Nuvera partners with Sustainable Energy for joint fuel cell development

CALGARY, Alberta, May 23, 2001 — Sustainable Energy Technologies Ltd. today announced that it will collaborate with Nuvera Fuel Cells Inc. to develop the power conditioning for a Fuel Cell Power System that will be targeted at the North American residential scale market.

Formed in April 2000, through the merger of De Nora Fuel Cells S.P.A..S.r.l., and Epyx Corporation, Nuvera Fuel Cells (www.nuvera.com) is a designer and developer of fuel processors, fuel cell stacks, and integrated fuel cell systems for stationary and transportation applications. Nuvera’s fuel processors and proton exchange membrane, or PEM, fuel cell stacks have been successfully tested and evaluated by major automobile, research institutions, and industrial and energy companies. Nuvera has been active in developing markets for its fuel cell systems in North America, Europe and Japan and has entered into strategic alliances with Air Liquide, Verizon and Mitsui & Co Ltd.

The primary objective of this collaboration is to develop a fully integrated Fuel Cell Power System that will meet the needs of the North American residential market by integrating and customizing Sustainable Energy’s power management module directly with Nuvera’s proton exchange membrane fuel cell stacks. Coordinated control of the entire system and integrated manufacturing will achieve the maximum overall system efficiency and the maximum possible cost reduction.

Sustainable Energy Technologies Ltd is in the final stages of development of a power management module for distributed generation markets worldwide. The power management module incorporates patented and patent pending technologies that enable the module to seamlessly integrate a wide range of distributed generation and storage technologies. Advanced microprocessor controls allow the module to be easily customized to meet a wide range of power output characteristics.

Sustainable Energy (www.sustainableenergy.com) maintains corporate and operational facilities in Calgary, Alberta, and Richland Washington.