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Press Release

Stuart Energy, Statkraft and EHN Sign Joint Cooperation Agreement for
Renewable Hydrogen

TORONTO, ON, October 9, 2003 - Stuart Energy Systems Corporation (TSX: HHO), Statkraft SF and Corporación Energía Hidroeléctrica de Navarra S.A. (EHN), have signed a joint cooperation agreement intended to establish a framework to jointly assess, demonstrate and develop advanced renewable energy based hydrogen production and distribution solutions.

Stuart Energy is a leading manufacturer and integrator of turnkey water electrolysis based Hydrogen Energy Stations (HES), Statkraft is the foremost electricity company in Norway and major renewable energy producer in Europe. EHN is the second largest European producer of electricity from wind power. The three companies share a common belief that hydrogen produced from renewable energy sources will be a vital energy carrier of the future.

Stuart Energy brings to the partnership its expertise in developing multi-purpose hydrogen infrastructure products (HES) that use electricity and water to generate and store hydrogen energy. This stored hydrogen can then be redeployed on demand as either fuel for vehicles, or as electricity for peak shaving or power applications. The HES has five modules: hydrogen generation, compression, storage, dispensing and power generation.

Statkraft and EHN will enrich the partnership with their considerable knowledge of electrical networks, as well as their deep technical expertise in generating renewable electricity using wind and hydropower turbine technology. Both Statkraft and EHN have each purchased a Stuart Energy HES hydrogen generation module and are actively evaluating sites to demonstrate transportation and power applications of wind generated hydrogen.

"Statkraft is committed to the implementation of environmentally friendly energy solutions. We see hydrogen produced from renewable energy sources, such as wind energy, through electrolysis as the pathway to bringing the full benefits of clean hydrogen to applications in the transport and stationary sectors," said Erlend Broli, Director Development of Statkraft.

"EHN is committed to demonstrating the technical and economic viability of the sustainable energy model," says Carlos Itoiz, Deputy CEO of EHN. "We are present in a number of renewables, particularly wind energy, where we have developed almost 30% of the installed capacity of Spain, and this agreement enables us to make a decisive entry into the field of hydrogen. Working with our partners we can generate hydrogen from the wind, thus ensuring a completely clean cycle in its production."

"Hydrogen produced through electrolysis using renewable energy addresses the issues of energy security, climate change and urban air quality," said Jon Slangerup, President and CEO of Stuart Energy. "Hydrogen is a zero-emission fuel that can be produced and distributed where it is required, making it indigenous to every country. We, along with our partners, recognize the tremendous role hydrogen will play in the future, and we look forward to working together to develop long term deployable energy solutions."

About Statkraft
Statkraft is Norway's largest producer of electricity. The company's own production capacity comprises an average of around 42 TWh annually - or around 1/3 of the hydropower generated in Norway. The Statkraft Group has approximately 2,100 employees, including those in Skagerak Energi and Trondheim Energiverk. The company is Norway's biggest land-based taxpayer. Statkraft has ownership shares in BKK, Agder Energi and Fjordkraft, all Norwegian power companies. In size, the Statkraft Alliance is the third largest in the Nordic production market and the second largest in the Norwegian consumer market.

About EHN
EHN is a group of companies dedicated to the promotion, construction and operation of renewable energy sources, and the provision of services to third parties involved in the field. It has installed 1,450 MW of wind power capacity, of which 633 MW correspond to its own wind farms, and has pioneering plants in the fields of biomass, solar power and small hydro, in addition to a project to build a biodiesel plant. Based on its parent company with registered offices in Navarre (northern Spain), EHN has set up a large number of subsidiaries in other regions and countries.

About Stuart Energy
Stuart Energy Systems Corporation (TSX: HHO) is a 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
Marc Koetzle
905.282.7700 x6015

Erlend Broli,

Stuart Energy Investor Relations
Robert McGillivray

Department of Communication and I.R.
[email protected] / [email protected]


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