APD Air Products and Chemicals Inc

Proton Energy Systems Teams with Air Products on DOE Award for Advanced High Pressure PEM Electrolysis WALLINGFORD, Conn., Aug. 4 /PRNewswire-FirstCall/ -- Proton Energy Systems, Inc., a subsidiary of Distributed Energy Systems Corp. (NASDAQ:DESC), announced today the signing of a three-year Cooperative Agreement with the U.S. Department of Energy (DOE) for a potential $3.8 million research project to develop methods to reduce the cost of high-pressure hydrogen generation from Proton Exchange Membrane (PEM) electrolysis. Air Products (NYSE:APD), a global leader in hydrogen production and distribution, has been selected by Proton to be a subcontractor to optimize the compression, storage and dispensing module for systems intended to supply hydrogen to fuel cell vehicles. Under the project, Proton and Air Products will perform research and development activities on a low-cost, electrolysis-based hydrogen generation system capable of delivering hydrogen at 5,000 psi and greater for automotive fueling. Proton and Air Products will evaluate different system designs, including various renewable technology inputs. Proton's proprietary high-pressure cell stack will be a key component in the design of the system. Performance against objectives in the first budget period will determine if additional periods will be funded. "We are looking forward to broadening our product offerings through our relationship with Proton. This project will demonstrate the capabilities of our premier hydrogen distribution and delivery know-how with Proton's renewable hydrogen generation technology," said Ed Kiczek, Air Products' senior business development manager for Future Energy Solutions. Proton's Senior Vice President of Advanced Technology Robert Friedland agrees with Kiczek. "We are delighted to continue our relationship on advancing state-of-the-art PEM electrolysis technology with the DOE and Air Products. Working jointly with Air Products will allow us to accelerate our commercial product development for hydrogen fueling markets," said Friedland. About Proton Energy Systems, Inc. Proton Energy Systems, Inc. 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. For more information visit http://www.protonenergy.com/ . About Distributed Energy Systems Corp. Distributed Energy Systems Corp. (NASDAQ:DESC) creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality and reliability. As the parent company of Proton Energy Systems (http://www.protonenergy.com/) and Northern Power Systems (http://www.northernpower.com/), Distributed Energy Systems delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information visit http://www.distributed-energy.com/ . About Air Products Air Products (NYSE:APD) serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing atmospheric gases, process and specialty gases, performance materials and chemical intermediates. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. With annual revenues of $6.3 billion and operations in over 30 countries, the company's 18,500 employees build lasting relationships with their customers and communities based on understanding, integrity and passion. For more information, visit http://www.airproducts.com/. 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, including statements concerning product development may be deemed to be forward-looking information. Without limiting the foregoing, words such as "anticipates," "believes," "could," "estimate," "expect," "intend," "may," "might," "should," "will," and "would" and other forms of these words or similar words are intended to identify forward-looking information. Distributed Energy's actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. Distributed Energy disclaims any obligation to update these forward-looking statements. Factors that could cause results to differ materially from those contained in Distributed Energy'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 Distributed Energy's Form 10-Q for the quarter ended March 31, 2004, and other filings Distributed Energy may make from time to time with the SEC. DATASOURCE: Distributed Energy Systems Corp. CONTACT: Distributed Energy Systems Corp. Investor Relations, +1-203-678-2355; or Marilynn Meek of The Financial Relations Board, +1-212-445-8451, for Distributed Energy Systems Corp. Web site: http://www.distributed-energy.com/ http://www.protonenergy.com/ http://www.airproducts.com/

Copyright