Stuart Energy - Brennstoffzellentechnologie (unentdeckt?) - 500 Beiträge pro Seite

[schmadke]

Hallo zusammen,

für die, die an die Zukunft der Brennstoffzellentechnologie glauben gibt auch noch andere erfolgsversprechende Aktien, als die von Ballard Power: Stuart Energy aus Canada.

Unternehmen:

STUART ENERGY SYSTEMS CORPORATION is involved in developing and supplying hydrogen generation and supply systems for transportation fuel applications, industrial applications and regenerative fuel applications as a result of its advanced, proprietary water electrolysis technology


Connections:

TORONTO, Nov. 22 /PRNewswire/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today that it has accepted an invitation to be an Associate Member in the prestigious California Fuel Cell Partnership. The Partnership is a collaboration of eight of the world`s major automakers, three leading fuel cell suppliers, three major energy companies and five state or federal government agencies. Stuart will demonstrate its leadership in developing appliances to refuel hydrogen fuel cell vehicles by deploying a ``satellite`` hydrogen fueling infrastructure for the Partnership. Stuart`s proprietary technology uses household water and electricity to produce hydrogen fuel at the pressure and the purity needed for fuel cell vehicles.

The Partnership is a collaborative effort to demonstrate the potential for fuel cell powered vehicles. The California Fuel Cell Partnership is expected to place about 70 fuel cell passenger cars and fuel cell buses on the road in California between 2000 and 2003.

In addition to testing the fuel cell vehicles, the Partnership will also investigate fuel infrastructure issues, including Hydrogen supply, and prepare the market for this new technology by exploring the path to commercialization and increasing public awareness. Stuart Energy has offered the Partnership a convenient and practical distributed infrastructure to meet the needs of the fuel cell vehicles as they are introduced to market.

Andrew Stuart, President and CEO of Stuart Energy, commented, ``We are very excited to become an Associate Member of the California Fuel Cell partnership. We are already providing hydrogen to the Partnership at SunLine Transit in Thousand Palms, and we are confident that we can play an enabling role in a hydrogen fueling infrastructure in California to help make fuel cell vehicles a success.``

The California Cell Partnership

The partnership -- which formally began in April 1999 -- includes auto manufacturers (DaimlerChrysler, Ford, GM, Honda, Hyundai, Nissan, Toyota, and Volkswagen), energy providers (BP, Shell, Texaco), fuel cell companies (Ballard Power Systems, International Fuel Cells, and XCELLSIS), and government agencies (the California Air Resources Board, California Energy Commission, U.S. Department of Energy, U.S. Department of Transportation, and the South Coast Air Quality Management District). The team also includes Associate Partners who assist with specific areas of expertise to help meet the Partnership`s goals: hydrogen gas suppliers (Air Products and Chemicals, Inc. and Praxair); a methanol fuel supplier (Methanex); and bus transit companies (AC Transit and SunLine Transit Agency).

Man beachte vorallem die Liste der Autohersteller, sowie Ballard Power - ebenfalls ein kanadisches Unternehmen und Partner von Stuart Energy bei einigen Projekten. Stuart ist in diesem erlauchten Kreis der einzige Brennstoffzellen-"Versorger".


Weitere Highlights:

- Formed a joint venture with Cheung Kong Infrastructure Holdings Limited (CKI), part of Mr. Li Ka-shing`s business organization, for the development of hydrogen infrastructure in Austral-Asia.
- Strengthened Technology Team with the addition of staff in Research and Development.
- Signed contract with Ford Motor Company for evaluation of Stuart`s Personal Fuel Appliance (PFA).
- Signed exclusive license to one patent and three patent applications for electrolysis cell components and filed two additional new patent applications.
- Filed final prospectus raising CDN $150 million.


Unternehmenszahlen:

Revenue for the quarter was $3.2 million, compared to $3.7 million in the second quarter of fiscal 2000. Stuart Energy had a net loss for the quarter of $3.6 million or $0.26 per share, compared to a net loss of $0.7 million or $0.07 per share in the same quarter last year.

Expenditures on Research and Development increased to $3.2 million in the second quarter of fiscal 2001, compared with $1.4 million in fiscal 2000.

Tja, wie bei den anderen werden leider auch bei Stuart noch Miese gemacht.


Umsätze:

Date Close High Low Volume
Jan 26 8.100 8.250 8.000 623,925
Jan 25 8.200 8.450 8.000 18,790
Jan 24 8.500 8.800 8.350 21,213
Jan 23 8.800 9.300 8.800 79,401
Jan 22 9.250 9.500 9.050 84,509
Jan 19 9.250 9.600 9.000 223,643
Jan 18 9.250 9.500 8.500 149,850
Jan 17 8.700 8.750 8.500 114,340
Jan 16 8.350 8.550 8.350 80,115
Jan 15 8.600 8.600 8.450 4,852
Jan 12 8.550 8.550 8.250 32,060
Jan 11 8.450 8.700 8.150 284,230
Jan 10 8.000 8.100 7.250 717,070
Jan 09 8.250 8.500 8.250 18,700
Jan 08 8.450 8.900 8.450 14,240
Jan 05 8.600 9.000 8.600 11,460
Jan 04 8.950 9.250 8.750 29,700
Jan 03 9.000 9.450 8.750 259,600
Jan 02 9.250 10.000 9.250 49,140
Jan 01 9.500 .000 .000 0
Dec 29 9.500 9.850 9.300 4,912
Dec 28 9.550 9.750 9.050 4,850
Dec 27 9.050 9.950 9.050 30,442
Dec 26 9.700 .000 .000 0
Dec 25 9.700 .000 .000 0
Dec 22 9.700 10.500 9.650 49,050
Dec 21 9.950 9.950 9.250 33,665
Dec 20 9.850 9.950 9.250 16,510
Dec 19 9.650 10.050 9.500 41,920
Dec 18 10.450 10.500 9.600 40,990

Am 10., 19. und 26. war Grosskampftag bei Stuart: riesige Umsätze im Vergleich zu sonst. Es darf spekuliert werden, wer sich hier in dem Maße zu so günstigen Kursen eindeckt, lag doch die Erstnotiz bei 27 kanadischen Dollar.

Stuart wird zwar an deutschen Börsen gehandelt, allerdings nur sehr, sehr wenig. Wer also tätig werden will, muß das schon direkt vor Ort in Toronto tun.

Also, über Anregungen, Ergänzungen etc. würde ich mich freuen. Wer mehr zu Stuart wissen will schaut unter www.stuartenergy.com oder bei yahoo.com/finance unter dem Kürzel hho.to.

Grüssle
Schmadke

[M-B-S]

Hallo Schmadke !

Bleib doch bei der 1000 % Chance Wasserstoffaktie v. mir !

Sonst stimm ich mit Dir überein !

Kommt Zeit kommt Stuart

[schmadke]

Das blöde ist, dass man Deinen Thread bei der Suche nach Stuart gar nicht angezeigt bekommt!

Grüssle
Schmadke

PS: Bei wieviel hast Du gekauft?

[steperjo]

Son heute geht es nun langsam richtung Norden!!!!!

[schmadke]

Allerdings sehr langsam. Macht aber nichts.

Grüssle
Schmadke

[schmadke]

Nicht der Bringer, aber immerhin eine Neuigkeit (für + 6% hats immerhin gereicht):

Stuart Energy Partners With BC Hydro to Advance Hydrogen-fueling Technology
TORONTO, Jan. 31 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, and BC Hydro, British Columbia`s provincial electric utility, announced today that they have signed a Memorandum of Understanding to jointly develop a hydrogen infrastructure demonstration project. The planned project will demonstrate the benefits of compressed hydrogen as a vehicle fuel, and water electrolysis as the preferred technology for generating that hydrogen. The planned project will be based at BC Hydro`s Powertech Labs facility in Surrey, British Columbia, and use a Stuart Energy on-site electrolysis hydrogen fuel appliance.
"We plan to show that hydrogen can be a viable vehicle fuel and that Stuart Energy`s technology provides a ready infrastructure solution," commented Andrew Stuart, President and CEO of Stuart Energy Systems. "Our hydrogen fuel appliance products are safe, compact and easy to use. Working with our partner BC Hydro we intend to demonstrate this to the market."

This project will represent Stuart Energy`s second vehicle filling demonstration project with BC Hydro. From 1998-2000, Stuart participated in a successful two-year vehicle-fueling project with BC Hydro, XCELLSIS and Natural Resources Canada. Over the two-year period, Stuart successfully fueled three fuel cell buses in revenue service at Coast Mountain Transit, for which BC Hydro provided the electrical power to produce the hydrogen. The Community Fueler, the prototype scheduled for delivery to Powertech this year, incorporates Stuart`s proprietary DEP(TM) water electrolysis technology and represents a 100% increase in power density from the prototype used in the previous project.

Grüssle
Schmadke

[schwobaman]

Hallo Schmadke und M-B-S!
Seit heute bin ich auch dabei. Ich schätze die Chancen ebenso hoch ein wie M-B-S, allerdings hast Du das mit den 1000% doch unmittelbar nach dem IPO geschrieben, dann müssten`s doch jetzt 3000% sein.
Aber im Ernst: Wenn die Leute erst mal begreifen, dass man für die Wasserstoff-Energiewirtschaft nicht nur Brennstoffzellen sondern auch Elektrolysegeräte braucht (eben um regenerativ erzeugten Strom aus Wind- oder Wasserkraft in transportier- und speicherbaren Wasserstoff umzuwandeln) dann steht Stuart eine großartige Zukunft bevor.
Die von Stuart angebotene Elektrolysetechnik greift auch genau da an, wo der Bedarf liegt: hochgradig zuverlässige, kompakte und leichte, aus preiswerten Materialien hergestellte Elektrolysatoren.
Die meisten Brennstoffzellen-Aktien sind doch schon schweineteuer, trotz ebenfalls riesigen Verlusten. Stuart scheint wirklich noch unentdeckt. Man könnte Stuarts Position mit derer von Cisco vor 10 Jahren im Bezug aufs Internet vergleichen: Diese Firma bietet einen Teil der grundlegenden Infrastruktur für das weltweite Standard-Energiesystem der Zukunft. Der technologische Vorsprung, den Stuart aufgrund der vorhandenen, erfahrenen Manpower und dem US-Patent auf die DEG-Technologie hat, kann auf dem Weg zur Marktführerschaft nur äußerst hilfreich sein.
Wüsche mir eine baldige "Entdeckung".
gruß sm

[schmadke]

@ schwobaman

Der Name kommt doch nicht von ungefähr, oder?

Gruß aus 70184
Schmadke

[schwobaman]

Da könnten wir ja einen "Local Regenerative Shares Club" (LRSC) aufmachen...
73249 isch net arg weit!
sm

[marterpfahl]

Hallo zusammen,
dank an schmadke für die neueröffnung eines stuart-threads, die aktie muß sicher noch mehr bekannt werden. M-B-S als pionier ist sicher auch zu danken, aber, als er stuart hier vor monaten, kurz nach der ipo empfahl, kannte w:o die wkn noch gar nicht, so daß keine zuordnung möglich war. Vielleicht kann man w:o bitten, das noch nachträglich zu tun, damit alle interessierten die notwendigen infos finden und nachlesen können, die nämlich alle schon in M-B-S` thread stehen. (als suchbegriff "Wasserstoff" eingeben!)
Leider ist stuart mit dem gesamtmarkt und der gesamt-stimmung abgestürzt, so daß sie jetzt um 8 kanadische dollar deutlich unter emmisssionspreis herum dümpeln, das macht die aktie für zukunftsbegeisterte anleger aber gerade erst interessant !
Das potential ist sicher gigantisch (wenn nicht noch andere, bisher unbekannte dazu kommen !?). Aber vorsicht, der markt ist eng, in deutschland werden die aktien an vielen tagen überhaupt nicht gehandelt. Also besser in toronto über die geschäftsbank ordern lassen !

[fishhawk]

Wer hat Erfahrung mit Toronto-Orders über Pulsiv oder Diraba.

Aufgabe, Gebühren + Spesen, Limits, Einbuchung und Abrechnung.

[schmadke]

@ fishhawk und Kollegen

Mit Pulsiv oder Diriba hab ich keine Erfahrung, aber zum Vergleich stell ich hier mal die Gebühren bei Abwicklung über die Advance Bank rein:

Order über ca. 6.000 Euro
- ca. 30 Euro Provision
- ca. 30 Euro Fremde Auslagen
- ca. 20 Euro Übertragungs-/Liefergebühr

Also ich bin neugierig, was Ihr so abdrücken musstet.

Grüssle
Schmadke

[M-B-S]

Dann wollen wir mal umziehen von M-B-S 05.01.01 19:32:46 3812467037
Friday January 5, 12:10 pm Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corporation

Stuart Energy Receives Additional Orders For Packaged Hydrogen Generators
TORONTO, Jan. 5 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today that it has received an order from a repeat customer, Vaisala Oyj of Finland, for 2 additional hydrogen generators to be added to existing production schedules. The first prototype of this product was field tested by the customer less than 2 years ago. To date Vaisala, the world`s largest supplier of meteorological equipment, has placed orders for 14 units. These packaged industrial systems incorporate Stuart`s latest commercially available technology, the DEP(TM) electrolyser.
"Our business plan goals include commercialization of packaged hydrogen generators and supply systems," said Andrew Stuart, President and CEO of Stuart Energy Systems. "We are introducing hydrogen generators into industrial markets. These hydrogen markets provide us the opportunity to develop revenue, manufacturing know-how and field experience with our new technology, in advance of future transportation and regenerative power markets."

"While historically our orders have been for un-packaged customized hydrogen generation equipment, the DEP(TM) technology has enabled significant standardization of the product design and allowed us to establish a manufacturing line for this particular hydrogen generator," commented John McEwen, Director of Manufacturing.

Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO - news) is a leading developer and supplier of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. This market has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.




Certain expectations and projections regarding the future performance of
Stuart Energy Systems discussed in this Press Release are forward-looking
and made under the "safe harbour" provisions of the Private Securities
Litigation Reform Act of 1995. These expectations are based on the
Company`s operating plans and are subject to future events and
uncertainties. Management cautions the reader that the following factors,
among others, may cause Stuart Energy Systems` plans to differ or results
to vary from those expected, including the impact of competition,
pricing, market demand and marketplace acceptance, inability to complete
development of products and other risks set forth from time to time with
Stuart Energy Systems` filings with various securities commissions.
Stuart Energy Systems undertakes no obligation to publicly release the
results of any revisions to forward-looking statements, which may be made
to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. The events highlighted herein
should not be assumed to be events that could affect the future
performance of the Company.

For further information

please contact: Media and Communications - Wanda Cutler, Stuart Energy Systems, [phone] x 529
Nancy Evans/Neil Levine, Environics Communications, [phone] x 274/259
Investor Relations - Rupert Merer, Stuart Energy Systems, [phone] x 766

von M-B-S 19.01.01 09:42:04 2729038
Thursday January 18, 2:38 pm Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corp.

Stuart Energy Receives Order For TTR Hydrogen Generator
TORONTO, Jan. 18 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today that it has received an order for an Electrolyser TTR unit, from BOC Gases (BOC), part of The BOC Group, one of the world`s largest industrial gas companies. BOC has purchased a unit with a capacity of 1350 standard cubic feet per hour of hydrogen.
"This sale demonstrates the acceptance of the TTR by industrial gas companies for on-site hydrogen production from a cost analysis and reliability perspective," commented Ayman Monged, Vice President of Sales. "Stuart Energy is well positioned to leverage its existing technology, proven in industrial applications, into broader markets, as anticipated demand for on-site hydrogen production increases."

The TTR is a packaged hydrogen generating system based on Stuart Energy`s latest commercially available technology, the DEP(TM) electrolyser. The TTR product line provides between 225 and 1350 scfh of hydrogen, at various pressures and purities, under a variety of conditions. Based on the scaleable Stuart Energy "H-Series" platform, the TTR industrial hydrogen unit is targeted at customers who require on-site production of hydrogen for processes such as furnace annealing, glass production and manufacturing of edible oil products.

