24-10-01 Stuart Energy Systems announced that it has achieved an important milestone as a major hydrogen solutions provider to the Asia-Pacific market. The company has signed a letter of intent (LOI) with Cheung Kong Infrastructure Holdings (CKI), a Hong Kong listed company, which is a major shareholder of Stuart Energy. With this LOI, Stuart Energy aims to aggressively pursue and penetrate the market for medium-to-large scale hydrogen back-up power solutions (H(2)BPS) in the Asia-Pacific market.
Subject to Stuart Energy achieving certain milestones, the letter of intent contemplates minimum purchase orders for 2,750 H(2)BPS by March 31, 2004, representing an estimated CDN $ 600 mm in revenue over the term of the seven-year project. Stuart Energy's H(2)BPS is intended to replace diesel-powered systems for existing and newly constructed buildings in the Asia-Pacific market.

Stuart Energy will be the systems integrator for this project, bringing together the company's commercial hydrogen technology with commercially available storage and proven internal combustion engine technology. Emerging fuel cell technology will be incorporated into the solutions as it becomes commercially viable.
"We are excited by this significant opportunity and by having CKI as our strategic partner in bringing the hydrogen economy to the Asia-Pacific region. This is an extraordinary business opportunity for Stuart Energy, one that positions us as leaders in the hydrogen solutions race," said Jon Slangerup, President and CEO of Stuart Energy Systems. "With the signing of this LOI, we are well positioned in the back-up power market. Once installed, our solutions will represent the beginning of a hydrogen infrastructure which should accelerate the commercialisation of hydrogen-based technologies."

Cheung Kong Infrastructure Holdings CKI is the largest publicly listed infrastructure company in Hong Kong with investment in Hong Kong Electric, infrastructure investments, infrastructure materials and infrastructure-related businesses. The company has operations in Hong Kong, Mainland China, Australia, Canada and the Philippines. The Cheung Kong Group, of which CKI is a member, has a total estimated market capitalization of $ 68 bn as of October 23, 2001.

Stuart Energy Systems Corporation is a leading developer and supplier of complete hydrogen solutions including hydrogen generation and delivery systems, with offices in Canada and the United States. These solutions incorporate proprietary water electrolysis technology designed to serve the power market, industrial hydrogen market and the emerging hydrogen fuel market for transportation.