Shaun Currie, CFA
Long/short equity, hedge fund analyst, momentum

Hydrogenics Corporation: A Review After Management Meeting

I recently had the opportunity to speak with management from Hydrogenics (NASDAQ:HYGS), a global provider and market leader of energy storage, electrolysis products, and hydrogen energy systems. I came away from the conversation pretty impressed, but I do have some concerns (mainly new entrants in the energy storage business and the lack of reoccurring revenue). But, as management noted, I believe that the company would be a very attractive acquisition target in the future. Here's a review of my thoughts from the call.

Business Review

The Company's bread-and-butter business is its power systems segment (fuel cell technology). The company's end markets include backup power for telecom and data center installations and motive power applications (buses, trucks and utility...

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