EL DORADO HILLS, Calif.--Dutton Associates updates its coverage of HydroGen Corporation (OTCBB: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 H. 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: HydroGen targets markets for power stations of over two megawatts (MW). Its technology is well developed and ready for commercialization and, as a result, we believe that the Company is well positioned to benefit from growing demand for clean distributed energy.

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Dutton Associates is one of the largest independent investment research firms in the U.S. Its 28 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of 140 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 $39,500 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.