30.4.2004: DTE Energy Purchases Stuart Energy Hydrogen Station for Power Park Project
TORONTO--Stuart Energy Systems Corporation (TSX: HHO - News) announced today that DTE Energy has selected a Stuart Energy Station (SES) to fuel its hydrogen technology park project in Southfield, Michigan. DTE Energy has purchased a SES-f to provide clean hydrogen to zero-emission hydrogen-powered vehicles as well as enable peak shaving. The technology park project is intended provide critical insight into the role of hydrogen in the world"s energy system.
The SES-f uses electricity to separate water into its constituent elements, hydrogen and oxygen. The system is expected to operate during the evening, taking advantage of off-peak power prices to produce and store hydrogen. This hydrogen is then used in fuel cells to produce electricity during high-value peak periods. The environmentally friendly hydrogen will also be used to fuel emission free vehicles that use DTE Energy"s technology park. The park is scheduled to open in the fall of 2004.
"This project demonstrates the multi-purpose functionality of our SES product line," commented Jon Slangerup, President and CEO of Stuart Energy. "We are providing integrated hydrogen infrastructure solutions that enable our customers to fully utilize their capital assets and take advantage of off-peak electricity rates to reduce operating costs. At the same time this asset enables environmental and energy security benefits derived from using hydrogen as an effective storage medium for converting low value electricity into high value energy and fuel."
"With the Hydrogen Technology Park, DTE Energy continues its commitment to leadership in clean and renewable energy technologies," said Anthony F. Earley Jr., DTE Energy chairman and CEO. "Each step in this exploration moves us closer to the next era of energy - an era when energy becomes safer, quieter, more reliable and cleaner than ever before."
The SES-f that will be supplied to DTE Energy is capable of producing and delivering 30 Nm3h of hydrogen at 5000 psi to vehicles. This system was designed to meet the fueling needs of 3 passenger vehicles per day. The integrated system is composed of four modules: Hydrogen Generation, Compression, Storage and Fuel Dispenser. Stuart Energy also provides Power Modules for distributed power applications.
About Stuart Energy
Stuart Energy Systems Corporation (TSX: HHO - News) is the world leading developer and supplier of integrated hydrogen infrastructure solutions that serve existing and emerging markets for power generation, transportation and industrial applications. The Company"s website address is http://www.stuartenergy.com
This release includes forward -looking statements, which are based on certain assumptions and reflect management"s current expectations as contemplated under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward -looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success for new products, services and technologies; the level of expenditures necessary to maintain or improve the quality of products and services; changes in technology; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; the uncertainties of the emerging hydrogen economy, including the hydrogen economy growing at a slower pace than is anticipated; our ability to secure and maintain strategic relationships; the availability of, and ability to retain, key personnel; and the failure of the Company to effectively integrate acquisitions. Additional factors are discussed in our materials filed with the securities regulatory authorities from time to time. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Stuart Energy, Media and Public Relations
Source: Stuart Energy Systems Corporation