The H-series platform is shared with the Stuart Energy Community Fueler, a prototype for emerging hydrogen markets as a transportation fuel and in regenerative power systems. Deployment of technology into the industrial market enables Stuart Energy to demonstrate technology and improve manufacturing capabilities for the emerging markets.

Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO - news) is a leading developer and manufacturer of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. This market has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking and made under the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on the Company`s operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time with Stuart Energy Systems` filings with various securities commissions. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The events highlighted herein should not be assumed to be events that could affect the future performance of the Company.





For further information

Media and Communications: Wanda Cutler, Stuart Energy Systems, [phone] x 529
Nancy Evans/Neil Levine, Environics Communications, [phone] x 274/259
Investor Relations: Rupert Merer, Stuart Energy Systems, [phone] x 766



von M-B-S 19.01.01 22:23:41 2735067
EU Says OPEC Production Cut May Hurt World Economy
The European Commission said Thursday that OPEC`s decision to cut oil production will risk price hikes, thus hitting the world economy.

"The Commission considers OPEC`s decision of January 17 to reduce oil production by 1.5 million barrels a day risks pushing prices back up, which would have harmful effects on world growth and, in the long term, on the interests of OPEC members," the European Union (EU) executive branch said in a statement.

"It considers, in fact, that such a reduction is likely to be an impediment to the restoration of stocks and will thus increase price volatility," the statement said.

OPEC agreed Wednesday to cut output to 25.2 million barrels a day in an attempt to curb possible price drops. Oil markets, which had expected the move, were stable on Thursday.

The commission said consumer countries were still anxious to create a permanent forum between oil consumer and producing countries, an idea EU Energy Commissioner Loyola de Palacio had promoted at an OPEC meeting in October.

At that time oil prices were soaring well above 30 dollars a barrel, causing a storm of protest by motorists, hauliers and other fuel users that brought several European cities to a standstill.

De Palacio said OPEC`s decision once again highlighted the need for the European Union to adopt an "ambitious" European energy strategy.

"We have to explore ways of making a real European strategy that is more coherent and responsible: that will mean a much more open energy supply and a policy of rationalizing energy consumption, especially in the transport and building sectors," de Palacio said.

The commission would present firmer proposals along these lines in time for a summit of EU leaders in Gothenburg, a Swedish city, on June 15-16, she said.

The policy paper would concentrate on energy saving and on supporting new vehicle technologies, and would contain specific objectives for 2010, she added.

The document would include ideas on promoting alternative fuels for automobiles, such as biofuels, natural gas and hydrogen and would aim for these to gain a 20 percent market share by 2020, said the statement.

Wachen wir doch auf ?!

von M-B-S 28.01.01 19:57:32 2790129


von M-B-S 31.01.01 18:18:33 2813803
Wednesday January 31, 9:41 am Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corp.

Stuart Energy Partners With BC Hydro to Advance Hydrogen-fueling Technology
TORONTO, Jan. 31 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, and BC Hydro, British Columbia`s provincial electric utility, announced today that they have signed a Memorandum of Understanding to jointly develop a hydrogen infrastructure demonstration project. The planned project will demonstrate the benefits of compressed hydrogen as a vehicle fuel, and water electrolysis as the preferred technology for generating that hydrogen. The planned project will be based at BC Hydro`s Powertech Labs facility in Surrey, British Columbia, and use a Stuart Energy on-site electrolysis hydrogen fuel appliance.
"We plan to show that hydrogen can be a viable vehicle fuel and that Stuart Energy`s technology provides a ready infrastructure solution," commented Andrew Stuart, President and CEO of Stuart Energy Systems. "Our hydrogen fuel appliance products are safe, compact and easy to use. Working with our partner BC Hydro we intend to demonstrate this to the market."

This project will represent Stuart Energy`s second vehicle filling demonstration project with BC Hydro. From 1998-2000, Stuart participated in a successful two-year vehicle-fueling project with BC Hydro, XCELLSIS and Natural Resources Canada. Over the two-year period, Stuart successfully fueled three fuel cell buses in revenue service at Coast Mountain Transit, for which BC Hydro provided the electrical power to produce the hydrogen. The Community Fueler, the prototype scheduled for delivery to Powertech this year, incorporates Stuart`s proprietary DEP(TM) water electrolysis technology and represents a 100% increase in power density from the prototype used in the previous project.

Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO - news) is a leading developer and supplier of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. This market has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking and made under the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on the Company`s operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time with Stuart Energy Systems` filings with various securities commissions. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The events highlighted herein should not be assumed to be events that could affect the future performance of the Company.


For further information

Media and Communications: Wanda Cutler, Stuart Energy Systems, [phone] x 529
Nancy Evans/Neil Levine, Environics Communications, [phone] x 274/259
Investor Relations: Rupert Merer, Stuart Energy Systems, [phone] x 766
Elisha Odowichuk, BC Hydro, [phone]/[phone]

Anschnallen !

von M-B-S 01.02.01 13:47:02 2820550
USA: Null-Emissions-Regeln für Fahrzeuge verschärft

Das California Air Resources Board (ARB)hat die Regeln für die Einführung von Null-Emissions-Fahrzeugen ab 2003 modifiziert. Die neuen Regeln sehen vor, dass die Autohersteller in Kalifornien 4.450 Elektrofahrzeuge im Jahr 2003 sowie weitere 100.000 Autos in Form von Hybridfahrzeugen oder Fahrzeuge mit extrem niedrigen Emissionen verkaufen müssen. Die Auflage für den Verkauf von Fahrzeugen mit sehr geringen Emissionen steigt bis zum Jahr 2006 von 100.000 auf 400.000 Fahrzeuge.

© IWR

Und wer baut dafür die Infrastruktur ! u.a. Stuart energy


CU

[M-B-S]

EXCLUSIVE PRESS


--------------------------------------------------------------------------------
Febuary 05 , 2001 14:25PM



HYDROGEN IN THE OIL EMIRATE: THE CLEANENERGY WORLDTOUR 2001 KICKS OFF






DUBAI, UAE, Feb. 5 /News Aktuell-AsiaNet/ the BMW hydrogen fleet will begin its world tour. The first stop and starting point of the "CleanEnergy WorldTour 2001" is Dubai (City), the up-and-coming metropolis on the Persian Gulf. The governing Sheik Mohammed Bin Rashid Al Maktoum has agreed to be patron of the event.





In Europe the fleet of fifteen BMW 750hl models has already covered over 100,000 kilometers with success and has proved that the hydrogen automobile with nternal combustion engine has been technically implemented.

The BMW Group, the world`s first manufacturer to build a small series of hydrogen cars, is continuing in its commitmeht to the cleanest energy of the future by holding events for politics, science and the media.

Dubai offered itself as the ideal starting point for the WorldTour: the emirate is one of the centers of the global energy supply and is considered to be highly future-oriented.

Successful projects such as the world`s first
Internet City emphasise the country`s innovative power. In addition Dubai awards the largest environment prize,

The "Zayed International Prize for the Environment". Various projects in the areas of regenerative energy and environmental protection have already been launched with international cooperation. Since Dubai is located on the earth`s sunbelt, the initiative of the BMW Group for the regenerative production of hydrogen met with constructive interest.

[schmadke]

Ein herzliches Willkommen dem Stuart-Pionier!

Grüssle
Schmadke

[fishhawk]

Bei Pulsiv scheinen die Orderkosten laut Homepage am günstigsten zu sein, 25 Euro +0,015 US$ (min. 24US$). Sonstige Kosten werden nicht angegeben.

Ich denke ich werds demnächst mal in Toronto versuchen.

[schwobaman]

Puh, das geht ja tierisch ab heute! +12,5% bei mehr als verdreifachtem Volumen, schon bei Eröffnung zwei riesige Orders über 60.000 und 80.000 Stück. Da hat wohl einer der Scheichs bei der Veranstaltung den Namen "Stuart" auf einer Wasserstofftankstelle gelesen...
sm

[M-B-S]

Tuesday February 6, 12:27 pm Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corp.

Stuart Energy`s Fuel Appliance receives CSA Approval
TORONTO, Feb. 6 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today that a Community Fuel Appliance (Community Fueler) has received Special Acceptance approval from the Canadian Safety Association International (CSA). The Community Fueler is a safe, reliable, compact Stuart Fuel Appliance that delivers hydrogen at up to 5000psig and can support the fuel needs of up to 50 fuel cell vehicles a week.
CSA International reviewed the Community Fueler design, built-in safety features, documentation and manufacture to show compliance with existing safety standards. CSA International is a leader in the field of standards development and product certification. The special acceptance mark signifies that a product has been successfully evaluated to stringent requirements.

CSA has also completed their examination of the TTR, Stuart`s industrial hydrogen product line which is targeted at customers who require on-site production of hydrogen for processes such as furnace annealing, glass production, edible oils etc. Both the Community Fueler and the TTR are based on Stuart`s H-series platform and incorporate the DEP(TM) electrolyser technology.

"Customers and government inspectors throughout North America and internationally, know the significance of the CSA Special Acceptance label and will have a high level of confidence in the safety of our product`" said Dan Keller, Director of Quality.

Stuart Energy Systems is also seeking UL acceptance for the United States market and having their products evaluated for conformance with the European Directives in order to apply the CE Marking on the products.

Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO - news) is a leading developer and supplier of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. This market has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking and made under the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on the Company`s operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the ability of future prototypes to meet CSA and other standards, the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time with Stuart Energy Systems` filings with various securities commissions. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The events highlighted herein should not be assumed to be events that could affect the future performance of the Company.





For further information

Media and Communications: Wanda Cutler, Stuart Energy Systems, [phone] x 529
Nancy Evans/Neil Levine, Environics Communications, [phone] x 274/259
Investor Relations: Rupert Merer, Stuart Energy Systems, [phone] x 766

8 % +

[schwobaman]

Ordergebühren Comdirect 4000€-Order in Toronto:
Fremde Spesen 50 CAN-$ = 35,70€
Provision 12,00€
sm

[fishhawk]

Comdirekt geht wahrscheinlich nicht online oder täusche ich mich ?

[schmadke]

Bei der Advance-Bank gehts auch nicht online, sondern nur über Telefon.

[schwobaman]

Comdirect dito, auch nur Telefon, deshalb 12€ und nicht 9€.

[fishhawk]

Stuart hält sich heute ganz gut, während CPST, BLDP, ACPW, ENER und Konsorten stark abgeben.

Was meint ihr, jetzt schon rein oder noch abwarten ?

[schwobaman]

Die Nasdaq geht noch ein bisschen runter, mein Vorschlag: Abstauberlimit bei 9,00-9,20 CAN-$ und Du bist mit hoher Wahrscheinlichkeit günstig dabei.
sm

[fishhawk]

Stuart hat zu Börsenschluss doch noch ganz schön abgegeben, Eröffnung 10.70, Tagestief 9.02, Schluss 9.50.

Ich werds mal mit Limit 9:00 probieren.

Bei ACPW und CPST hatte ich mit Limitorders und etwas Geduld super Einstiegskurse, vielleicht klappts mit HHO auch wieder.

Auf lange Sicht ist es wahrscheinlich eh egal, da dürfte alles unter 10 ein Schnäppchen sein, hoffe ich zumindest.

[M-B-S]

Hawaii to Receive First Fuel Cell
H2 POWER SYSTEMS TO OVERSEE INSTALLATION OF HAWAII’S FIRST INDEPENDENT FUEL CELL ENERGY SYSTEM

HANA, MAUI - Spokane-based H2 Power Systems LLC will be overseeing the installation of Hawaii’s first independent hydrogen fuel cell system at Maui’s Kahanu Garden. Michael D. Veith, chief executive offcer of H2 Power Systems, soon will be seeking RFPs fom fuel cell manufacturers to build the 5 kilowatt solar-driven project, which is expected to get under way this spring.
The project will employ solar panels, an electrolyzer and fuel cells to produce totally renewable, pollution-free energy that does not contribute to the global warming, ozone depletion and acid rain associated with burning fossil fuels. The electricity generated by the system will be used to run a visitor center and maintenance facility planned for Kahanu Garden in the remote east Maui community of Hana.
"Hawaii spends over $1 billion each year for imported fuel.
Having a working fuel cell project in the state
will assist me in building support
for renewable energy systems
and help people realize that a hydrogen-based economy
can be Hawaii’s future."
Representative Hermina Morita
Chair, House Committee on Energy and Environmental Protection

The botanical garden showcases the ancient Piilanihale heiau thought to be the largest Polynesian temple found anywhere in the Pacific. The pioneering fuel cell power project is a joint effort of H2 Power Systems LLC, which serves as technical and financial adviser, and the nonprofit National Tropical Botanical Garden, which operates Kahanu Garden, among others. Funding has been provided by the W. Alton Jones Foundation.
"Unless hydrogen fuel cells can begin to compete with the cost of electricity, they’ll remain a novelty," Veith said. "But in this case, the $150,000 price tag for the system is substantially cheaper than the estimated $200,000 to $400,000 it would cost to tap into Maui Electric Company’s grid. And we’ll continue to save because we won’t have to pay any electric bills, which would average about $3,000 annually."
Chipper Wichman, director of Kahanu Garden, said the hydrogen fuel cell system also supports NTBG’s commitment to energy conservation and environmental protection. "This allows us to not just talk the talk, but walk the walk," Wichman said. "It’s incredibly exciting to be able to get the electricity we need without leaving the world in worse shape than we found it. That’s a very important statement for this organization to make."
State Rep. Mina Morita, who has been leading the political drive to wean Hawaii from its dependence on imported oil, sees the system serving as a model for the entire state. "Hawaii spends over $1 billion each year for imported fuel," said Morita, whose legislative district includes Hana. "Having a working fuel cell project in the state will assist me in building support for renewable energy systems and help people realize that a hydrogen-based economy can be Hawaii’s future."
Morita noted that Iceland aheady has committed to developing a hydrogen-based economy. Hawaii, with its abundant geothermal, wind and solar resources, is equally suited to aggressively pursuing a similar policy, which could result in a stronger, more stable economy.
In simple terms, the Kahanu power system is built around a state-of the-art fuel cell that combines stored hydrogen with oxygen in the atmosphere to produce electricity. To obtain the hydrogen, the system employs a set of solar panels that can produce up to 5 kilowatts of electricity on a sunny day, which is about the amount used by a typical residence. The solar power produced by the panels drives the electrolyzing process that extracts hydrogen from water. The hydrogen is stored in a tank and then used by the fuel cells to produce the electricity used to run the Garden. The excess hydrogen produced and stored on sunny days will power the system on cloudy and rainy days, which are common in Hana.
In that respect, it’s similar to a solar battery system, which stores solar-produced electricity for use when the sun isn’t shining. But batteries use lead and other toxic products that are harmful to our environment, Wichman said, while the only by-product of the hydrogen fuel cell is clean water. Veith added that very little water is required, and it could easily be supplied by a small catchment system or an existing well at the garden.
Hydrogen is one of the most abundant elements in the universe, but on Earth, it is found only in combination with other elements, such as oxygen, carbon and nitrogen. To be used, it must be extracted from these elements, a process that requires electricity. At Kahanu, solar power will provide the electricity, while Iceland is using its geothermal resources to produce the electricity needed for extraction. Because of its efficiency as a fuel, hydrogen has been used by NASA to power space craft.
In recent years, as the technology has developed to become more reliable and less expensive, it has been finding wider uses. Several large firms in New York now use 200 kilowatt hydrogen fuel cell systems as back-up generators, and car makers like Ford, Toyota, Nissan and Chrysler-Daimler are working on hydrogen-powered vehicles that could be released as early as 2004. "This is truly the fuel of the future," Veith said, "and it’s exciting to think that it will be used to power a visitor center that will allow people to see one of the most remarkable structures of Hawaii’s past."
Piilanihale heiau was likely built between 1200 and 1500 and is currently thought to have been a royal residence, as well as a place of worship. From its vantage point on the coast, ruling chiefs would have had an unobstructed view and could have scanned the coastline for invading war canoes. It is constructed entirely of black lava rocks, with no cement or mortar. The heiau runs 574 feet east to west and 294 feet north to south. Its north wall is the highest dry-laid wall in Hawaii, with five-step terraces rising to over 45 feet. The south and west sides of the structure are enclosed by a great wall 10 to 15 feet high and six to 10 feet thick.
Wichman said NTBG recently spent two years completing the restoration of the heiau and is now using a grant from the Getty Foundation to develop a world-class site management plan. This plan will guide NTBG as it develops the unique botanical garden and strives to conserve and share the sacred site with visitors in a culturally appropriate manner.
"It will be extremely rewarding to have this opportunity to educate visitors about one of the most significant contributions of the Hawaiian culture, while also exposing them to the practical applications and environmental benefits of a truly green energy system," Wichman said. "In this time of uncertain energy supply," Veith said, "it’s great to be able to show individuals and companies a clean alternative that also makes good business sense."

