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TORONTO, Ontario, March 25, 2002 - Stuart Energy

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Copperfield   Sunday, 04/28/02 08:19:30 PM
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TORONTO, Ontario, March 25, 2002 - Stuart Energy Systems Corporation (TSE:HHO) has signed a joint cooperation agreement with Ford Power Products, a subsidiary of Ford Motor Company. Ford has developed a hydrogen fueled internal combustion engine. Together, they will jointly develop hydrogen-fueled power systems for the global back-up power generation and other power markets.

Stuart Energy will integrate its proprietary hydrogen generation technology with Ford Power Products' hydrogen-fueled internal combustion engine generator package. This generator package is being jointly developed by Ford Power Products and Ballard Power Systems' Electric Drives and Power Conversion Division.

Stuart Energy expects to install the first hydrogen back-up power system at its head office in Mississauga, Ontario in the fall of 2002. This installation will satisfy the first milestone in the Letter of Intent signed in October 2001 with Cheung Kong Infrastructure Holdings Limited (CKI) to supply hydrogen back-up power systems for the Hong Kong and Asia Pacific marketplace. Subsequent milestones include prototype systems operating in field trials by spring of 2003. The first systems are expected to be commercially deployed by the end of 2003.

"This important agreement with Ford Power Products enables us to provide clean, reliable and safe hydrogen power products for the commercial marketplace within 24 months. With our CKI Letter of Intent, we expect Asia Pacific to be our initial market entry point," said Jon Slangerup, President and CEO of Stuart Energy.

Stuart Energy's integrated solutions will use proven technology and create a compelling product for the worldwide power market. "With our Hong Kong project on track, we are now targeting the U.S. market, where the concerns for energy security and clean air are driving forces for the adoption of commercial hydrogen solutions," said Mr. Slangerup.

"Once installed, these systems will form a hydrogen infrastructure for the near-term power market. This distributed infrastructure can also be used to fuel hydrogen-powered vehicles," commented Mr. Slangerup.

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