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by Mike Caswell

The Alberta Securities Commission has begun proceedings against GRS Hydrogen Solutions Inc., a Calgary company that claimed to be producing and selling hydrogen. The ASC says that GRS falsely told investors that it had a contract with Atco Group to provide hydrogen or electricity. The company also falsely told investors that it had applied for a listing on the Toronto Stock Exchange, the ASC says.

The allegations against GRS are contained in a notice of hearing that the ASC released on Tuesday, Sept. 5. The notice identifies GRS as a company first registered on May 5, 2021. In addition to GRS, the notice names as a respondent Albert Eugene Cerenzie, a Red Deer man who was the sole director and officer of GRS, as well as the largest shareholder.

The case arises from claims that GRS made to investors and the general public as it raised money over a period of about 15 months. Among other things, GRS said that it had a contract with Atco Group to supply hydrogen, electricity or methanol. The company made the pitch in statements on its website, in news articles and in communications with investors, the ASC says.

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