30.1.2003: Meldung: Stuart Energy Systems Corp. to supply hydrogen fueling station to fuel buses in Stockholm
Wednesday January 29, 8:33 am ET
TORONTO, Jan. 29 / Stuart Energy Systems Corporation (TSX: HHO - News) announced today that it has been selected by Fortum, a leading Nordic energy company, to supply an intelligent hydrogen fueling station to the city of Stockholm, Sweden under the Clean Urban Transportation Europe (CUTE) project. The CUTE project is an initiative to use hydrogen fuel in the public transportation system of nine European cities. The Stuart Energy hydrogen fueling station will produce, store and dispense pure, clean hydrogen fuel on-site, using just water and electricity. Fueling a bus with hydrogen will be as easy as filling up with gasoline.
The station will employ Stuart Energy"s patented intelligent fueling system that governs the exchange of information between components of the system and the user. The station will be delivered and installed in late 2003 and will generate approximately 120 kg of clean hydrogen fuel per day. Each bus in the project will require about 40 kg of hydrogen per day. The system requires only electricity and water to produce hydrogen fuel. Stuart Energy"s infrastructure products generate hydrogen electrolytically, a zero emission process, as apposed to other methods that rely on fossil fuels and carbon dioxide producing processes.
The goal of the Euro CUTE project is to demonstrate the real-world performance and economics of clean hydrogen-powered public transportation. The CUTE project involves nine cities in eight European countries, and is evaluating 27 hydrogen-powered buses in a variety of conditions. Four of the nine hydrogen stations in CUTE will supply hydrogen produced through water electrolysis.
Stuart Energy recently announced its intention to purchase Vandenborre Technologies, a Belgium-based industry leader in the provision of pressurized hydrogen generation systems. Vandenborre Technologies has been chosen to supply hydrogen generation for two of the electrolysis-based CUTE fueling stations, in Barcelona and Amsterdam
"With the signing of this CUTE contract and the closing of the Vandenborre Technologies acquisition, Stuart Energy will be directly involved in three of the four electrolysis-based CUTE projects," said Jon Slangerup, President and CEO of Stuart Energy. "Our involvement in the CUTE projects indicates the strength of the combined Stuart Energy -Vandenborre company in the European market, in addition to our activities in North America and Asia-Pacific."
Stuart Energy is targeting select markets for hydrogen infrastructure products, and in addition to Europe, has made significant commercial progress in California. To date, Stuart Energy has installed hydrogen fueling stations at several customer"s sites, including Ford Motor Company, Toyota Motor Sales U.S.A, the California Fuel Cell Partnership, SunLine Transit California, BC Hydro PowerTech and soon the City of Chula Vista California.
About Stuart Energy
Stuart Energy Systems Corporation (TSX: HHO - News) is a world leading developer and supplier of integrated hydrogen solutions that use the Company"s proprietary hydrogen generation water electrolysis technology with products from corporate partners to serve existing and emerging markets for power generation, transportation and industry. The Company"s website address is http://www.stuartenergy.com
For further information
Stuart Energy Media and Public Relations: Wanda Cutler, (905) 282-7769
Madelaine Duke, (604) 742-4258
Stuart Energy Investor Relations: Robert McGillivray, (905) 282-7727
Source: Stuart Energy Systems Corporation