GreenChek Technology (GCHK) is a maker of a hydrogen-generating system that helps internal combustion engines burn fuel more cleanly and efficiently. The company’s Onboard Hydrogen Generation (OHG) system produces and then injects hydrogen gas into a regular internal combustion engine. Hydrogen enhances the combustion process by allowing a more complete fuel burn while significantly reducing harmful emissions typically consisting of unspent fuel. GreenChek has operations in the U.S., Canada, Asia and Europe.
The Onboard technology is also used for emissions reduction technology and fuel economy enhancement in trucks, locomotives, and automobile engines. Independent studies have shown that GreenChek’s technology lowers emissions by as much as 50%, reduces fuel consumption, increases horsepower, improves engine life, reduces maintenance costs and requires only minimal driver maintenance and intervention. The company is forming partnerships with Fortune 500 companies such as TNT and Norbert Dentressangle Group, as well as with the French government and conducting field trials of its technology
Last week, California-based GreenChek announced it signed a distribution agreement with Technical Environmental Solutions Europe Ltd. to bolster its presence in the European market. GreenChek has said it is counting on international markets to be key distribution points for many of its products. Analyst coverage of GreenChek’s shares has been scant to this point, though Beacon Equity Research rates the shares a “buy” with a one-year price target of $3.42. The market for carbon dioxide emissions reduction is estimated to be $500 billion annually, so potential investors could be getting on the forefront of this boom with GreenChek’s shares.
Shares of GreenChek, formerly known as Ridgestone Resources Inc., closed at 70 cents on Friday and have traded between 44 cents and $1.18 over the past 52 weeks. The company has a market value of $44.8 million and was founded in 2006. GreenChek has about 64 million shares outstanding, most of which are owned by insiders.
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