For information contact:
Michael D. Veith, CEO, H2 Power Systems, LLC Rep. Mina Morita
[phone] [phone]

January 26, 2001
Hydrogen on Horizon for Hawaii
by Ben Dipietro Pacific Business News
Within 25 years Hawaii could not only be using hydrogen as its main energy source, but also could be a leading exporter of hydrogen, says Rep. Hermina Morita, D-East Maui-North Kauai.
The state`s plentiful availability of solar, wind, hydro and geothermal power sources can produce hydrogen with little or no pollution, Morita says. Presently, the process of producing hydrogen usually involves burning natural gas or oil, which causes pollution.
As states and companies cope with the ramifications of the power crisis in California, Morita says more money and effort will be expended looking for reliable and cheap sources of clean energy.
"If you had asked me a year ago I would have said the technology is not ready. But we finally are seeing a real convergence on the technical side," Morita says. "Things are moving faster than expected."

Hawaii primed
A study prepared for the state by consulting firm Sentech, of Bethesda, Md., says Hawaii is in position to become a player in the fuel cell transportation market by the end of this decade.
"We believe hydrogen fuel can be cost-effective in many areas of Hawaii this decade," study author Jonathan Hurwitch told lawmakers last week. "A hydrogen transportation fuel cell option looks worthy within the state."
The study says Oahu and the Big Island hold the most promise -- the Big Island because it has many of the renewable resources needed for pollution-free hydrogen, Oahu because it`s where the people are. Maui and Kauai also have potential to produce hydrogen.
The study recommends the Legislature spend $1 million a year for the next three to five years to conduct further studies and begin pilot projects. It calls for the formation of public-private partnerships to spur economic development in this area and suggests creating free-trade zones, offering tax incentives and approving plans to require a certain percentage of energy used in the state come from renewable portfolios.
"The idea is to offer production incentives to develop a hydrogen-based economy in Hawaii," says Rep. Brian Schatz, D-Tantalus-Makiki. "To the extent the state can help the industry to become viable, it`s in our best long-term economic interests."
Lawmakers are preparing to introduce bills based on the study recommendations, says Sen. Lorraine Inouye, D-North Hilo-South Kohala-North Kona.
The state also is working to establish a fuel cell demonstration project at the National Tropic Botanical Gardens in Hana to power the garden`s visitor center, Morita says. An international conference that will discuss fuel cell technology is scheduled for Hawaii in March.

In development
The state is getting $1.5 million this year from the U.S. Department of Defense budget for a fuel cell research project between the University of Hawaii`s Natural Energy Institute and the Naval Research Laboratory.
The focus will be on developing military applications of fuel cell technology, says Richard Rocheleau, the interim director of the Natural Energy Institute and manager of the university`s hydrogen development program.
"Not necessarily for powering ships, but for portable energy supplies," like transport vehicles, Rocheleau says.
The university and state also are in negotiations with International Fuel Cells Inc. to have the company build a fuel cell testing facility in Hawaii. In return, Rocheleau says, the company will use the center to test new prototypes.
"It`s the first step, I hope, to a longer-term relationship," Rocheleau says.
IFC officials were in Hawaii earlier this month and say talks to provide assistance to the state are in the preliminary stages. The company is a subsidiary of Connecticut-based United Technologies Inc. IFC has provided fuel cell technology to NASA from the Apollo space missions in the 1960s through the space shuttle missions of today.
"We are very early in our discussions with the state," says Tracy Cordes, IFC`s western regional manager. "They seem very interested and we are having a conversation about how fuel cells might support their current infrastructure."
Hawaii offers a good opportunity for fuel cells because of its remote locations, its highest-in-the-nation costs for electricity and because of the attractiveness of using a pollution-free energy source, Cordes says.
Lovins agrees, and says Hawaii could thrive in a hydrogen-based economy.
"With renewables like wind and photovoltaic, the islands are blessed and have some of the best wind sites and some of the best solar sites in the country, in the world," Lovins says.
...The late Hawaii Sen. Spark Matsunaga began touting hydrogen as an energy source in the 1970s. When he died in 1990, Congress passed the Spark Matsunaga Hydrogen Act, which led to federal assistance for hydrogen research. And while President Clinton signed a bill last year approving $100 million for fuel cell research, Morita says that`s just one-tenth the amount of money going into coal research.
While current commercial fuel cells are used mainly by resorts that can make use of the water that is produced to heat or cool rooms, or by tech companies that want better quality of electricity to protect data, the next generation being developed will be small enough for use in homes and vehicles.
Buses are among the first vehicles to test fuel cells, since they all return to a central location that can be used as a hydrogen refueling center. Pilot projects are being conducted in Vancouver, British Columbia; Chicago; and Palm Springs, Calif., Morita says. Also, IFC is working with bus manufacturer Thor Industries Inc. to provide fuel cells to bus fleets. more


"It was Senator Matsunaga`s vision
that renewable energy could provide
a sustained source of non-polluting energy
and that such forms of alternative energy
might ultimately be employed in the production
of liquid hydrogen as a transportation fuel
and energy storage medium
available as an energy export."
from Section 2119 -- The Matsunaga Hydrogen Act

January 26, 2001
Legislators Seeing Energy Morita`s Way
by Paul C. Curtis The Garden Island - Kauai, Hawaii
The Legislature seems to be firmly grasping the idea that hydrogen, not oil, is the fuel of the near future for the state.
That`s fine, finally, for state Rep. Mina Morita (D-12th District) of Hanalei, chairwoman of the House Energy and Environmental Protection Committee.
But while she has taken up the energy issue as her major legislative focus at the urging of some of her colleagues (during orientation sessions, veteran legislators convinced her to focus on one issue and learn as much about it as she could), her cause is now part of the House majority package.
That gives her initiatives in this area more weight, as most bills in the majority package stand the test of time and scrutiny from the House, Senate and, finally, Governor Ben Cayetano.
With OPEC (Organization of Petroleum Exporting Countries) again talking about production cuts to keep prices at a certain level, and the cost of a barrel of oil between $20 and $25, Hawai`i can`t afford not to look at alternative fuel sources, Morita feels.
Promoting a hydrogen future means coming up with integrated plans, outlining strategies to move in that direction, and "sending serious signals to business" of the state`s intent to shed dependence on fossil fuels and the uncertainty about those fuels` future availability and delivery to the state - something Morita has preached for several years.

Hawaii setzt auf Wasserstoff Island u. Kalifornien auch !

Und wir in Deutschland ? ................schlafen

[schwobaman]

@fishhawk:
Und ? biste drin? Sonst hast Du heute noch Gelegenheit, zu Kursen unter 9 CAN$ günstig dabeizusein.

[schmadke]

Stuarts erste Quartalszahlen als börsennotierte Gesellschaft:

Stuart Energy Systems Announces Financial Results For Third Quarter Ended December 31, 2000.

TORONTO, Feb. 22 /CNW/ - Stuart Energy Systems Corporation (TSE:HHO - news), a leading developer of hydrogen generation and supply systems, today announced financial results for the third quarter ending December 31st, 2000.

Financials
Revenue for the quarter was $4.9 million, compared to $2.7 million in the third quarter of fiscal 2000. Stuart Energy had a net loss for the quarter of $2.5 million or $0.13 per share, compared to a net loss of $0.8 million or $0.08 per share in the same quarter last year. Expenditures on Research and Development increased to $3.9 million in the third quarter of fiscal 2001, compared to $1.3 million during the same period in fiscal 2000.
Operations
"During the quarter, we continued to shift our manufacturing operations toward production of our new technology and to build the necessary infrastructure to enable growth," said The major elements of Stuart`s growth strategy include:
- Building the strength and experience of its hydrogen team
- Expanding strategic relationships
- Enhancing technical leadership in the hydrogen sector
- Development of products which embody DEP(TM) technology across for commercial use and product demonstration, testing and evaluation.


At the end of the quarter, Stuart had 9 patents covering a wide range of existing intellectual property. In addition, Stuart had 10 U.S., 4 Canadian and 14 international patent applications on file, covering 12 inventions.
Message from the President and CEO
The quarter ending December 31, 2000, was marked by the achievement of a number of significant milestones in Stuart Energy`s business plan. Our first quarter as a public company has certainly been one of the most exciting in the over 50-year history of the company.
On October 5th, Stuart Energy became a public company with a listing on the Toronto Stock Exchange under the ticker symbol "HHO". The initial public offering raised gross proceeds of $150 million. The success of the IPO has enabled Stuart Energy to accelerate its product and business development and ramp up manufacturing capabilities. To enable further growth, we have commenced construction of a new facility in Quebec for cell stack development and manufacturing. The company`s financial commitment to the facility is planned to be $1million and the company plans to finance the balance of the project cost of approximately $4 million with third parties.
Our development program is showing results in the commercialization of our new DEP(TM) technology in industrial markets. During the quarter, Stuart Energy further increased the sale of DEP(TM) technology into these markets. The percentage of new product sales derived from new technology was 66% in the last quarter. The introduction of our low cost, scaleable DEP(TM) technology into the industrial markets provides us with valuable experience in real world applications, in advance of the emerging markets for hydrogen as a fuel.
In November, Stuart Energy was invited to join the California Fuel Cell Partnership as an associate member. We are very pleased to be selected to join such a prestigious organization with other leaders in hydrogen and fuel cell technologies. It was one year ago that Stuart Energy deployed its P3 Bus Fueler at the SunLine Transit Agency in Thousand Palms California, the first hydrogen supply to a member of the Partnership. In the last year, we have again successfully demonstrated the reliability and practicality of the Stuart Energy electrolysis solution, while providing hydrogen fuel to the next generation Ballard/Xcellsis fuel cell bus at SunLine Transit.
In late January of this year, the California Air Resources Board renewed commitments to Zero Emission Vehicles, providing a continued incentive for the introduction of fuel cell engines. Stuart Energy intends to deploy more hydrogen fueling prototypes for the California Fuel Cell Partnership in the coming year as part of our demonstration and development program. This will build the case for adoption of our practical, economic and low-risk approach to hydrogen fueling infrastructure.
Stuart Energy will continue to develop aggressively our products for future hydrogen markets. Technology development and protection of our intellectual property are key to the success of our company. Stuart Energy received a patent on our P4 technology in November of 2000. The P4 technology, a cornerstone of our Personal Fuel Appliance prototypes, enables a further 20- 50% reduction in appliance footprint from our P3 platform.
Finally, in the nearly two months since the end of the quarter, there have been some important developments in the fuel cell industry and in our company. Subsequent to the end of this quarter, the Company announced an agreement with B.C. Hydro to demonstrate the many advantages of a hydrogen- fueling infrastructure based on our proprietary electrolysis technology. We plan to announce further developments in this partnership in the future. This demonstration represents another important step in a practical, low-cost pathway to a cleaner, greener future.
(signed)
Andrew Stuart
President and CEO



Management`s Discussion and Analysis of Operating Results
Third Quarter (October 1, 2000 through December 31, 2000)
Fiscal Year Ending March 31, 2001


Revenue
Revenue in the third quarter of fiscal year ending March 31, 2001 was $4.9 million, compared to $3.2 million in the second quarter and $2.7 million in the third quarter of the fiscal year ending March 31, 2000. These results reflect differences in the order intake pattern, which may vary significantly from quarter to quarter. The interest component of revenue from investment income increased from 1% in the third quarter last year to 44% in the third quarter this year. Sales from products incorporating the advanced DEP(TM) technology accounted for 66% of product revenue in the quarter.
Cost of Revenues and Operating Expenses
Cost of revenues and operating expenses increased from $2.1 million in the third quarter of fiscal 2000 to $3.3 million in Q3 fiscal 2001. This increase is a result of the employment of greater resources to support the expansion of the research, product and market development program.
Research and Product Development
The IPO completed in October 2000 enabled an increase in R&D expenditures from $1.3 million in Q3 2000 to $3.9 million in Q3 2001. The increase reflects the stated intention of the Company to expand the research and product development program in order to maintain and enhance the Company`s leadership position in the water electrolysis and hydrogen fuel markets.
Liquidity and Capital Resources
Total working capital increased from $22.3 million at the end of fiscal 2000 to $153 million at the end of Q3 2001. On October 5th, 2000, an initial public offering of 5.77 million common shares raised gross proceeds of $150 million.
Outlook
The company will continue to expand its research, product and market development program and commercialization of new technology into industrial markets will continue. Working with partners, the company will expand demonstration efforts for prototypes in the energy markets. Increased spending on facilities is expected in the next few months in support of development and operational plans.
(signed)
Andrew T.B. Stuart,
President and CEO

Sieht nicht schlecht aus, oder? Riskant bleibts natürlich allemal. Sollte sich die Brennstaoffzelle aber durchsetzen können, dürfte Stuart dabei sein.

Es grüsst
Schmadke

[fishhawk]

@ schwobaman

8,50 CAD Einstiegskurs, mal sehen in welche Richtung es nun geht. Mit BLDP, CPST und ACPW gings zuletzt ja abwärts. Meine Stopps wurden ausgelöst und Teilgewinne realisiert.

Da die liebe DAB mir freundlicherweise 100 Sunways zukommen lies, die ich bei 21 verkauft habe, ist mein Cash-Bestand nun wieder schön gewachsen, leider auch die Qual der Wahl.

Immer das alte Spiel, wo rein und wann ?

[M-B-S]

Schön, das man jezt Diskutieren kann :

Friday February 23, 10:24 am Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corporation

Stuart Energy Awarded Patent on Cost Reducing Hydrogen Technology
TORONTO, Feb. 23 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today the allowance of US Patent Number 6,187,155 B1 Electrode Cell Separator Assembly. The patent covers improvement in separator/membrane design and assembly, which allow for low cost automated manufacturing of Stuart`s proprietary water electrolysis cells.
"This is a significant step for us in enabling automatic manufacturing of the cell stack technology. The patented technology will allow us to manufacture certain cell stack configurations faster and at a lower cost than before," commented Dr. Steven Thorpe, Vice President of Technology at Stuart Energy Systems. "It also demonstrates continued progress in building our intellectual property portfolio." The new patent allows for greater ease of assembly through a reduction in part count and in the number of sub-assembly processes required to produce the cell stack.

The separator/membrane is a core component of the Stuart DEP(TM) water electrolysis cell stack and is used in all Fuel Appliances produced by Stuart.

Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO - news) is a leading developer and supplier of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. The market for hydrogen fuel infrastructure has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking and made under the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on the Company`s operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time in Stuart Energy Systems` filings with various securities commissions. There can be no assurance that any anticipated future results will be achieved. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


Wieder ein Patent mehr ! Kommt Zeit kommt Stuart !




For further information

Media and Communications, Wanda Cutler, Stuart Energy Systems, [phone] x 529
Nancy Evans/Neil Levine, Environics Communications, [phone] x 274/259
Investor Relations, Rupert Merer, Stuart Energy Systems, [phone] x 766

[fishhawk]

Hab ich auch mit Freude gelesen, leider stand oben drüber bei HHO.TO eine rote -3,7 % auf 7,80 CAD. Trotz Bomben auf Irak, Ölpreis und Energiekrise kein guter Tag für Umweltaktien in Amerika.

Mich juckt es ja in den Fingern wieder ein paar einzusammeln, aber irgendjemand hat mal was von fallenden Messern gesagt.

Also versuch ich mich mal mich zurückzuhalten und erst in einen Aufschwung rein wieder zu kaufen.

