History

Palcan Fuel Cell Co Ltd.(Palcan), a Vancouver based Sino Canadian company, was formed in 1998, In 2002 Palcan went public on the Vancouver stock exchange when Palcan became the operating company for the publicly traded company “Palcan Power Systems Inc.”(Pubco).

Pubco focused on a variety of fuel cell applications but primarily small transport vehicles. In late 2007 with the downturn in the economy Dr Shen, Palcan’s founder, with other major shareholders took Palcan private. Palcan changed its name to Palcan Energy and modified the business plan to focus on backup and portable fuel cell applications as they were the growing niche market.

Palcan required development capital and a base in China to manufacture and market to the Chinese market. The Chinese collaborated with Dr Shen by investing in two joint ventures in through local governments in Suzhou and Wuxi, where each JV focuses on particular fuel cell applications.

In Canada Palcan maintains its role of undertaking global administration, finance, R&D and non Asian sales and support. Manufacturing and Asian sales is done in China through the JV’s.