen Corporation (Nasdaq: HYDG).
    
    
      Joseph E. Sarachek, the Managing Partner of Triax commented: “The 
      cleantech sector is very hot right now and we are hopeful that we will 
      be successful in this restructuring process and finding the right 
      strategic alternative for the Company.”
    
    
      Scott Schecter, Chief Executive Officer of HydroGen, added: “We 
      are happy to have Triax assisting us in this process. Triax has reached 
      out to potential partners, and we continue to have faith that they will 
      find a suitor for the Company.”
    
    
      About Triax Capital Advisors: Triax Capital Advisors is a boutique 
      merchant banking firm which focuses on financial and operational 
      restructurings. It is located at 75 Rockefeller Plaza, 16th 
      Floor, New York, New York 10019. Tel: [phone] Fax [phone]. 
      Website is www.triaxcapitaladvisors.com. 
      Email contact: [e-mail].
    
    
      About HydroGen Corporation
    
    
      HydroGen Corporation, through its wholly-owned subsidiary, HydroGen, 
      LLC, is a developer of multi-megawatt fuel cell systems utilizing its 
      proprietary 400 kW phosphoric acid fuel cell (PAFC) technology. 
      Advancing fuel cell technology originally developed by Westinghouse 
      Corporation, the Company targets market applications where hydrogen is 
      currently available and other drivers favoring the adoption of fuel 
      cells are present.
    
    
      Forward-Looking Statements
    
    
      Except for historical information contained herein, the statements in 
      this release are forward-looking and made pursuant to the safe harbor 
      provisions of the Private Securities Litigation Reform Act of 1995. 
      Forward-looking statements are inherently unreliable and actual results 
      may differ materially. Examples of forward-looking statements in this 
      news release include statements regarding HydroGen's anticipated 
      economically competitive fuel cell systems. Factors which could cause 
      actual results to differ materially from these forward-looking 
      statements include such factors as fluctuations in demand for HydroGen's 
      products, HydroGen's ability to raise capital, complete a sale of the 
      Company or its assets or a restructuring, maintain strategic business 
      relationships, the impact of competitive products and pricing, growth in 
      targeted markets, the adequacy of HydroGen's liquidity and financial 
      strength to support its growth, and other information that may be 
      detailed from time to time in HydroGen's filings with the United States 
      Securities and Exchange Commission. HydroGen undertakes no obligation to 
      publicly update or revise any forward-looking statements, whether as a 
      result of new information, future events or otherwise.