[schmadke]

News: Stuart auf der Suche nach einem neuen CEO:

Stuart Energy Systems Announces Executive Search
TORONTO, March 12 /CNW/ - Andrew Stuart, President and CEO of Stuart Energy Systems, and Stuart`s Board of Directors announced today that the Board has initiated an executive search for a new President and Chief Executive Officer to succeed Mr. Stuart, who will become Vice Chairman and Executive Vice President primarily responsible for strategic development.

"This action is to accelerate the execution of our business plan, now that we are well capitalized and intensifying efforts to advance our hydrogen technology," said Andrew Stuart. "Together with the Board of Directors, we are looking for an executive to complement the existing management team and ensure the continued growth and success of the Company."

Stuart Energy has continued to improve its hydrogen technology and develop strategic relationships over the past year. The Company has increased the efficiency of its products and at the same time has demonstrated they are readily deployable and user friendly. Stuart Energy completed a $150 million IPO in October 2000.


Tja, noch halten sie sich ja ganz passabel.

Viel Glück Euch allen!
Schmadke

[schmadke]

News: Stuart liefert Wasserstoff/Sauerstoff-Einheit an Forschungszentrum in Vancouver

Stuart Energy Fuels Fuel Cell R&D at National Research Council (NRC) of Canada in Vancouver
TORONTO, April 9 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of water electrolysis-based hydrogen generation and supply systems, announced today that its has delivered and commissioned a Fuel Appliance to the NRC National Fuel Cell Technology Centre at the NRC Innovation Centre, in Vancouver, BC. The Fuel Appliance delivers high purity hydrogen and oxygen to be used in fuel cell research and development in stationary and mobile applications.
The Fuel Appliance incorporates Stuart`s patented state-of-the-art Double Electrode Plate (DEP(TM)) water electrolysis technology. A completely packaged system, the Fuel Appliance produces and delivers in a single step up to 20 cubic metres per hour of high purity hydrogen and 10 cubic metres per hour of high purity oxygen. The compact footprint and modular design of the Fuel Appliance allows it to occupy a minimal space at NRC`s facility.

The National Fuel Cell Technology Centre, where the Stuart Fuel Appliance will be utilized, is a hub where research programs, laboratories, scientific and technical expertise, networking and financial assistance converge. The Centre is one of three key priorities of the NRC National Fuel Cell Program.

"We are delighted to be placing another Fuel Appliance in the Vancouver area; this is the third Fuel Appliance we have sited there," said Andrew Stuart, President and CEO of Stuart Energy Systems. "Important research will be conducted at the NRC Fuel Cell Technology Centre, and we will be providing the fuel for that research."

"This equipment helps us fulfill our strategy of promoting Canadian technology. This, in part, will supply hydrogen and oxygen to our research collaborators, clients and NRC research programs," said Roderick McMillan, Director, NRC Fuel Cell Program.

Stuart Energy Systems

[schmadke]

News von Stuart:
Als Mitglied des California Fuel Cell Partnership nimmt Stuart an einem Demonstrationstag bzgl. des Einsatzes von Brennstoffzellen in Automobilen teil. Wer die ganze Meldung lesen möchte, der kann das im Folgenden tun. Wirklich neues gibt es allerdings nicht zu erfahren.

ALLERDINGS wird bei diesem Anlass nochmals deutlich welch klanghafte Namen sich mittlerweile mit dieser Technologie beschäftigen und mit wem Stuart im Rahmen dieser Interessengemeinschaft zusammenarbeitet: DaimlerChrysler, Ford, GM, Honda, Hyundai, Nissan, Toyota, and Volkswagen,BP, Shell, Texaco, ExxonMobil, Ballard Power Systems, International Fuel Cells, XCELLSiS (DaimlerChrysler-Tochter).

Zudem hat Stuart mit 6 kanadischen Dollar inzwischen (leider) auch ein Niveau erreicht, bei dem ein Einstieg mehr als attraktiv erscheint. Wer an Brennstoffzellen glaubt, sollte über Stuart nachdenken.

Es grüsst
Schmadke


Canada`s Stuart Energy Participates in Fuel Cell Vehicle Demonstrations with the California Fuel Cell Partnership
09:03 GMT-04:00 Wednesday, April 18, 2001

-- Leading industry group marks Earth Week with display of
alternative vehicle fuel progress --

LOS ANGELES, CA, April 18 /CNW/ - Canada`s Stuart Energy Systems (TSE: HHO), a leading developer of hydrogen generation and supply systems, is participating in an important demonstration of hydrogen-powered fuel cell vehicles in California today. The California Fuel Cell Partnership, a collaborative of public-private organizations dedicated to promoting fuel cell vehicles, including an appropriate fuel supply infrastructure, is hosting a public demonstration of fuel cell cars with DaimlerChrysler, Ford, Honda, Nissan, Stuart Energy and Ballard Power Systems, among others, in Los Angeles in conjunction with Earth Week. The demonstration event includes `ride and drives` in prototype fuel cell cars from each of the four car manufacturers, as well as vehicle fueling demonstrations with a Stuart Energy hydrogen- generating fuel appliance.

"Today`s event really underscores how much progress has been made in fuel cell vehicle development," said Andrew Stuart, President and CEO, Stuart Energy Systems. "Not only are there four fully operational fuel cell cars from four different companies on the road, but we also have the fueling equipment which can make hydrogen a broadly-available fuel source."


About fuel cells and hydrogen

Hydrogen is the fuel of the fuel cell. A key requirement for turning hydrogen fuel cell vehicles into practical transportation choices is creating a fueling infrastructure to match the convenience of the existing fossil fuel infrastructure. Stuart Energy has developed proprietary fuel appliances that allow for on-the-spot generation of high quality hydrogen from electricity and water. The electricity can be generated from renewable sources of energy such as wind or solar.

These appliances are self-standing, easily located devices that can put hydrogen fuel generation and supply right where the vehicle operator needs it such as at a commercial gas station, in a transit yard or outside a private home or business; anywhere that electricity and water are available. Stuart`s fueling appliances have already been used for fuel cell programs involving public transit buses in British Columbia and California.

"Today`s demonstration is another step in the steady progression of hydrogen fuel cells as a practical, clean alternative power source for vehicles," commented Stuart.


Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO) is a leading developer and supplier of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. This market has been enabled by the development of electric power technologies such as the hydrogen fuel cell. Stuart Energy is an Associate Partner of the California Fuel Cell Partnership. The Company`s Web site address is www.stuartenergy.com.


The California Fuel Cell Partnership

The partnership -- which formally began in April 1999 -- includes auto manufacturers (DaimlerChrysler, Ford, GM, Honda, Hyundai, Nissan, Toyota, and Volkswagen), energy providers (BP, Shell, Texaco and now ExxonMobil), fuel cell companies (Ballard Power Systems, International Fuel Cells, and now XCELLSiS), and government agencies (the California Air Resources Board, California Energy Commission, U.S. Department of Energy, U.S. Department of Transportation, and the South Coast Air Quality Management District). The team also includes Associate Partners who assist with specific areas of expertise to help meet the Partnership`s goals: hydrogen gas suppliers (Air Products and Chemicals, Inc. and Praxair); a methanol fuel supplier (Methanex); and bus transit companies (AC Transit and SunLine Transit Agency).

[M_B_S]

Heute 160000 Stck umgesetzt Wow !

Da tut sich was ?

Gruss M-B-S

[schmadke]

News: Stuart mietet 45.000 qm grosses Büro- und Fabrikgebäude (mit Option auf weiter 43.000 qm).

Stuart Energy Signs Lease for 135,000 square foot Facility
13:40 GMT-04:00 Friday, April 27, 2001

TORONTO, April 27 /CNW/ - Stuart Energy Systems (TSE: HHO), a leading developer of hydrogen generation and supply systems, announced today that it has signed a lease for approximately 135,000 square feet of office, product development and manufacturing space in Mississauga, Ontario. This site will serve as Stuart Energy`s principal office, operations, research and development, sales and marketing, system manufacturing, and engineering centre.

"This move will give Stuart Energy the flexibility to meet our business goals and represents a major step towards a dedicated production line and manufacturing processes for both our energy and industrial products," said Andrew Stuart President and CEO of Stuart Energy Systems. "In addition the Company has negotiated optional rights for future manufacturing space of up to 130,000 square feet at the same facility."

Stuart Energy has doubled the number of employees at the Toronto facility since last year to approximately 140 people. The new facility, located on 5101 Orbitor Drive just 5 minutes from the airport, features 80,000 square feet of manufacturing area which will allow the company to install new R&D laboratories as well as larger capacity product development and production facilities.

[M_B_S]

Ich sag es ja, Stuart energy muss man haben !

Es ist die "sauberste" Aktie - ein Champion .

Jetzt ist es amtlich !

US Department of Energy Proclaims Stuart Energy "Clean Air Champion"
TORONTO, May 2 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today that it has received a proclamation from the U.S. Department of Energy`s Clean Cities Program. The proclamation acknowledges Stuart Energy`s efforts in demonstrating hydrogen generation in the Coachella Valley and supporting SunLine Transit Agency`s Clean Air Education Program. The Coachella Valley Clean Cities Coalition has proclaimed Stuart Energy a Clean Air Champion.
The mission of the Coachella Valley Clean Cities Region is to improve community health by increasing the use of clean-fueled vehicles and to educate the general public about the health benefits associated with these vehicles. SunLine Transit Agency has located a Stuart Bus Fueler at their Thousand Palms site. The Bus Fueler generates hydrogen for an XCELLSIS fuel cell bus as well as other clean vehicles using hydrogen. The Stuart hydrogen facility located at SunLine is the first public access hydrogen station in the United States.

"We thank the Department of Energy`s Clean Cities Program for promoting the benefits of hydrogen. The Program`s mission to educate the public and improve the air quality is congruent with our own, and we are delighted to be recognized for our efforts," said Andrew Stuart President and CEO of Stuart Energy Systems.

Stuart Energy Systems

Stuart Energy Systems Corporation (TSE: HHO - news) is a leading developer and supplier of hydrogen generation and supply systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. The market for hydrogen fuel has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking and made under the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on the Company`s operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time in Stuart Energy Systems` filings with various securities commissions. There can be no assurance that any anticipated future results will be achieved. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For further information

please contact: Media and Communications - Wanda Cutler, Stuart Energy Systems, [phone] x 529
Nancy Evans/Christina Rodmell, Environics Communications, [phone] x 274/259
Investor Relations - Rupert Merer, Stuart Energy Systems, [phone] x 766

[schmadke]

Der vielleicht interessanteste Ausschnitt aus M_B_S Nachricht:

"The Bus Fueler generates hydrogen for an XCELLSIS fuel cell bus as well as other clean vehicles using hydrogen. The Stuart hydrogen facility located at SunLine is the first public access hydrogen station in the United States."

1) XCELLSIS ist die Daimler/Ballard-Engine. Wiederum bestätigen sich also die Kontakte zu den BIG-Playern.

2) Und die erste öffentliche Wasserstoff-Tankstelle mit Stuart-Geräten ausgerüstet zu sehen spricht ebenfalls für die Vorreiterrolle Stuarts.

Fazit (zum wiederholten Male): Setzt sich die Brennstoffzelle durch, hat man mit Stuart eine riesen Chance mit dabei zu sein - und das zu einem momentan wirklich attraktiven Einstiegspreis.

Gruss
Schmadke

[M_B_S]

Geheimtip :

http://www.ch2bc.org/indexh.htm

Wahrlich stuart geht seinen Weg !

[schmadke]

Und schon wieder was neues:

Stuart Energy Expands Market Leadership Through Sale of Industrial Hydrogen Plant to Fiber Optics Industry
TORONTO, May 9 /CNW/ - Stuart Energy Systems (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, announced today that its industrial division, Electrolyser, has received an order for a 500 cubic metre per hour (480,000 standard cubic feet per day) hydrogen plant. Sterlite Optical Technologies Ltd., a manufacturer of fiber optics cable requiring a reliable source of high purity hydrogen and oxygen in their production processes, purchased the 2,500 kW Electrolyser electrolysis plant. Electrolyser provides industrial hydrogen equipment to customers around the world.
The electrolysis plant is based on Stuart Energy`s M-Series platform incorporating the Company`s largest DEP(TM) electrolyser. This is the third sale of an M-Series generator since its introduction last year. The first two generators were sold to customers in the edible oil and industrial gas industries. The three sales for equipment and services have a total value of over $3 million and include 144 DEP(TM) cell stacks.

"This was a very competitive bidding process; the customer considered all hydrogen generation technologies, including steam reformers," said Ayman Monged, Vice President of Sales at Stuart Energy. "Thanks to the work of our product development team we were able to tender the latest innovation in electrolysis technology, and offer the most efficient, reliable and economical solution to our customer."

The M-Series platform is used to meet the hydrogen requirements of between 50 to 5000 cubic metres per hour or more and is the basis for Stuart Energy`s large-scale industrial Electrolyser products and Bus Fuelers.


Interessant - so abhänig vom Durchbruch des Brennstoffzellen-Autos scheint Stuart ja gar nicht zu sein.

Gruss
Schmadke

[schmadke]

Grosse, grosse Umsätze heute - schon 70.000. Vielleicht wirds demnächst ja mal was.

Also Leute, no risk - no fun.

Es grüsst
Schmadke

[schmadke]

Zur Info:

Gestern + 12% bei 143.000 gehandelten Stück.
6-Monats-Chart sieht spannend aus.

[M_B_S]

So, die 1000 % sind Realistisch ! Ich Glaube es nicht !
Ich weiss es !

U.S. Energy Strategy
Underscores Strategic Potential of Hydrogen

The National Energy Policy report submitted yesterday by Vice President Cheney to President Bush included several recommendations highlighting the strategic role of hydrogen fuel. The report recommends that the President:

- direct the Secretary of Energy to develop next-generation technology including hydrogen;

- focus research and development efforts on integrating current programs regarding hydrogen, fuel cells and distributed energy;

- provide a temporary income tax credit available for the purchase of new hybrid or fuel-cell vehicles between 2002 and 2007;

- make numerous recommendations which support renewable electricity production and enhanced electrical grid development; and

- develop an education campaign that communicates the benefits of alternative forms of energy including hydrogen.

"These are very positive steps towards bringing hydrogen forward as a fuel for transportation and regenerative applications. The Stuart method of providing distributed hydrogen generation and supply using our proprietary hydrogen fuel appliances could play a major role in the US strategy. The fact that energy security and energy policies -- including renewable electricity and alternative fuels -- are on the political agenda is very encouraging. We are pleased the report recognizes that hydrogen can be produced from water, that the energy for extracting hydrogen could be derived from renewable sources, and that hydrogen could be part of a distributed energy infrastructure."

Andrew Stuart, President and CEO
of Stuart Energy Systems

The report also notes that transporting and storing hydrogen are challenges that need to be overcome. The focus of Stuart Energy`s recent efforts has been the development of hydrogen fuel appliances that can produce high-quality hydrogen on the spot from water and electricity eliminating the need to transport hydrogen and substantially reducing storage challenges. These appliances can be used to fuel hydrogen-powered fuel cell or internal combustion engine vehicles. A number of major vehicle manufacturers, including Ford, GM, Honda, DaimlerChrysler and others, have already built such hydrogen fuel cell vehicles.
Stuart`s technology has also fueled hydrogen-powered transit buses as part of a two-year program in Vancouver, B.C., as well as an ongoing program in Thousands Palms, California. Stuart Energy Systems (TSE:HHO), has been actively working with the U.S. Department of Energy, the California Fuel Cell Partnership, B.C. Hydro, Natural Resources Canada, Industry Canada, the National Research Council`s Fuel Cell Technology Centre, and many others on implementations, demonstrations, and testing of practical hydrogen fueling options for vehicles and for regenerative applications in North America.
Stuart Energy Systems/PRNewswire May 18, 2001


Gruss an alle Wissenden !

M_B_S

[veco]

könntet ihr mal bitte sagen,wie hoch die marktkapitalisierung ist von stuart,und wie es um die gewinne aussieht?wo verfolgt ihr den kurs in canada realtime?
danke
gruß

[schmadke]

Guten Morgen veco,

Stuart hat 20 Mio Aktien im Umlauf. Macht ergo bei C8$ eine Marktkapitalisierung von 160 mio C$.

