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Proton Energy Systems (ticker: PRTN, exchange: NASDAQ) News Release - 11/10/2003
Proton Announces Contract Award from the University of Nevada Las Vegas Research Foundation for Renewable Hydrogen Project

WALLINGFORD, Conn., Nov. 10 /PRNewswire-FirstCall/ -- Proton Energy Systems, Inc. (Nasdaq: PRTN), a leader in on-site hydrogen generation products and fuel cell technology, received a contract award from the University of Nevada Las Vegas Research Foundation, or UNLVRF, for the delivery of a solar- powered hydrogen system.

Proton will cost share 50 percent of the $1,376,640 contract award and can receive up to $688,320 in payments from UNLVRF. The award will aid in the development of a solar-powered system that produces hydrogen fuel from water using a Proton Exchange Membrane, or PEM, hydrogen generator. Proton will design, build, integrate, and commission the hydrogen system utilizing its HOGEN(R) RE hydrogen generator and a purchased PV solar panel array and storage tank. Project completion will be expected by late 2004.

"We believe we have brought together a team that can get this project done within the time frame dictated by our grant," said Tom Williams, Executive Director of UNLVRF. "We appreciate the support we have received from Senator Harry Reid in our efforts to pursue clean energy projects. This project will take us one step closer to a hydrogen-based economy," added Williams.

The goal of this contract, which is sponsored under a "Hydrogen Filling Station" grant from the U.S. Department of Energy, is to demonstrate a true pathway to zero-emission hydrogen fuel. According to Proton's CEO Walter "Chip" Schroeder, "This is one more step toward a vision of creating a non- polluting, non-depleting energy pathway."

"Nevada, with its abundant solar resource, is a perfect demonstration environment for turning sunlight into fuel," Schroeder said. "We are delighted to be teamed with UNLVRF for this effort because of our complementary accomplishments in renewable technology development."

Proton Energy Systems, Inc. ( http://www.protonenergy.com ) 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) and FuelGen(TM) hydrogen generators produce hydrogen from electricity and water in a clean and efficient process using its proprietary PEM technology.

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 concerning Proton's goals, guidance, revenue projections and other statements that are not statements of historical fact 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. Proton's actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. Proton disclaims any obligation to update these forward-looking statements. Factors that could cause results to differ materially from those contained in Proton'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 our Form 10-Q for the quarter ended June 30, 2003 and other filings made from time to time with the SEC.

FuelGen(TM), HOGEN(R) and UNIGEN(R) are Trademarks and Registered Trademarks of Proton Energy Systems, Inc.

CONTACT:
Investor Relations
Proton Energy Systems, Inc.
203-678-2355

General Info
Marilynn Meek
212-445-8451

Analysts
Peter Seltzberg
212-445-8457
Both of FRB Weber Shandwick

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