PAFC Developer HydroGen Announces Cuts to Workforce
HydroGen Corp has announced plans to cut 76 jobs, or about 64% of its work force.
The reductions, which include both regular employees and independent contractors, will come from the company's facilities in both Cleveland and Ohio.
'While we have made significant strides in advancing our technology to the commercialisation stage, we must face the reality of the difficult equity market we find ourselves in,' Chief Executive John Freeh said in a statement. Freeh said the reduction will provide HydroGen additional time to pursue different funding strategies, including the possible sale of the company.
Shares of HydroGen fell 54% to 61 cents in afternoon trading.
Source: Fuel Cell Today
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