Mit Gewinnen kann ich leider nicht dienen - aber die macht meines Wissens noch keiner in diesem Bereich:
ANNUAL FINANCIALS
31-MAR-2000 (12 Months,C$)
Total Revenue ($000): 7,101
Earnings before Interest & Tax ($000): -3,744
Profit/Loss ($000): -3,954
Earnings per Share: -.39
Total Assets ($000): 30,319
Return on Com. Equity: -53.51
Employees: 121

Realtime-Quelle hab ich keine - deshalb www.tse.com /Börse Toronto (Symbol: hho) oder bei yahoo (Symbol: hho.to).

Schönen Sonntag noch.
Schmadke

[artventura]

ich bin auch am überlegen ob ich in stuart energy investieren soll. das potential für eine vervielfachung der aktie ist sicherlich gegeben - jedoch nur unter der voraussetzung, daß sich reiner wasserstoff als treibstoff tatsächlich durchsetzt.
daß wir in zukunft einen geschlossen co2 kreislauf herstellen müssen scheinen ja selbst die amerikaner langsam ansatzweise begriffen zu haben. doch gäbe es auch noch andere möglichkeiten dies zu erreichen. z.b. fahrzeugbetrieb durch pflanzenöl, biodiesel, biogas (auch in brennstoffzellen autos einsetzbar - an bord findet dann in einem reformer die umwandlung in wasserstoff und co2 statt).
kann mir jemand in dem zusammenhang sagen wie der wirkungsgrad bei der wasserstofferzeugung durch eine stuart anlage ausfällt? bzw. wieviel kw/h strom ich für 100 km fahrt in einem pkw der ersten generation brennstoffzellen autos verbrauchen würde?

entwickelt stuart eigentlich auch geräte mit denen h2 für kleine brennstoffzellen (in handys, notbooks usw.) erzeugt werden kann?

mfg artventura

[schmadke]

Aktuell: + 1,0 C$, also über 10% im Plus auf 9,50 C$ - seit Tagen hohe Umsätze und Aufwärtstrend. Vor 2 Wochen hatten wir noch die 6 vor dem Komma. Schön.

Gruss Schmadke

[schmadke]

@ artventura

Meiner Kenntnis nach werden von Stuart bisher keine solcherlei Kleingeräte gebaut - ist aber wahrscheinlich einfach eine Sache der Nachfrage. Bzgl. der anderen Dingen bin ich leider überfragt - würde mich aber ebenfalls interessieren. Kann mich nicht daran erinnern auf der Stuart-Website Antworten auf diese Fragen gesehen zu haben. Falls Du es selbst mal probieren willst: www.stuartenergy.com

Es grüsst
Schmadke

[M_B_S]

U.S. Energy Strategy
Underscores Strategic Potential of Hydrogen
Stuart Energy Systems/PRNewswire May 18, 2001

The National Energy Policy report submitted yesterday by Vice President Cheney to President Bush included several recommendations highlighting the strategic role of hydrogen fuel. The report recommends that the President:

- direct the Secretary of Energy to develop next-generation technology including hydrogen;
- focus research and development efforts on integrating current programs regarding hydrogen, fuel cells and distributed energy;
- provide a temporary income tax credit available for the purchase of new hybrid or fuel-cell vehicles between 2002 and 2007;
- make numerous recommendations which support renewable electricity production and enhanced electrical grid development; and
- develop an education campaign that communicates the benefits of alternative forms of energy including hydrogen.

"These are very positive steps towards bringing hydrogen forward as a fuel for transportation and regenerative applications. The Stuart method of providing distributed hydrogen generation and supply using our proprietary hydrogen fuel appliances could play a major role in the US strategy. The fact that energy security and energy policies -- including renewable electricity and alternative fuels -- are on the political agenda is very encouraging. We are pleased the report recognizes that hydrogen can be produced from water, that the energy for extracting hydrogen could be derived from renewable sources, and that hydrogen could be part of a distributed energy infrastructure."

Andrew Stuart, President and CEO
of Stuart Energy Systems

The report also notes that transporting and storing hydrogen are challenges that need to be overcome. The focus of Stuart Energy`s recent efforts has been the development of hydrogen fuel appliances that can produce high-quality hydrogen on the spot from water and electricity eliminating the need to transport hydrogen and substantially reducing storage challenges. These appliances can be used to fuel hydrogen-powered fuel cell or internal combustion engine vehicles. A number of major vehicle manufacturers, including Ford, GM, Honda, DaimlerChrysler and others, have already built such hydrogen fuel cell vehicles.
Stuart`s technology has also fueled hydrogen-powered transit buses as part of a two-year program in Vancouver, B.C., as well as an ongoing program in Thousands Palms, California. Stuart Energy Systems (TSE:HHO), has been actively working with the U.S. Department of Energy, the California Fuel Cell Partnership, B.C. Hydro, Natural Resources Canada, Industry Canada, the [Canadian] National Research Council`s Fuel Cell Technology Centre, and many others on implementations, demonstrations, and testing of practical hydrogen fueling options for vehicles and for regenerative applications in North America.


Es tut sich was ! GUT

Na ja , ohne die neue Mehrheit im Senat ......

[schmadke]

Quartalszahlen bzw. Geschäftsjahresabschluss:

In Kürze:

Mittelbestand 164 Mio C$ (30 Mio C$ in 2000)
Umsatz 14,3 Mio C$ (11 Mio C$ in 2000)
Operative Kosten 12,3 Mio C$ (9,3 Mio C$ in 2000)
F&E-Kosten 13,3 Mio C$ (4,9 Mio C$ in 2000)
Netto-Verlust 12,5 Mio C$ (3,8 Mio C$ in 2000)
Verlust pro Aktio 0,73 C$ (0,39 C$ in 2000)


Ausführlicher:

Stuart Energy Systems Announces Financial Results For Year Ended March 31, 2001
TORONTO, June 13 /CNW/ - Stuart Energy Systems Corporation (TSE:HHO - news), a leading developer of hydrogen generation and supply systems, today announced its consolidated financial results for the year ended March 31st, 2001.


Highlights for Year
Technology
- Received 3 U.S. technology patents, including Double Electrode Plate(TM) (DEP(TM)) and P4 technology
- Strengthened technology team with the addition of 31 employees

Partners
- Formed joint venture with Cheung Kong Infrastructure (CKI) for deployment of hydrogen infrastructure in the Australasia region
- Joined California Fuel Cell Partnership as an Associate Member
- Teamed with B.C. Hydro to demonstrate hydrogen fueling infrastructure

Prototype Demonstration
- Concluded successful two-year Coast Mountain Transit demonstration
- Delivered Regenerative Fuel Appliance (RFA) to University of Quebec
- Delivered Community Fuel Appliance (CFA) prototype to B.C. Hydro/Powertech
- Delivered CFA prototype to National Research Council Fuel Cell Research Centre
- Delivered Personal Fuel Appliance(TM) (PFA) prototype to Ford Motor Company
- Completed first year of operation of Bus Fueler prototype at SunLine Transit

Operations
- Made first commercial sales of H and M-Series hydrogen generator using the DEP(TM) electrolyser
- Completed plans for facilities upgrades in Ontario and Quebec

Financial
- Received a strategic investment from CKI
- Completed initial public offering on Toronto Stock Exchange, raising gross proceeds of $150 million


"Fiscal 2001 was an exciting year for Stuart Energy, including our first six months as a public company and significant progress towards our growthstrategy. The fourth quarter was noteworthy for the further deployment of our prototypes for a distributed hydrogen infrastructure solution. Stuart Energy has now delivered the full range of our new product platforms to the industrial and transportation markets and we see many exciting opportunities in the regenerative electric power market," said Andrew Stuart, President and CEO of Stuart Energy Systems.


Outlook
To enable growth in both existing and emerging markets, during 2001-2002, Stuart Energy plans to:

Enhance technology leadership
- Deliver a CFA satellite station to the California Fuel Cell Partnership
- Expand demonstration partnership with B.C. Hydro
- Roll out the next generation of the Community Fuel Appliance incorporating P4 technology
- Develop and commercialize new technology with broadened intellectual property protection
- Continue leadership role in government programs such as the recently announced Canadian Transportation Fuel Cell Alliance

Expand management, sales, marketing and service capabilities
- Strengthen management team
- Increase revenue, predominantly from the sale of Stuart Energy`s DEP(TM) technology
- Develop partnerships and strategic relationships

Improve operational capabilities
- Expand and upgrade manufacturing facilities in both Ontario and Quebec
- Implement best practices to enable adoption of ISO 9000:2000 and Enterprise Resource Planning
- Upgrade of operations in new facilities to increase capacity and improve productivity


Management`s Discussion and Analysis of Operating

Results Fourth Quarter (January 1, 2001 through March 31, 2001) and Fiscal Year Ending March 31, 2001

Revenue
Revenue in the fourth quarter of fiscal year ending March 31, 2001 was $4.8 million, compared to $4.9 million in the third quarter and $1.9 million in the fourth quarter of the fiscal year ending March 31, 2000. These results reflect differences in the order intake pattern, which may vary significantly from quarter to quarter. For the fourth quarter of fiscal 2001, revenue from investment income accounted for 49% of total revenue.

Revenue increased to $14.3 million for the fiscal year ended March 31, 2001 from $11.0 million for the fiscal year ended March 31, 2000. For fiscal 2001, revenue from investment income accounted for 34% of total revenue


Cost of Equipment, Service and Operating Expenses

Cost of equipment, service and operating expenses increased from $2.8 million in the Q4 fiscal 2000 to $4.3 million in Q4 fiscal 2001. For fiscal 2001, cost of equipment, service and operating expenses increased to $12.3 million from $9.4 million in fiscal 2000. This increase is a result of the employment of greater resources to support the expansion of the research, product and market development program.


Research and Product Development

The IPO completed in October 2000 enabled an increase in R&D expenditures from $0.9 million in Q4 2000 to $4.5 million in Q4 2001. R&D expenditures increased from $4.9 million in fiscal 2000 to $13.3 million in fiscal 2001. The increase reflects the stated intention of the Company to expand the research and product development program in order to maintain and enhance the Company`s leadership position in the water electrolysis and hydrogen fuel markets.


Liquidity and Capital Resources

Total working capital increased from $22.3 million at the end of fiscal 2000 to $146 million at the end of Q4 2001. On October 5th, 2000, an initial public offering of 5.77 million common shares raised gross proceeds of $150 million.


Und wer es ganz ausfühlich haben will:
http://biz.yahoo.com/cnw/010613/stuart_energy_erngs.html


Grüsse
Schmadke

PS: Noch ist mit Brennstoffzellen etc. kein Geld zu verdienen.
Die Chancen sind gross - das haben sie mit dem Risiko gemeinsam.

[schmadke]

Alexander K. Stuart to Chair World Hydrogen Energy Conference
09:58 GMT-04:00 Thursday, July 05, 2001


TORONTO, July 5 /CNW/ - Alexander K. (Sandy) Stuart, Chairman of, Stuart Energy Systems Corporation, (TSE: HHO) a leading developer of hydrogen generation and supply systems, has been named as Co-Chairman of the 14th World Hydrogen Energy Conference (WHEC) to be held June 2002 in Montreal, Quebec, Canada.

In 2002 the conference will be hosted by Canada in conjunction with the Canadian Hydrogen Association and the US National Hydrogen Association under the auspices of the International Association for Hydrogen Energy. Some of the topics to be covered include: the production, transportation, storage and utilization of hydrogen energy.

"The World Hydrogen Energy Conference is the leading global hydrogen energy forum linking industry, academics and governments. I believe that this conference will attract members from a very broad community, due to increased public recognition of hydrogen as a zero emission fuel. The matters discussed here, including the economic benefits of hydrogen, will have a far reaching impact on the environment and global climate change," said Alexander Stuart.

Mr. Stuart co-founded Stuart Energy (formerly The Electrolyser Corporation Ltd.) in 1948 and is currently the chairman of the Corporation. In 1984 Mr. Stuart was Chairman of the WHEC 5 conference held in Toronto. He was the founding delegate for Canada, and a past Chairman of the Executive Committee for Hydrogen of the International Energy Agency in Paris. He has also served as Vice Chairman of the U.S. National Hydrogen Association. Mr. Stuart has received lifetime achievement awards from the Canadian Hydrogen Association and the U.S. National Hydrogen Association. "Sandy Stuart is the father of hydrogen in Canada," commented Dr. Tapan Bose, Co-Chair of the World Hydrogen Energy Conference and Chairman of the Canadian Hydrogen Association.

In addition, Stuart Energy`s President and CEO and Vice Chair, Andrew Stuart, will act as Co-Chair of the Conference`s Industrial Committee and Matthew Fairlie, the Company`s Executive Vice President and Chief Technical Officer, is a member of the Technical Program Committee.

[M_B_S]

TORONTO, Ontario - July 23, 2001 - The Board of Directors of Stuart Energy Systems Corporation (TSE: HHO) announced today that it has appointed Jon Slangerup as the Company`s new President and CEO, effective August 1, 2001. Andrew Stuart, current President and CEO, will continue as Vice Chairman of the Board and a member of the Executive Committee of the Board.

Mr. Slangerup brings to Stuart Energy a wealth of management experience and a commanding knowledge of logistics, operations, sales and business development. He was President of FedEx Canada from 1993 to April 2000 and prior to that held various senior managerial positions with the company. During his tenure as President, FedEx Canada maintained double digit revenue growth, doubled its international market share and generated strong profit growth and margins. In addition, while at FedEx he was responsible for a work force of over 5000 people. Until recently Mr. Slangerup was Chairman and CEO of Electron Economy Inc., a market leader in supply chain management software.

"We are confident that Jon has the leadership qualities, the experience and the vision necessary to ensure the Company`s continued growth and success as a leader in the emerging hydrogen economy. His proven ability to lead, manage and grow companies at different stages of maturity will be of great benefit to Stuart Energy," said Alexander K. Stuart, Chairman of Stuart Energy.

Mr. Slangerup said: "I am very excited by the potential of Stuart Energy and its growth prospects. In the near term, I will focus on gaining a thorough understanding of the Company and its markets, as a basis for advancing the company`s objective of being a world leader in the alternative energy field."

Forward Looking Statements
Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking and made under the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on the Company`s operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time in Stuart Energy Systems` filings with various securities commissions. There can be no assurance that any anticipated future results will be achieved. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For more information on Stuart Energy and its products, please contact:

Investor Relations - Rupert Merer, 905- 282-7700 x-7763
[e-mail]
www.stuartenergy.com

Media and Communications - Wanda Cutler, 905- 282-7700 x-7769 [e-mail]

[M_B_S]

Related Quotes

HHO.TO
6.10
+0.20

delayed 20 mins - disclaimer



Monday September 10, 3:34 pm Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corporation

Stuart Energy President and CEO to Present at Conference
TORONTO, Sept. 10 /CNW/ - Stuart Energy President and CEO, Jon Slangerup, will present at CIBC World Markets Annual Power Technologies and Growth Conference in New York on Tuesday September 11, 2001. The presentation will focus on Stuart Energy`s technical strengths, market opportunities and future growth strategy.
Mr. Slangerup`s presentation will begin at approximately 4:00 pm EST and run for 20 minutes with a subsequent question and answer session. Interested parties are invited to access live - in listen-only mode - an audio webcast of the presentation and Q&A session, via the Stuart Energy web page at www.stuartenergy.com

A password for login purposes and a link will be posted on the home page of Stuart Energy`s website. After the conference the presentation will be archived for 90 days.

Stuart Energy Systems

Stuart Energy Systems Corporation is a leading developer and supplier of hydrogen generation and delivery systems, with offices in Canada and the United States. These systems incorporate proprietary water electrolysis technology designed to serve the industrial hydrogen market and the emerging hydrogen fuel market for transportation and regenerative electric power applications. The market for hydrogen fuel has been enabled by the development of electric power technologies such as the hydrogen fuel cell. The Company`s Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy Systems discussed in this Press Release are forward-looking, based on the Company`s operating plans, and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy Systems` plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time in Stuart Energy Systems` filings with various provincial securities commissions. There can be no assurance that any anticipated future results will be achieved. Stuart Energy Systems undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.





VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=17453

Da ist was im Bush ?

[schmadke]

Vielleicht möchte ja jemand hingehen:


Stuart Energy Annual General Meeting September 25, 2001
15:07 GMT-04:00 Monday, September 17, 2001

TORONTO, Sept. 17 /CNW/ - On behalf of the Board of Directors, and Jon Slangerup, President & CEO, we invite you to attend the 2001 Annual General Meeting of Stuart Energy Systems Corporation on September 25, 2001. There will be a hydrogen demonstration at 3:30 pm followed by the meeting at 4:00 pm. The AGM will be held at the Metro Toronto Convention Centre, Room 206 in the north building at Street Level. The convention centre is located at 255 Front Street West. Please RSVP to Donna Gardner at 905-282-7700 x 7741.

Welcome to the Hydrogen Years. Hydrogen is clean, abundant, powerful and affordable - today and for the future. Hydrogen is poised to revolutionize the way energy is sourced, used and distributed. Generation and supply of hydrogen is the glue that connects many promising alternative power technologies together. Renewable power generation, energy storage, fuel cells and electrical grid management are linked by hydrogen generated using electrolysis. Stuart Energy seeks to accelerate the introduction of hydrogen fuel, while expanding existing industrial markets for electrolytic hydrogen. The Company`s goal is to offer the lowest cost, most practical and most convenient supply of hydrogen, to enable the emerging hydrogen economy.

If you are unable to attend, the AGM will be webcast live on our website at www.stuartenergy.com, and will be available in archived form after the event.

[M_B_S]

Press Release
SOURCE: Stuart Energy Systems Corporation

Media alert - Stuart Energy Annual Meeting and Demo of Hydrogen Fueling Device
Stuart Energy to Demonstrate Self-Standing Fueling Device for Multiple Applications
TORONTO, Sept. 24 /CNW/ - On Tuesday September 25th, Stuart Energy Systems, (TSE: HHO - news), a leading developer of hydrogen generation and supply systems, will host its first Annual General and Special Meeting since listing on the Toronto Stock Exchange. As part of the event, Stuart Energy will be demonstrating its unique small-scale hydrogen fueling device, the Personal Fuel Appliance, for hydrogen fuel cell vehicles and other power applications.
Stuart Energy`s scalable technology is designed to meet a variety of hydrogen needs. The Canadian-designed and manufactured hydrogen fueling solutions are being used in breakthrough hydrogen vehicle projects in North America including a project with the U.S. Department of Energy in California. Stuart Energy products are also used for power and industrial hydrogen applications globally.

The Stuart Energy Fuel Appliances are self-standing, easily-located devices that can put hydrogen fuel generation and supply right where the customer needs it -- anywhere that electricity and water are available.

Prior to the start of its Annual General Meeting, the Company will demonstrate how its Fuel Appliances can produce high-quality hydrogen using only electricity and water. Stuart Energy Fuel Appliances are a key component in the development of hydrogen fuel cells as a viable alternative power source.




What: Stuart Energy Annual General Meeting
and Hydrogen Fueling Demonstration

When: Tuesday September 25, 2001
3:30 - 4 p.m. -- Fueling demonstration
4 p.m. -- Annual General Meeting

Where: Metro Toronto Convention Centre, North Building
Room 206
255 Front St. West, Toronto



VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=17453

Das wird spannend !

[M_B_S]

Attention Business Editors:

New Stuart Energy President & CEO Outlines Mission to Create, Develop and Market Hydrogen Solutions Throughout the World

Focus will be on a balanced business plan, emphasizing sales
and marketing

TORONTO, Sept. 25 /CNW/ - "Enormous market opportunities await Stuart
Energy, a company that today has energy solutions that are cost effective and
environmentally safe," said Jon Slangerup, the recently named President and
CEO of Stuart Energy Systems at the company`s first Annual General and Special
Meeting, held today in Toronto. Stuart Energy Systems (TSE: HHO) is a leading
developer of hydrogen generation and supply systems.
Mr. Slangerup welcomed shareholders to "The Hydrogen Years" as he
reviewed the company`s achievements over the last year and outlined the
strategic plan for "transforming Stuart Energy from a position of strength in
R&D, to a company with a disciplined market focus and the ability to execute
world-class manufacturing and operations."

Among the highlights of the past year:

- Stuart Energy`s well-received IPO raised gross proceeds of $150
million to fund product development, expand facilities, support
marketing efforts and continue growth;
- Revenue increased to $14.3 million from $11 million in fiscal
2000;
- Stuart Energy received an equity investment from Hong Kong
Infrastructure and finalized an exclusive joint venture for
AustralAsia;
- Success continued in the industrial hydrogen market including:
repeat sales of the S-Platform small generator; a significant
order of mid-sized products from BOC group, one of the world`s
largest industrial gas companies; and three orders for Stuart
Energy`s new large M-series generator;
- Delivery of a renewable fuel appliance to the University of Quebec
to be integrated with a wind turbine and demonstrate the feasibility
of renewable energy systems;
- Successful completion of a two-year project fuelling three
Ballard/XCELLSIS fuel cell buses in Vancouver;
- Completion of first year of bus fueling project at SunLine Transit
in California -- the first public hydrogen fueling station in the
United States;
- Unveiling of the 200 series Personal Fuel Appliance for fueling fuel
cell vehicles -- the Company delivered a unit to Ford Motor Company
as part of an evaluation program -- the company also demonstrated
the appliance at the meeting;
- Formation of partnership with BC Hydro to demonstrate a hydrogen
fueling infrastructure based on water electrolysis; the Company
delivered a Community Fueler to BC Hydro as part of the program;
- Delivery of a Community Fueler to the National Research Council
National Fuel Cell Technology Centre;
- Being invited to join the California Fuel Cell Partnership and
participating in their "ride and drive" demonstration of prototype
fuel call cars in Los Angeles;
- Receiving 3 new US technology patents; and many other developments.

Strategy for The Hydrogen Years
Mr. Slangerup indicated that management`s focus would be on creating
awareness, stimulating demand and achieving adoption of the Company`s hydrogen
solutions. He committed to driving sales improvements in the year ahead.
"Stuart Energy`s mission is to create, develop and market hydrogen
solutions throughout the world," said Slangerup. "We will employ state of the
art technology in offering customers the best value proposition for hydrogen
solutions...We will manage an integrated business plan, one that balances the
push for aggressive sales and marketing with a narrow focus on product
development."
Mr. Slangerup announced that Stuart Energy will soon open offices in
Europe and Asia in order to exploit market opportunities there.

Energy Security
Among the opportunities he identified for Stuart Energy is the growing
importance of energy security and self-sufficiency. "The world is experiencing
a paradigm shift in energy security and the need for energy self-sufficiency,"
said Mr. Slangerup. "Recent developments in hydrogen technologies will make
this shift sustainable. Hydrogen generation and supply, using renewable
resources, can guarantee a secure, cost effective and versatile energy supply
for the world."

Technology Commitment
Mr. Slangerup underscored Stuart Energy`s commitment to technology in
keeping the company in a market leadership position. Referring to the
company`s hydrogen-generating fuel appliances, Mr. Slangerup said "Stuart
Energy has a technology that holds the key to the effective distribution of a
low-cost, high-quality and convenient hydrogen supply made from renewable and
sustainable power" but added "we will continue to aggressively invest in the
development of new technology."

Industrial Hydrogen
Mr. Slangerup indicated that today the industrial hydrogen market
accounts for most of the Company`s sales and sees it as an excellent proving
ground for Stuart Energy`s new technology. "This market will continue to be a
key source of revenue in the near term, helping to off-set investment in
product development and commercialization of products for the power and
transportation markets."

Stationary and Portable Power
Mr. Slangerup also identified opportunities in the emerging stationary
and portable power market. "Leveraging the power market, we can enable
hydrogen infrastructure in preparation for longer-range transportation
applications." he said. "Our near term points of entry will be the commercial
back-up power market and the off-grid renewable energy market... The market
demand for these products is strong and our products offer a compelling value
proposition."

Transportation Sector
Stuart Energy will continue its commitment and progress in the
transportation sector and intends to "further develop our products and
relationships with the major players in this business through sales,
demonstration partnerships and through our business development outreach."

Stuart Energy Systems
Stuart Energy Systems Corporation is a leading developer and supplier of
hydrogen generation and delivery systems, with offices in Canada and the
United States. These systems incorporate proprietary water electrolysis
technology designed to serve the industrial hydrogen market and the emerging
hydrogen fuel market for transportation and regenerative electric power
applications. The market for hydrogen fuel has been enabled by the development
of electric power technologies such as the hydrogen fuel cell. The Company`s
Web site address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of
Stuart Energy Systems discussed in this Press Release are forward-looking,
based on the Company`s operating plans, and are subject to future events and
uncertainties. Management cautions the reader that the following factors,
among others, may cause Stuart Energy Systems` plans to differ or results to
vary from those expected, including the impact of competition, pricing, market
demand and marketplace acceptance, inability to complete development of
products and other risks set forth from time to time in Stuart Energy Systems`
filings with various provincial securities commissions. There can be no
assurance that any anticipated future results will be achieved. Stuart Energy
Systems undertakes no obligation to publicly release the results of any
revisions to forward-looking statements, which may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

All figures in $CDN.




-30-

For further information: please contact: Media and Communications:
Wanda Cutler, Stuart Energy Systems, [phone] x 7769; Nancy Evans,
Environics Communications, [phone] x 274; Investor Relations:
Rupert Merer, Stuart Energy Systems, [phone] x 7763
STUART ENERGY SYSTEMS CORPORATION has 43 releases in this database.

[marterpfahl]

Hallo an alle Vorausschauenden !

Die erweiterte Kooperation Ballard/Daimler-Chrysler/Ford und die in den betreffenden Meldungen genannten Zeithorizonte (Serienreife der ersten Busprojekte 2003-2005) sollte doch auch die Produkte von Staurt wieder ins Blickfeld der Anleger bringen !
Die notwendigen Wasserstoff-Tankstellen müssen erst noch gebaut werden, und dazu liefert bisher Stuart Energy die besten Systeme !
Ein gigantischer Markt wird da vorbereitet !

Kauft jetzt nicht nur Ballard Power, sondern auch Stuart !

In 2-4 Jahren hat sich der Kurs sicher vervielfacht !

MfG marterpfahl

[schmadke]

Hört, hört: Stuart CEO investiert 2,3 Mio DM in eigene Papiere. Das spricht von Selbstbewußtsein:

Stuart Energy CEO Makes Investment
TORONTO, Oct. 1 /CNW/ - Stuart Energy Systems Corporation is pleased to announce that Jon Slangerup, President and CEO of Stuart Energy Systems, purchased today 203,750 common shares of Stuart Energy Systems Corporation. Mr. Slangerup purchased the maximum number of shares eligible for funding under a loan from the Company, which was approved by the shareholders on September 25, 2001.
The shares were purchased from the Company`s treasury at a price of $5.65, the closing price on the TSE on September 27, 2001. The total price for the issuance was $1.15 Million.

"We are delighted with Jon`s decision to align his interest with those of the shareholders", commented Alexander K. Stuart, Chairman of Stuart Energy Systems.

All financial figures quoted in CDN$.

Stuart Energy Systems

[schmadke]

Holla, holla! - das sind mal News: Kaufabsichtserklärung über 380 Mio US $ für Stuart:


Stuart Energy signs C$600 mln letter of intent

TORONTO, Oct 24 (Reuters) - Canada`s Stuart Energy Systems(Toronto:HHO.TO - news) said on Wednesday it signed a multi-year contract for itshydrogen back-up generators in Asia-Pacific that could see revenues of C$600 million ($380 million) from its partner Cheung Kong Infrastructure Holdings Inc. . ($1 equals $1.57 Canadian)

Stuart said the seven-year letter of intent with Cheung Kong, a Stuart Energy shareholder and exclusive distributor in the Asia-Pacific region, will see the delivery of 2,750 hydrogen-based generators for buildings.

The generators are intended to replace diesel-power systems for new and existing buildings and would represent the beginning of a hydrogen-based infrastructure in the region, said Stuart in a statement.


... und etwas ausführlicher:


Stuart Energy and Cheung Kong Infrastructure Sign Exclusive $600 Million Letter of Intent

- Hydrogen Back-Up Power Solutions for Asia-Pacific Market -

TORONTO, Oct. 24 /PRNewswire/ - Stuart Energy Systems Corporation(TSE:HHO - news) announced today 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 million 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 commercialization of hydrogen-based technologies.``

* Conference Call Details:
* Stuart Energy will conduct a conference call to discuss the new Letter of
* Intent on Wednesday, October 24, 2001 at 11:00 a.m. ET. To access this
* conference call please dial in at 416-405-9328 or 1-800-387-6216, the
* broadcast will also be live on the Stuart Energy website at
* www.stuartenergy.com. It will feature Jon Slangerup, President and CEO of
* Stuart Energy.
*

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 US$68 billion as of October 23, 2001.

Stuart Energy

Stuart Energy Systems Corporation (TSE:HHO - news) 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. The Company`s website address is www.stuartenergy.com.

Certain expectations and projections regarding the future performance of Stuart Energy discussed in this Press Release are forward-looking, based on the Company`s operating plans, and are subject to future events and uncertainties. Management cautions the reader that the following factors, among others, may cause Stuart Energy`s plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, inability to complete development of products and other risks set forth from time to time in Stuart Energy`s filings with various provincial securities commissions. There can be no assurance that any anticipated future results will be achieved. Stuart Energy undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

SOURCE: Stuart Energy Systems Corporation

[M_B_S]

Hallo schmadke !

Schön das du noch dabei bist Viele sind ja nicht mehr übrig nach dem Bush Desaster !

Aber stuart macht seinen Weg : die Patente / Monopole und der Grossinvestor CK haut es raus in Fern Ost !

Ich sage euch mit stuart schreibt man an der Hydrogen Revolution mit und das nicht zu knapp !

Insofern bin ich auch ein Revolutzer

Gruss M_B_S

Gefällt mir : 7 Jahre Zyklus

[schmadke]

Bisher 240.000 gehandelte Aktien - eben gerade 80.000 auf einmal. Da ist einiges in Bewegung. Allerdings gibts bereits seit einiger Zeit recht hohe Umsätze. Gut oder schlecht? Auf jedenfall ist da was in Bewegung gekommen.

Es grüßt
Schmadke

PS: @mbs: Gruss zurück und Daumen drücken. Könnte was werden!

[schmadke]

Neue Quartalszahlen und jede Menge Infos zum Unternehmen und seinen Zukunftsaussichten. Wer schon mal mit dem Gedanken gespielt hat zu investieren findet unter folgenden Link ein informatives Kompendium über die Dinge, die man wissen sollte. Ich halte Stuart nach wie vor für solide geführtes, innovatives Unternehmen mit guten Kontakten in einem absoluten Wachtumsmarkt und daher für ein ein sehr, sehr aussichtsreiches Investment. Aber macht Euch selbst ein Bild:

http://tse.globeinvestor.com/servlet/WireFeedRedirect?cf=Glo…

[M_B_S]

Ja, wir sind noch dabei !


Stuart legt bald das goldene Ei

1000 % hab ich versprochen ! Bush hat s verbrochen !

Doch Oel ist endlich und das ist Gut

Mit Stuart im Debot hab MUT

Gruss an Schmadke

[M_B_S]

Hype errreicht heute auch Stuart ! hho.to + 16%

Wer Brennstoffzellen Autos bauen / fahren will kommt an Stuart nicht vorbei :

Die bauen nämlich die Tankstellen Infrastruktur für Wasserstoff - Systheme !

[M_B_S]

Hier ist was im Bush

Ford + Stuart !

[M_B_S]

Canadas Premie Minister weiht Stuarts Energy Werk ein !

"Das ist die Zukunft" !

