HYDG Hydrogen Corp (MM)

Dutton Associates updates its coverage of HydroGen Corporation. (Nasdaq:HYDG), maintaining its Speculative Buy rating and a 12-month price target of $8.25. The 9-page report by Dutton Associates senior analyst Sally Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and Knobias and other leading financial portals. HydroGen develops multi-megawatt hydrogen-powered phosphoric acid fuel cell systems utilizing technology acquired from Westinghouse Corporation. Fuel cells are a proven technology with important advantages relative to fossil-fuel based electricity generators: they are combustion-less, emissions-free, quiet, energy efficient and have few moving parts. Rising energy prices, energy security concerns, and the need for cleaner energy sources are driving interest in alternatives to fossil fuels, and many experts consider hydrogen one of the most compelling long-term options for sustainable energy production. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 27 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of 110 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The current cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 5/9/06. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.