ROCKY HILL, Ct., Jan. 10 /PRNewswire/ -- In light of recent U.S.
government announcements, Proton Energy Systems, Inc. (Nasdaq: PRTN), a leader
in practical applications of Proton Exchange Membrane, or PEM, electrochemical
technology and products, today provided an update on its progress in
developing a line of fully integrated products that make hydrogen fuel from
existing water and electricity sources.
Proton is currently developing FuelGen(TM) high-pressure hydrogen
generation systems capable of supplying the hydrogen fueling needs of fuel
cell vehicles. Proton's FuelGen units are appropriately scaled and designed
to operate at typical gas station locations using ordinary water and
electricity. Proton has completed the initial assembly of its first full
scale FuelGen system and plans to begin unit testing this spring. Units are
expected to be delivered to the TH!NK Group, an enterprise of Ford Motor
Company, and to the California Fuel Cell Partnership later this year.
As reported this week, the U.S. Department of Energy will partner with the
three major U.S. auto manufacturers to develop the hydrogen economy of the
future. Central to that initiative, according to U.S. Energy Secretary
Spencer Abraham, is "a new public-private partnership between my department
and the nation's automobile manufacturers to promote the development of
hydrogen as a primary fuel for cars and trucks as part of our effort to reduce
American dependence on foreign oil." The program, labeled "Freedom Car," will
promote technologies that enable mass production of affordable hydrogen-
powered fuel cell vehicles and the hydrogen-supply infrastructure to support
them.
According to Proton's President and CEO Walter "Chip" Schroeder, "The
hydrogen for fuel cell vehicles will come from only two sources: hydrocarbons
or water. What makes Proton's technology and products so important is that we
offer the pollution-free path. Our fueling systems can now make low cost
hydrogen fuel from excess off-peak electricity and water. In the longer term,
we believe electricity will come from renewable resources, implementing a
truly sustainable energy economy. We are pleased to be working with Ford's
TH!NK Group and the California Fuel Cell Partnership to put this vision of
sustainability into practice. We believe Proton is the only company
developing a solid-state self-pressurizing hydrogen fueling system capable of
fast-filling fuel cell powered vehicles."
Proton products incorporate PEM technology similar to the technology used
in fuel cell vehicles. Its family of commercial products generates hydrogen
for many industrial applications, replacing hydrogen delivered by trucks.
Proton received support for the development of these PEM-based systems from
various government sources including the DOE, NASA and Naval Research
Laboratory.
Proton Energy Systems, Inc. ( http://www.protonenergy.com ) designs,
develops and manufactures proton exchange membrane, or PEM, electrochemical
products that it employs in hydrogen generating devices and in regenerative
fuel cell systems that function as power generating and energy storage
devices. Proton's HOGEN(R) hydrogen generators produce hydrogen from
electricity and water in a clean and efficient process using its proprietary
PEM technology. Proton's UNIGEN(R) regenerative fuel cell systems, which it
is currently developing, will combine Proton's hydrogen generation technology
with a fuel cell power generator to create an energy device that is able to
produce and store the hydrogen fuel it can later use to generate electricity.
This press release contains forward-looking statements for purposes of the
safe harbor provisions under The Private Securities Litigation Reform Act of
1995. Statements contained herein that are not statements of historical fact
may be deemed to be forward-looking information. Without limiting the
foregoing, words such as "anticipates," "believes," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "should," "will," and "would" and
other forms of these words or similar words are intended to identify
forward-looking information. Proton's actual results may differ materially
from those indicated by these forward-looking statements as a result of
various important factors. Proton disclaims any obligation to update these
forward-looking statements. Factors that could cause results to differ
materially from those contained in Proton's forward-looking statements
include, but are not limited to, our failure to complete development of our
products, failure of our products to achieve commercial acceptance, our
inability to expand our production facilities, manufacture our products at
commercially acceptable costs or establish distribution relationships, the
impact of competitive products and other factors detailed in our Form 10-K for
the year ended December 31, 2000 and other filings made from time to time with
the SEC.
FuelGen(TM), HOGEN(R) and UNIGEN(R) are Trademarks and Registered
Trademarks of Proton Energy Systems, Inc.
SOURCE Proton Energy Systems, Inc.
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Related links:
http://www.protonenergy.com
CONTACT:
John A. Glidden, Vice President of Proton
Energy Systems, Inc., +1-860-571-6533; General Info, Marilynn
Meek, +1-212-445-8451, Analysts, Nicole Engel, +1-212-445-8452,
or Media, Judith Sylk-Siegel, +1-212-445-8431, all of FRB Weber
Shandwick
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