H Power Residential Fuel Cell Unit Being Field Tested in Finland
H Power Corp. (NASDAQ: HPOW), a leading fuel cell development company, today announced that Fortum Oy, a major international energy company based in Finland, has installed an H Power residential cogeneration fuel cell unit in a test house located in Aetsa, Finland. The unit is fueled by hydrogen and will supply all the electricity and heat used by a typical household. In addition, the unit will be "net metered" to sell surplus electricity to the local electric utility.
Prior to its installation for field testing, the H Power unit had been tested extensively by Fortum for a period of six months and furnished with grid connection capability.
In addition to Fortum, several other Finnish companies are participating in the project. Fortum will provide grid and heating system interface and technological expertise; Prizztech Oy will coordinate the project; Finnish Chemicals Oy will provide site arrangements and supply hydrogen; and Woikoski Oy will provide hydrogen transportation and storage. The test house is located near Finnish Chemicals Oy's chlorate electrolysis plant, which produces surplus hydrogen and will supply it to the test unit.
H. Frank Gibbard, chief executive officer of H Power Corp., commented, "We believe this is the first such field test of a Proton Exchange Membrane (PEM) grid connected net metered residential cogeneration unit in Scandinavia. It is a two-year program that will provide Fortum and the other participating companies with first-hand fuel cell cogeneration system experience and pave the way for future product development. In Finland and in the rest of Scandinavia, there are many sparsely populated areas where residential fuel cell cogeneration systems are the best alternative to the usual electric grid system. This coupled with environmental concerns and the high cost of energy, we believe, greatly increases the opportunities for H Power's fuel cell systems in Scandinavia."
Dr. Tapio Alvesalo, Fortum executive corporate vice president, commented, "This unit is particularly efficient because it operates directly on hydrogen, and does not need a fuel processor to extract hydrogen from another source such as natural gas or propane. The ready availability of hydrogen nearby the Aetsa test site in Finland, gives hydrogen fuelled fuel cells an advantage over other alternative energy sources. The next step is to test similar H Power units with an integrated fuel processor in areas with an existing natural gas infrastructure."
H Power residential cogeneration fuel cell systems equipped with H Power's proprietary fuel processors are currently being field tested in the U.S., Canada, France and Japan. H Power's new 80,000 square foot manufacturing facility in Monroe, North Carolina is scheduled to open in the second half of 2001. In addition to stationary units, the company also offers six portable and mobile fuel cell systems ranging in power from 35 to 500 watts under the trade name PowerPem(R).
Fortum based in Finland, is a $10 billion (US) major international energy company. Operations include oil and gas exploration and production; refining and sales of petroleum products; transmission, sale and distribution of power and heat; operation and maintenance of power and heating plants; design, planning and construction of power and heating plants and related consulting services; engineering of transmission and distribution systems and other power-related facilities; manufacturing and sales of energy-measurement devices and related services and the production and sale of chemical, primarily adhesive resins and industrial coatings. For additional information please visit www.fortum.com
About H Power Corp.
H Power Corp. is a leading fuel cell development company and one of the first providers to complete a commercial sale of a proton-exchange membrane (PEM) fuel cell system. PEM fuel cells generate electricity efficiently and cleanly from the electrochemical reaction of hydrogen and oxygen. Hydrogen is typically derived from conventional fuels such as natural gas or propane, and oxygen is drawn from the air. H Power's fuel cells are designed to provide electricity for a wide range of stationary, portable and mobile applications including residential cogeneration products for rural, remote homes, and backup power units for mobile applications.
For additional information, please visit our website at www.hpower.com.
Certain expectations and projections regarding the future performance
of H Power discussed in this news release are forward-looking and are
made under the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These expectations are based on
currently available competitive, financial and economic data along
with the Company's operating plans and are subject to future events
and uncertainties. Management cautions the reader that the following
factors, amongst others, may cause H Power's plans to differ or
results to vary from those expected, including the impact of
competition, pricing, market demand and marketplace acceptance, and
other risks set forth from time to time in H Power's filings with the
Securities and Exchange Commission, including, but not limited to the
risks set forth in H Power's Registration Statement on Form S-1. H
Power undertakes no obligation to publicly release the results of any
revisions to forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. The events highlighted herein
should not be assumed to be items that could affect the future
performance of the Company.
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