SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13D
Under the
Securities Exchange Act of 1934
HYDROGEN ENGINE CENTER,
INC
.
(Name of
Issuer
)
COMMON
STOCK, PAR VALUE $.001 PER SHARE
(Title
of Class of Securities)
448876 10
2
(CUSIP
Number)
Steven
C. Waldron
6571
Pinnacle Drive
Eden
Prairie, MN 55346
Telephone:
(612) 804-2545
(
Name, Address and Telephone Number
of Person Authorized to Receive Notices and Communications)
March
17, 2009
(Date
of Event Which Requires Filing of this Statement)
If the
filing person has previously filed a statement on Schedule 13G to report the
acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box.[ ]
The
information required on the remainder of this cover page shall not be deemed to
be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934
("Act") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP
NO.: 448876 10 2
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1
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NAMES OF REPORTING PERSONS:
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Steven
C. Waldron
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS):
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(a)
o
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(b)
o
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3
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SEC USE ONLY:
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS):
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OO
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e):
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION:
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United States of America
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7
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SOLE VOTING POWER:
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NUMBER OF
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15,611,037
1
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SHARES
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8
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SHARED VOTING POWER:
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BENEFICIALLY
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OWNED BY
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0
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EACH
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9
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SOLE DISPOSITIVE POWER:
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REPORTING
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PERSON
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15,611,037
1
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WITH
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10
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SHARED DISPOSITIVE POWER:
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:
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15,611,037
1
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(11):
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51.83%
(2)
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14
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TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS):
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IN
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(1)
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This
amount represents a currently exercisable option to purchase these
shares. As of the date of this Schedule 13D, the reporting
person is not the record owner of any shares of the
Issuer.
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(2)
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Based
on 30,214,902 shares of common stock outstanding as of March 24,
2009.
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Item 1. Security and
Issuer
This Schedule 13D relates to the Common Stock, par value $0.001 per
share (“Common Stock”) of Hydrogen Engine Center, Inc. (“the Company” or
“Issuer”).
The
Company’s principal executive offices are located at 2502 East Poplar Street,
Algona, Iowa 50511.
Item 2. Identity and
Background
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a.
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This
statement is being filed on behalf of Steven C.
Waldron.
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b.
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Mr.
Waldron’s business address is 6571 Pinnacle Drive, Eden Prairie, Minnesota
55346.
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c.
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Mr.
Waldron’s occupation is Chairman and Chief Executive Officer of Pinnacle
Wind Energy, L.L.C., Eden Prairie,
Minnesota.
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Item 3. Source and Amount of Funds
or Other Consideration
See Item
4 below.
Item 4. Purpose of
Transaction
Effective March 17, 2009, Theodore G.
Hollinger, the Company’s founder, entered into an agreement with Steven C.
Waldron, under which Mr. Hollinger granted Mr. Waldron the option to purchase
all of his shares of Common Stock of the Company at a price of $0.02 per
share. Mr. Hollinger currently owns 15,661,037 shares, or 51.83% of
the total number of shares of Common Stock outstanding. Mr.
Waldron has paid the amount of $15,000 to acquire the option. If the
option is not exercised, Mr. Hollinger will be obligated to transfer 750,000
shares of his stock to Mr. Waldron. In the event Mr. Waldron
exercises the option, he will pay Mr. Hollinger an additional
$298,220.
Under the terms of the agreement, Mr.
Waldron has the right to conduct due diligence on the Company over a period of
45 days before determining whether to exercise his option. If the
option is exercised, Mr. Waldron will have purchased voting control of the
Company and will be able to control the business plans and direction of the
Company. Mr. Waldron is associated with Pinnacle Wind Energy, a
company dedicated to the efficient development of wind power. Should
Mr. Waldron gain control of the Company, Company resources likely will be
primarily dedicated to this goal.
Item 5. Interest
in Securities of the Issuer.
The
reporting person acquired an option to purchase 15,661,037 shares of Common
Stock pursuant to an Option Purchase Agreement (attached as Item 7 exhibit
below).
Unless and until the
option is exercised, the reporting person owns 0% of all outstanding shares of
Common Stock of the Company. Upon exercise of the option, the reporting person
will own 51.83% of the Common Stock of the Company. In the event the reporting
person does not exercise the option, the option will expire, and the reporting
person will acquire 750,000 shares, representing 2.48% of the total shares
outstanding.
Item 6. Contracts, Arrangements,
Understandings or Relationships With Respect to Securities of the
Issuer.
See Item
4 above.
Item 7. Material to be Filed as
Exhibits
.
Option
Purchase Agreement.
Signature
After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
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STEVEN
C. WALDRON
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/s/ Steven C.
Waldron
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Dated: April
8, 2009