Prime Minister Jean Chrétien inaugurates Stuart Energy Shawinigan facility

Company to capitalize on growing consensus of hydrogen as fuel of
the future

SHAWINIGAN, QC, Feb. 11 /CNW/ - Prime Minister Jean Chrétien joined
senior executives of Stuart Energy Systems Corporation (TSE:HHO) in his home
riding today to celebrate the inauguration of the Company`s hydrogen cell
stack development and manufacturing facility.
Stuart Energy is a leading developer and supplier of hydrogen generation
and delivery systems that provide safe, reliable and competitive hydrogen
solutions to existing and emerging markets for stationary power generation,
transportation fuel and industrial applications.
"I am convinced we will see a significant increase in the use of hydrogen
fuel in the coming years," said Prime Minister Chrétien, "and as production
increases, the cost will decrease."
"Throughout the rest of this decade, hydrogen vehicles will gradually
take over more and more of the automotive commercial market," Jon Slangerup,
Stuart Energy`s President and CEO, told the invited guests. "Hydrogen-powered
internal combustion engines and fuel cells are also expected to play a larger
and larger role in the generation of electricity. As the use of hydrogen
grows, so will the need for Stuart Energy`s technology and products."
As a near term commercial opportunity and a bridge to future fuel cell
applications the company is working with corporate partners to develop
hydrogen back-up power systems. These systems will replace aging and polluting
diesel generators by incorporating hydrogen generation equipment, hydrogen
storage and hydrogen-fueled internal combustion engines (ICE) to generate
electricity from hydrogen.
"The same hydrogen infrastructure technology that fuels these back-up
power systems will be available for other devices, including vehicles powered
by hydrogen burning internal combustion engines, and later fuel cells," added
Mr. Slangerup.
"In the past two or three years, an extraordinary consensus has grown
between most major oil and energy companies and automobile manufacturers that
hydrogen is the fuel toward which the world is inevitably headed," said
Alexander K. Stuart, Chairman and Founder of the Company, and after whom the
new facility is named. "Recently announced initiatives in Canada and the
United States will put major resources behind fuel cells and ICEs and the
required infrastructure to deliver hydrogen to them."
The reliability and performance of Stuart Energy products has been
demonstrated in conjunction with Ford Motor Company, Ballard Power Systems,
Coast Mountain Transit, SunLine Transit and by the California Fuel Cell
Partnership, of which Stuart Energy is an Associate Partner.
The company`s website address is

http://www.stuartenergy.com/

[M_B_S]

Stuart Energy Releases Third Quarter Financial Results
TORONTO, Feb. 21 /CNW/ - During its third quarter, Stuart Energy Systems Corporation (TSE:HHO - news) negotiated a Letter of Intent ( 500 mio $ )with Cheung Kong Infrastructure Holdings Limited to provide hydrogen-fueled backup power systems in Hong Kong and extended its relationship with Ford Motor Company by continuing to provide hydrogen fuel solutions for the TH!NK fuel cell electric vehicle program.
Jon Slangerup, President and CEO of Stuart Energy, said the Company`s third fiscal quarter ending December 31, 2001, was the first full quarter dedicated to transitioning Stuart Energy from an engineering driven company to a company focused on responding aggressively to market requirements and developing hydrogen products to meet those needs.

Since October 2001, the Company has significantly deepened the executive management team in several keys areas including operations, engineering, manufacturing, sales and marketing and key corporate functions.

"These management changes and additions are a key element in focusing the Company on our market opportunities," Mr. Slangerup said. "I am extremely pleased with the progress we`ve made in positioning the Company for rapid scale up and higher volume manufacturing. We have demonstrated we have the proprietary technology and we have significantly strengthened our management expertise to provide hydrogen solutions and hydrogen fuel infrastructure to the huge markets that already exist and those that are rapidly emerging."

In October 2001, Stuart Energy signed a Letter of Intent with Cheung Kong Infrastructure Holdings Limited ("CKI"), a large publicly-listed infrastructure company based in Hong Kong, to supply a significant number of units of backup power systems for the Hong Kong and Asian marketplace, subject to the completion of certain milestones. CKI`s worldwide holdings include utility and infrastructure-related investments in Hong Kong, Mainland China, Australia and the Philippines. CKI also owns 12.7% of Stuart Energy.

To fulfill conditions of the letter of intent with CKI, Stuart Energy expects to have a prototype system operating at its manufacturing facility in Mississauga, Ontario, in the fall of 2002 and the first of several prototype systems operating in field trials by Q2 2003. The first systems are expected to be ready for commercial deployment by the end of 2003.

Backup power systems supply power to buildings and other specific sites during power outages or during peak demand periods when the full-time power grid needs supplementation. Conventional diesel engine generators typically power existing backup power systems, but the marketplace is increasingly demanding systems that are more environmentally friendly.

Stuart Energy plans initially to target the Hong Kong market, and then expand to other markets in the Asia Pacific region. Stuart Energy and its corporate partners are pursuing markets for back-up power and peak power in North America and Europe. The Company is initially targeting the $multi- billion worldwide annual market for backup power systems that provide up to one megawatt of electricity.

"Once we have implemented these solutions to supply backup power to buildings, they will be available to power other devices. Essentially, this will be the first commercial infrastructure in place to provide hydrogen to vehicles and other devices that are powered by internal combustion engines or by fuel cells," said Mr. Slangerup. "In this sense, our commercial backup power systems should accelerate the hydrogen economy, and we expect to be generating revenue from the sale of our power solutions within 24 months," said Mr. Slangerup.

Also during the third quarter, Ford Motor Company installed a Stuart Energy prototype of the Personal Fuel Appliance (PFA)TM on Ford`s TH!NK truck in support of their fuel cell electric vehicle program. The PFA is expected to be used in homes to produce hydrogen for fuel cell vehicles and vehicles powered by hydrogen internal combustion engines, operating on household power and water from a garden hose.

The portable PFA enables Ford`s TH!NK group to produce the clean hydrogen required for its fuel cell powered vehicles while traveling around the United States. Previously, delivery of bottles of hydrogen had to be coordinated or transported by the team during the tours.

"Our products are ideally suited to meet the needs of the growing number of prototype and demonstration hydrogen-powered vehicles being developed by the world`s auto companies," said Mr. Slangerup. "As hydrogen-powered vehicles are introduced into the commercial markets over the next few years, our products will meet the market needs of fleets, individual consumers and networks of refueling stations."




Other developments during the quarter:

- Demonstration of Stuart`s Personal Fuel Appliance at the Michelin
Bibendum endurance event which included fuel cell vehicles provided
by the members of the California Fuel Cell Partnership. Stuart Energy
provided hydrogen fuel to the California Fuel Cell Partnership
vehicles for the entire event.

- The Company contracted and began implementing an Enterprise Resource
Planning system as part of installing new management process and
infrastructure. This system integrates all aspects of management
information into a formal fully automated financial and operating
tool.

- The Company implemented a disciplined product development process
involving cross-functional input and evaluation of new products. This
process ensure market requirements and technical capabilities
converge into commercially viable products.

- Since October the Company received 4 patents, bringing total patents
held to 14 with 108 patent applications on file.


Financial results

- The Company reported total revenue of $2.8 million for the third
quarter ending December 31, 2001, compared with total revenue of
$4.9 million for the same period of the previous year.

- Of the $2.8 million, $1.0 million came from sales and $1.8 million
from investment and other income.

- For the nine-month period, the Company reported revenue of
$11.6 million and a net loss of $15 million ($0.74 per share),
compared with revenue of $9.6 million and a net loss of $7.9 million
($0.52 per share) for the first nine months of fiscal 2001.

- The total cost of revenues and operating expenses was $5.8 million
during the quarter compared to $3.3 million for the same period of
the previous year.

- As compared to the same quarter last year, the investment in research
and product development has increased by $0.6 million to $4.6 million
during the third quarter of fiscal 2002.

- Cash and cash equivalents and short-term investments at the end of
the third quarter were $130.4 million, compared with $133.7 million
at the end of the second quarter and $145.4 million at the end of
fiscal 2001.

- Net loss for the third quarter was $7.9 million, or 38 cents per
share, compared with a net loss of $2.5 million, or 13 cents per
share, for the third quarter of fiscal 2001.



A conference call is scheduled for Thursday, February 21, 2002 at 10:00 am EST with Stuart Energy management to discuss the Company`s financial results for the third quarter ending December 31, 2001. To participate in the conference please dial 416-640-4127 or 1-888-881-4892.

Kennzeichnung ( M_B_S)

Cash burning ist hoch allerdings die Aussichten auch !

No risk no fun / win

[schmadke]

@ M_B_S

Hab eine Weile nicht mehr hier reingeschaut. Danke, dass Du den Thread aktuell gehalten hast. Die neuen Zahlen sind für sich genommen nicht besonders kribbelnd, trotzdem scheint der Kurs nicht nur relativ stabil, sondern eher im Aufwärtstrend. Da gibts anscheinend noch andere mit Geduld und Zuversicht in die Zukunft des Unternehmens.

"Schaun mer mal!", um mit dem Kaiser zu kommentieren.

Es grüßt
Schmadke

[M_B_S]

Related Quotes
HHO.TO
HHO.TO 6.90
6.90 +0.74 + 12 %



Monday March 25, 6:00 am Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corporation

Stuart Energy and Ford Power Products To Develop Hydrogen Power Systems
TORONTO, March 25 /CNW/ - Stuart Energy Systems Corporation (TSE:HHO - news) has signed a joint cooperation agreement with Ford Power Products, a subsidiary of Ford Motor Company. Ford has developed a hydrogen fueled internal combustion engine. Together, they will jointly develop hydrogen-fueled power systems for the global back-up power generation and other power markets.
Stuart Energy will integrate its proprietary hydrogen generation technology with Ford Power Products` hydrogen-fueled internal combustion engine generator package. This generator package is being jointly developed by Ford Power Products and Ballard Power Systems` Electric Drives and Power Conversion Division.

Stuart Energy expects to install the first hydrogen back-up power system at its head office in Mississauga, Ontario in the fall of 2002. This installation will satisfy the first milestone in the Letter of Intent signed in October 2001 with Cheung Kong Infrastructure Holdings Limited (CKI) to supply hydrogen back-up power systems for the Hong Kong and Asia Pacific marketplace. Subsequent milestones include prototype systems operating in field trials by spring of 2003. The first systems are expected to be commercially deployed by the end of 2003.

"This important agreement with Ford Power Products enables us to provide clean, reliable and safe hydrogen power products for the commercial marketplace within 24 months. With our CKI Letter of Intent, we expect Asia Pacific to be our initial market entry point," said Jon Slangerup, President and CEO of Stuart Energy.

Stuart Energy`s integrated solutions will use proven technology and create a compelling product for the worldwide power market. "With our Hong Kong project on track, we are now targeting the U.S. market, where the concerns for energy security and clean air are driving forces for the adoption of commercial hydrogen solutions," said Mr. Slangerup.

"Once installed, these systems will form a hydrogen infrastructure for the near-term power market. This distributed infrastructure can also be used to fuel hydrogen-powered vehicles," commented Mr. Slangerup.

About Stuart Energy

-------------------

Stuart Energy Systems Corporation (TSE:HHO - news) is a 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

About Ford Power Products

-------------------------

Since 1947, Ford Power Products has been supplying Ford powertrains to the industrial, marine and on-road markets. With headquarters in Dearborn, Michigan, Ford Power Products also has offices in Koln, Germany, and Aveley, England. Ford Power Products is ISO 9001 certified and holds the Ford Q1 award. Visit www.fordpowerproducts.com for additional information.

About Cheung Kong Infrastructure

--------------------------------

CKI is a large publicly-listed infrastructure company in Hong Kong with worldwide holdings including 38.87% of Hong Kong Electric and infrastructure- related investments in Hong Kong, Mainland China, Australia and the Philippines. CKI also owns approximately 13% of Stuart Energy.

Stuart wird bald Marktführer für Wasserstoff Tankstellen sein !

Das Projekt in Hong Kong hat ein Volumen von 500 Mio $

[M_B_S]

MMMMH 11 % + bei hohen Umsätzen !

Sieht gut aus ! Oelpreis steigt weiter !

[M_B_S]

Tuesday April 30, 12:12 pm Eastern Time
Press Release
SOURCE: Stuart Energy Systems Corporation

Stuart Energy to Fuel Ford Focus Fuel Cell Testing
LAKE HAVASU, AZ, April 30 /CNW/ - The new Ford Focus Fuel Cell Vehicle (FCV) will brave the desert heat this summer to undergo rigorous testing, thanks in part to a unique portable hydrogen fueling station developed by Stuart Energy Systems. The Community Fueler Portable 450 (CFP-450), to be stationed at Ford`s Arizona Proving Grounds, will supply clean hydrogen fuel to support testing of the new Focus FCV and other Ford hydrogen-fueled vehicles.
The most significant challenge facing the introduction of a high-volume production fuel cell vehicle is providing hydrogen to the fuel cell stacks. Direct hydrogen provides the greatest environmental benefit and the simplest fuel cell system design, but it requires the development of hydrogen infrastructure.

The CFP-450 is a unique hydrogen infrastructure solution, developed by Stuart Energy, which integrates hydrogen generation equipment, storage, and dual pressure (3600 psig & 5000 psig) dispensing. These components are mounted on a single trailer and packaged to enable the system to be easily transported. The CFP-450 can produce 1 kg of hydrogen an hour and can fuel up to 50 vehicles a week. Using this system, filling up with hydrogen will take about the same time as filling up with gasoline today.

The Focus FCV, introduced at the 2002 New York International Auto Show, is a prototype of the groundbreaking fuel cell vehicle that Ford will begin building in 2004. Based on the world`s best-selling car, the Focus FCV is one of the industry`s first "hybridized fuel cell vehicles" - which combines the improved range and performance of hybrid technology with the overall benefits of a fuel cell.

The Focus FCV is part of an experimental fleet, which will help prove out the technology as part of the California Fuel Cell Partnership. In all, five Focus FCV`s will be produced this year for testing and demonstration -- leading up to low-volume customer production by 2004. These cars will be driven thousands of miles to help make mass production of hydrogen fuel cell vehicles a reality.

"The CFP-450 is the ideal solution to meet early hydrogen infrastructure needs. It`s portable, so it provides our customers the flexibility they need now, enabling them access to hydrogen fuel anywhere, anytime" commented Jon Slangerup, President and CEO of Stuart Energy. "We are focused on developing products where there is a clear market need. Working with our partners and customers, we are creating and marketing innovative products for both the transportation and power markets."

"At Ford, we believe fuel cells are the only technology today with the potential to someday replace the internal combustion engine," said Bruce Kopf, director of Ford`s TH!NK Technologies. "Hydrogen holds the clearest promise to be the fuel for future FCV`s. This portable fueler will play an integral role in the testing and development of our fuel cell fleet, and bring us one step closer to making fuel cell vehicles viable for customers."

Stuart Energy will be demonstrating a CFP-450 at the upcoming World Hydrogen Energy Conference in Montreal in June 2002.

In addition to transportation products, Stuart Energy is developing hydrogen back-up power systems with Ford Power Products. These environmentally responsible back-up power systems will replace existing fossil fuel systems. Stuart Energy intends to unveil the first alpha prototype hydrogen back-up power system in the fall of 2002, at its facility in Toronto.

Stuart Energy Systems Corporation (TSE:HHO - news) is a 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

Ford Motor Company is dedicated to providing ingenious environmental solutions while contributing to sustainable mobility. The Focus FCV is one part of Ford Motor Company`s (www.ford.com) commitment to producing environmentally responsible vehicles. Ford will introduce the first hybrid SUV with the Escape Hybrid vehicle in late 2003. The company`s environmental vehicle lineup also includes the TH!NK neighbor low-speed electric vehicles and TH!NK city urban 2-seat electric cars, which will go on sale late this year.

Na also, jetzt gehts in die Marktreife ! MIT FORD !

[M_B_S]

Gewaltige Umsätze !

