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Press Release

Stuart Energy Opens Second Hydrogen Energy Station in Sweden

Stockholm, Sweden, November 13, 2003 - Fortum AB, the second largest power company in the Nordic countries, officially opened its first Hydrogen Energy Station (HESf), provided by Stuart Energy Systems Corporation (TSX:HHO). The HESf will supply clean hydrogen fuel to three fuel cell buses as part of the prestigious Clean Urban Transport Europe (CUTE) program. Stockholm is one of four CUTE cities that will be using Stuart Energy hydrogen infrastructure products.

Mr. Peter Wressell, Chief Operating Officer of Stuart Energy, was in Stockholm for the station opening and commented, “The opening of this station represents the first step in the introduction of a hydrogen infrastructure in the City of Stockholm. Fortum and the City of Stockholm have taken an essential step towards creating a pathway to environmentally sustainable urban transportation solutions and we are delighted to be part of this important movement.”

Of the nine cities that are involved in the CUTE program Stockholm is the city with the harshest winter climate and temperature change throughout the year. “We saw this project as a great opportunity to showcase the durability and robust design of our HES products,” commented Mr. Wressell. “Our products can be deployed anywhere in the world.”

The Stockholm HESf is comprised of four modules: pressurized water electrolysis-based hydrogen generation, compression, high-pressure storage and hydrogen fuel dispenser. The station is capable of producing approximately 120 kg per day of high-purity, high-pressure hydrogen using Stuart Energy’s proprietary IMET® technology. Each fuel cell bus carries approximately 40 kg of hydrogen at 350 bar (5,000 psi).

Stuart Energy’s involvement in the CUTE program also includes the provision of HES hydrogen generation modules to the cities of Amsterdam, Barcelona and Porto. In addition, Stuart Energy recently announced the opening of a hydrogen fueling station in Malmo, Sweden.

About Stuart Energy
Stuart Energy Systems Corporation (TSX: HHO) is the world leading developer and supplier of integrated hydrogen solutions that use the Company’s proprietary hydrogen generation water electrolysis technology with products from corporate partners to serve existing and emerging markets for power generation, transportation and industry. The Company’s website address is http://www.stuartenergy.com

This release includes forward -looking statements, which are based on certain assumptions and reflect management's current expectations as contemplated under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward -looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success for new products, services and technologies; the level of expenditures necessary to maintain or improve the quality of products and services; changes in technology; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; the uncertainties of the emerging hydrogen economy, including the hydrogen economy growing at a slower pace than is anticipated; our ability to secure and maintain strategic relationships; the availability of, and ability to retain, key personnel; and the failure of the Company to effectively integrate acquisitions. Additional factors are discussed in our materials filed with the securities regulatory authorities from time to time. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

For more information, please contact:

Stuart Energy Media and Public Relations

Wanda Cutler
905.282.7769
[email protected]

Stuart Energy Investor Relations

Robert McGillivray
905.282.7727
[email protected]

 

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