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For Immediate Release 7 March, 2005
QuestAir and FuelCell Energy to evaluate production of pure hydrogen from Direct FuelCell® power plants
BURNABY, B.C. - QuestAir Technologies Inc. (AIM: QAR; TSX: QAR), a developer and supplier of advanced gas purification systems for refinery, industrial and fuel cell markets, announced today that it has signed a memorandum of understanding (MOU) with FuelCell Energy, Inc. (NasdaqNM: FCEL) to evaluate the use of QuestAir's hydrogen purification technology to produce pure hydrogen from the exhaust of FuelCell Energy's Direct FuelCell® (DFC®) power plants.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of high temperature fuel cells for clean electric power generation. The company's large stationary fuel cell power plants are installed at more than 36 commercial and industrial sites around the world.
QuestAir and FuelCell Energy will complete a preliminary design and economic analysis of a system including QuestAir's commercial hydrogen purification products to produce pure hydrogen from the anode exhaust of a One Megawatt Direct FuelCell power plant. Direct FuelCell power plants equipped with this 'hydrogen export' system could be used by FuelCell Energy's customers to produce pure hydrogen for industrial uses or to fuel fleets of fuel cell vehicles, in addition to generating electrical power and heat. Under the terms of the MOU, QuestAir and FuelCell Energy will also cooperate to secure funded demonstrations of this hydrogen export system. The companies will also undertake a technical and economic assessment of the use of QuestAir's advanced gas purification technology to recover and recycle hydrogen within the Direct FuelCell power plant. Such a 'hydrogen recycle' system has the potential of increasing the electrical efficiency of the Direct FuelCell power plants, which would reduce the net cost of electrical power produced by the fuel cell. "QuestAir's advanced hydrogen purification technology has the potential to add significant value to FuelCell Energy's plants by producing a purified hydrogen by-product, and by increasing the overall efficiency of the fuel cell power plant," said Jonathan Wilkinson, President and CEO of QuestAir. "We look forward to completing this initial phase of the product development, and securing a demonstration site for a Direct FuelCell equipped with a prototype hydrogen export system." "The trigeneration of hydrogen as well as electricity and heat by our DFC power plants further enhances the value proposition for many of our targeted customer segments," said Dr. Hansraj C. Maru, Chief Technology Officer of FuelCell Energy. "This demonstrates the versatility of our 'ultra-clean' DFC products for the developing fuel cell market." Each company will cover its own expenses for work completed under the MOU, which is expected to be complete by the fourth quarter of 2005. At that time QuestAir and FuelCell Energy will decide whether to proceed with further product development and testing. Certain statements in this press release may constitute ''forward-looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", ''may'', ''will'' and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. -30- About QuestAir Technologies Inc.
QuestAir Technologies, Inc. is a developer and supplier of proprietary gas purification systems for several large international markets, including existing markets such as oil refining, biogas production and natural gas processing, and emerging markets such as fuel cell power plants and fuel cell vehicle refuelling stations. The Company has joint development agreements with Exxon Mobil Research and Engineering Company and Shell Hydrogen, and a collaboration with FuelCell Energy. QuestAir is based in Burnaby, British Columbia and its shares trade on the AIM Market of the London Stock Exchange Plc. and on the Toronto Stock Exchange under the symbol "QAR".
About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of high temperature fuel cells for clean electric power generation. The Company has developed commercial distribution alliances for its carbonate Direct FuelCell products with world class companies such as PPL Energy Plus, Caterpillar, Alliance Power, Chevron Energy Solutions and LOGANEnergy in the U.S.; Marubeni Corporation in Asia; MTU CFC Solutions in Europe; and Enbridge Inc. in Canada. FuelCell Energy developed its patented Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through its Office of Fossil Energy's National Energy Technology Laboratory.
FuelCell Energy is also developing next generation high temperature fuel cell products, such as a diesel fueled marine Ship Service Fuel Cell, a combined-cycle DFC/Turbine ® power plant and solid oxide fuel cells through its partnership with Versa Power Systems for applications up to 100 kilowatts. More information is available at http://www.fuelcellenergy.com. For further information please contact: QuestAir Technologies Inc.
Andrew Hall
Director, Corporate Development and External Communications
Phone: (001) 604-453-6967
Email: hall@questairinc.com
Web: www.questairinc.com
UK media contact:
Charles Ryland
Ben Willey
Eleanor Williamson
Buchanan Communications
Phone: +44 (0) 20 7466 5000
Canadian media contact:
Pamela Smith
James Hoggan + Associates
Phone: (001) 604-739-7500 |
