HydroGen raises $13.5 million in private placements

By Sheri Kasprzak

New York, July 8 - HydroGen, LLC said it has raised $13.5 million in two private placements as part of its acquisition of shell company Chiste Corp.

The details of the two offerings could not be determined by press time Friday, though the company did raise $6.5 million in units right before the acquisition and raised another $7 million in an offering with institutional investors right after the acquisition.

Holders of $2 million of HydroGen's notes also converted those notes into units.

Proceeds will be used to execute HydroGen's business plan. Following the acquisition, HydroGen members, investors and the converting note holders own 95% of Chiste's outstanding stock.

HydroGen, based in Jefferson Hills, Pa., develops multi-megawatt fuel cell systems using air-cooled phosphoric acid fuel cell technologies.

The company's stock closed unchanged at $0.85 on Friday.

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