Hydrogenics In Fuel Cell Tech, Support Pact with GM

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Hydrogenics

(HYGS) - Get Report

signed a contract to provide engineering support and other services to

General Motors

(GM) - Get Report

at a New York GM fuel cell research site.

In October, the two companies formed a strategic alliance to speed up the commercialization of fuel cell technology, giving GM 24% ownership of the proton exchange membrane fuel cell system designer.

Under the new contract, Hydrogenics will hire 55 GM employees at the New York site, increasing the company's workforce by almost 50%.

Shares of Hydrogenics closed at $6.12 Monday on the Nasdaq.