Insider decken sich massiv ein ! Schon über 100000 Stck gehandelt ! hho.to GUT

[M_B_S]

Stuart Energy Reviews Results For Year Ended March 31, 2002




TORONTO, June 17 /PRNewswire-FirstCall/ - Stuart Energy Systems
Corporation (TSX: HHO) today announced its consolidated financial results for
the fiscal year ended March 31, 2002.
"Stuart Energy has made tremendous progress in its mission to be the
global leader in the provision of integrated hydrogen infrastructure
solutions," said Jon Slangerup, President and CEO of Stuart Energy. "Our
success plan is focused on delivering hydrogen systems that satisfy market
requirements for power applications, transportation fueling and industrial
processes."
During the year ended March 31, 2002, Stuart Energy formed strategic
partnerships with Cheung Kong Infrastructure Holdings and Ford Power Products
to develop and market hydrogen power systems. "These important relationships
enable us to provide a clean, reliable and safe hydrogen infrastructure for
the near-term power market," said Mr. Slangerup. "Once installed, this
distributed infrastructure can also be used to fuel hydrogen-powered vehicles
and to provide supplemental electricity to the grid during periods of peak
demand."
The Company is transitioning from an engineered-to-order supplier to a
market-focused company with a no-compromise approach to product quality. "We
made significant investments in people and processes to expand our strategic
business planning, product development, supply chain management, manufacturing
and customer support capabilities," commented Mr. Slangerup.


Highlights for Fiscal 2002

- Appointed Jon Slangerup as President and Chief Executive Officer in
August 2001, who subsequently purchased, in September 2001, 203,750
common shares of the Company, further aligning his interests with the
interests of the shareholders.

- Significantly deepened the executive management team, since October
2001, in several key areas including the hiring of a Chief Operating
Officer and the heads of product line delivery, strategic sourcing,
sales and marketing, human resources and corporate development. These
individuals bring knowledge of disciplined business processes from a
broad range of best practice companies to complement the strong
incumbent technical and scientific capabilities.

- Completed a revised strategic business plan, and realigned the
organizational structure around a market-focused approach. This
realignment included the implementation of a disciplined phased-gate
product development process to ensure that market requirements drive
quality product development.

- Significantly improved and expanded manufacturing capabilities with the
addition of a head office, manufacturing and product development
facility in Ontario as well as a state-of-the-art cell stack facility
in Quebec. This increases manufacturing and research and development
floor space in each of the facilities to 85,000 square feet and 44,000
square feet, respectively, representing a combined five-fold increase.

- Entered into a Letter of Intent (LOI) with Cheung Kong Infrastructure
Holdings in October 2001. Subject to achieving certain milestones, the
LOI contemplates purchase orders for up to 2,750 medium-to-large scale
hydrogen back-up power solutions for tall buildings in Hong Kong and
other parts of Asia-Pacific, beginning during the fiscal year ending
March 31, 2004.

- Entered into a Cooperative Efforts Agreement with Ford Power Products,
a subsidiary of Ford Motor Company, in March 2002. This agreement
contemplates the joint development of hydrogen-fueled power systems for
the global back-up power generation and other power markets utilizing
Stuart Energy`s hydrogen generation products and Ford Power Products`
hydrogen-powered internal combustion engines.

- Completed a number of significant demonstrations of the transportation
product line including a Bus Fueler at SunLine Transit Agency in
California and a Personal Fuel Appliance with the California Fuel Cell
Partnership at the Michelin Bibendum endurance event. Stuart Energy
also installed a Personal Fuel Appliance on a Ford Th!nk trailer in
support of their fuel cell electric vehicle program.

- Further expanded the Company`s intellectual property portfolio,
bringing the total patents held from 10 to 14, and the total patent
applications on file from 27 to 108 compared to the previous year.

- Launched a new product line of portable hydrogen fueling stations, the
CFP-450 and CFP-1350. Stuart Energy also completed the first commercial
sale of a CFP-1350 to a large North American auto manufacturer, and
delivered the fueler in March 2002.

- Year-over-year, Stuart Energy increased the number of commercial
contracts delivered from 5 to 13 with an average contract price of
$415,000 for systems with capacity ranges from 5 to 200 normal cubic
metres per hour (NM3H).

- Began implementation of an enterprise resource planning (ERP) system as
a critical building block of new management processes and
infrastructure. This is a modern management tool that will support
product management, total quality, lean manufacturing processes and
reporting requirements.


Milestones for Fiscal 2003

For the coming year, Stuart Energy is outlining key milestones to show
its progress in executing its business plan and achieving its goal of becoming
the global leader in the provision of integrated hydrogen infrastructure
solutions.

- Form new strategic partnerships to accelerate commercialization of
hydrogen infrastructure solutions for global markets.

- Expand sales and customer support capabilities in the United States,
Europe and Asia-Pacific.

- Demonstrate and gain customer approval of alpha prototype hydrogen
back-up power system (H2BPS) installed at our Toronto facility.

- Install and demonstrate beta prototype H2BPS at customer site in
Hong Kong.

- Announce additional high profile hydrogen infrastructure projects in
major world markets.

- Demonstrate next generation technology to further improve product cost,
size and performance.

- Complete implementation of enterprise resource planning system to
support lean manufacturing and total quality management.

- Achieve double-digit percentage growth in annual sales revenue.


Review of Operating Results

Fourth Quarter (January 1, 2002 through March 31, 2002) and Fiscal Year
Ending March 31, 2002

Revenue

Revenue in the fourth quarter of fiscal year ending March 31, 2002 was
$3.9 million compared to $4.8 million in the fourth quarter of the fiscal year
ending March 31, 2001. Revenue for the fiscal year ended March 31, 2002 was
$15.2 million compared to $14.3 million in fiscal 2001.
Revenue from product sales and service in the fourth quarter was $2.3
million compared to $1.7 million in the fourth quarter of fiscal 2001. This
increase is a reflection of the variation in the order intake pattern that the
Company experiences quarter over quarter. The Company`s products have a long
sales lead-time with a cycle that is typically between six and twenty four
months. For fiscal year 2002, revenue from product sales and service was $5.9
million compared to $6.3 million in fiscal 2001.
The Company maintains several research and product development funding
agreements with certain Canadian and United States government agencies.
Revenue received from research and product development funding in the fourth
quarter was $0.7 million compared to $0.8 million in the fourth quarter of
fiscal 2001. This decrease is primarily a result of the completion of certain
phases of development work required under these funding agreements during
fiscal 2002. For fiscal year 2002, revenue from research and product
development funding was $2.0 million compared to $3.1 million in fiscal 2001.
Investment and other income in the fourth quarter was $0.8 million
compared to $2.3 million in the fourth quarter of fiscal 2001. This decrease
reflects the low and stable interest rate environment for short-term
instruments the Company experienced in the fourth quarter. For fiscal year
2002, investment and other income was $7.3 million compared to $4.9 million in
fiscal 2001.

Cost of product sales and service

Cost of product sales and service was $4.6 million in the fourth quarter
of fiscal 2002 compared to $2.3 million in the fourth quarter of fiscal 2001.
These costs include expenses associated with the manufacture and delivery of
the new line of products and services, which for the fourth quarter were in
excess of the corresponding sales price. The high cost of product sales and
service are primarily a result of the transition from a manufacturer of custom
equipment to a volume producer of standardized appliances. For fiscal 2002,
cost of products sales and service was $9.9 million compared to $6.3 million
in fiscal 2001.

Retrofit costs

During the quarter the Company incurred an unusual charge of $6.0 million
associated with the retrofit of certain components of previously delivered
hydrogen generation systems, including costs related to an inventory
write-down as well as customer support. The affected components are covered
under the Company`s warranty program and are scheduled for replacement during
the first three quarters of 2003.

Research and product development

Research and product development was $4.4 million in the fourth quarter
compared to $4.5 million in the fourth quarter of fiscal 2001. The decrease in
research and product development reflects the Company`s intention to execute
its research and product development activities in a cost-effective, market
focused manner while maintaining and enhancing its market position in
providing hydrogen solutions to its targeted hydrogen infrastructure markets.
For fiscal 2002, research and product development was $17.3 million compared
to $13.3 million in fiscal 2001.

General and administrative

General and administrative was $3.0 million in the fourth quarter
compared to $2.0 million in the fourth quarter of fiscal 2001. This increase
is primarily attributable to additional costs associated with implementing an
improved organization and infrastructure required to support future growth
detailed in the Company`s strategic business plan. This includes recruiting
additional personnel and increased facility costs associated with the
expansion of its` manufacturing capabilities. The increase is also
attributable to short-term consulting and severance costs related to aligning
the Company`s organizational structure, product management and product line
delivery processes with anticipated market requirements. For fiscal 2002,
general and administrative was $10.2 million compared to $6.1 million in
fiscal 2001.

Amortization

Amortization was $0.5 million in the fourth quarter compared to $0.2
million in the fourth quarter of fiscal 2001. This increase primarily reflects
additional amortization charges taken on investments made in equipment and
leasehold improvements to support the expansion of the Company`s manufacturing
activities. This increase also reflects increased amortization taken on
intangible assets, which include deferred development costs, patents and
deferred charges. For fiscal 2002, amortization was $1.3 million compared to
$0.6 million in fiscal 2001.

Net Loss

Net loss for the fourth quarter was $13.7 million compared to $4.6
million in the fourth quarter of fiscal 2001. The majority of the increase is
attributable to two items: (i) the retrofit costs incurred in the current year
which were not incurred in the previous year; and (ii) increased general and
administrative costs, increased cost of product sales and service and
additional investments in research and development as described above. For
fiscal 2002, net loss was $29.0 million compared to $12.5 million in fiscal
2001.
The loss per share in the fourth quarter was $0.66 per share compared to
$0.23 per share in the fourth quarter of fiscal 2001. For fiscal 2002 the loss
per share was $1.41 per share compared to $0.73 per share in fiscal 2001.


Liquidity and Capital Resources


Cash and cash equivalents and short-term investments

Cash and cash equivalents and short-term investment balances at March 31,
2002 were $121.6 million down from $130.4 million at the end of the third
quarter and $145.4 million at the end of fiscal 2001.
Of the total reduction in cash and cash equivalents and short-term
investments of $8.7 million during the fourth quarter, the reduction of cash
and cash equivalents from operations of $7.3 million is primarily the result
of: expenditures for research and technology development; costs in excess of
sales price incurred in respect of product sales and service; investment in
additional infrastructure required to support expected future growth in
operations; investment in market research and development and related
organizational alignment; and investments in product development. This
compares to net outflows from operations of $0.9 million in the fourth quarter
of fiscal 2001. For fiscal 2002, the net outflow from operations was $21.6
million compared to a net outflow from operations of $8.3 million in fiscal
2001.
The net outflow of expenditures of cash and cash equivalents, excluding
movements in short-term investments, of $1.5 million from investing activities
is primarily attributable to funds invested in facilities and facility related
costs required to develop and expand the Company`s operations and improve its`
manufacturing capabilities. This compares to net outflows from investing
activities excluding movements in short-term investments of $2.8 million in
the fourth quarter of fiscal 2001. For fiscal 2002, the net outflow from
investing activities excluding movements in short-term investments was $2.5
million compared to a net outflow of excluding movements in short-term
investments of $4.1 million in fiscal 2001.
A complete management discussion & analysis for the fiscal year and notes
to the financial statements will be published in the Stuart Energy Systems
Corporation annual report, available in August.


Und wieder ein Jahr geschafft !

Kommt Zeit kommt Stuart !

[marterpfahl]

Hallo Waserstoff-Freunde!
nach einem halben Jahr sollte man auch diese Aktie noch einmal hervorkramen !
Die Einrichtung von Wasserstoff-Tankanlagen geht voran!
Stuart ist Weltmarktführer ! Hier die letzte News:

Stuart Energy announced today that it has been chosen by Toyota Motor Sales U.S.A. (TMS) to provide on-site hydrogen fueling infrastructure to support Toyota`s new fuel-cell vehicle roll-out. Toyota has purchased a Stuart Energy Community Fueler Station 450 (CF-450), which has been installed at Toyota`s U.S. Headquarters in Torrance, California. This is Toyota`s first on-site electrolysis hydrogen fueling station in California.

"We are excited to be partnering with an automotive manufacturer that has taken a leadership position in rolling out hydrogen-powered vehicles, and are pleased to provide Toyota with its initial on-site hydrogen fueling needs. We are making in-roads to providing a hydrogen infrastructure which is accessible and convenient for its users," said Jon Slangerup, President and CEO of Stuart Energy. "Stuart Energy now has three intelligent hydrogen fueling stations operating in California, and another coming next year."

To learn more about this and other Stuart Energy releases please follow the attached link.
http://www.stuartenergy.com/news/press_releases/press_dec2.h…

Regards,
______________________________
Kerry Kelly,
Marketing and Communications


Stuart Energy Systems Corporation
5101 Orbitor Drive, Mississauga, ON, L4W 4V1
Tel: [phone] - Fax: [phone] - www.stuartenergy.com
***********************************************************************

Und der Chart schaut auch lecker aus !
(Nur in Deutschland wird kaum noch ge/verkauft!)
Also besser in Toronto ordern !
Stuart ist ein Langfristinvestment mit hohen Chancen !



Stay long, keep cool,
marterpfahl

[marterpfahl]

Und weiter gehts auf dem Weg ins Wasserstoff-Zeitalter!

Email der Stuart-IR von heute:

Unveils first jointly developed PEM-based Hydrogen Fueling Prototype-

Stuart Energy (TSX: HHO) and Hamilton Sundstrand Space Systems International, Inc., a business unit of United Technologies Corp. (NYSE: UTX), today unveiled a jointly developed prototype hydrogen fueling system at the Electric Transportation Industry conference in Florida. The system uses water and electricity to produce pure hydrogen for vehicle fueling and power applications.

"This automobile hydrogen generation system is a prototype for future refueling stations required throughout the world to accommodate the automotive refueling infrastructure," said Lawrence McNamara, general manager of Hamilton`s Space Systems International enterprise. "Hamilton Sundstrand has more than 150 million cell hours of experience with PEM electrolysis and is the world leader in the military, space and laboratory segments," McNamara said. "Stuart Energy and Hamilton Sundstrand`s aim is to produce hydrogen utilizing renewable resources and demonstrate 100% pollution-free transportation," he added.

To learn more about this and other Stuart Energy products please follow the attached link:

http://www.stuartenergy.com/

Regards,

______________________________
Kerry Kelly,
Marketing and Communications

Und beklagt euch nicht in drei Jahren, wenn ihr nicht investiert seid ! Die Aktie steht nahe am Alltime-Low !

MfG marterpfahl

[marterpfahl]

Schaut euch diesen Chart in 3 Jahren noch einmal an !
Der wird garantiert anders aussehen !

[marterpfahl]

Hallo noch mal,
der Wasserstoffzug fährt weiter (falls es noch jemand interessiert!)!!

Kopie aus einer Mitteilung der Stuart-IR-Abteilung von gestern:

STUART ENERGY TO ACQUIRE VANDENBORRE HYDROGEN SYSTEMS FOR APPROXIMATELY CDN $28 MILLION IN CASH AND EQUITY

TORONTO, ONTARIO AND BRUSSELS, BELGIUM, December 23, 2002 -

Stuart Energy Systems Corporation (TSX: HHO) announced today that it has entered into an agreement to acquire Vandenborre Technologies NV, which also operates under the name Vandenborre Hydrogen Systems. Subject to shareholder and regulatory approvals, Stuart Energy will pay approximately CDN $9.9 million in cash and 7.3 million common shares of Stuart Energy. The total value of
the transaction, currently estimated at CDN $28 million, will be determined by Stuart Energy`s share price on the transaction closing date. The two companies believe that their combined leading-edge hydrogen generation technologies and global market position will make the consolidated company the undisputed world leader in the provision of onsite, electrolysis-based hydrogen infrastructure solutions for power generation, vehicle fueling and industrial markets.

Hört sich doch gut an !
Weitere Meinungen ?

MfG
marterpfahl

[M_B_S]

hi marterpfahl

Stay long ! oel jetzt bei 32 $ weiter steigend !

hho.to sagt der Weihnachtsmann in California

Frohe Weihnachten ..mein Geld bei Stuart Arbeitet gut

[M_B_S]

Stuart Energy erwirbt Vandenborre Technologies
HyWeb, 09.01.03: Stuart Energy Systems Corporation, Kanada, hat mitgeteilt, dass sie eine Vereinbarung getroffen habe, Vandenborre Technologies NV, Belgien, das auch unter dem Namen Vandenborre Hydrogen Systems Geschäfte tätigt, zu erwerben. Sofern das Vorhaben die Zustimmung der Aktionäre und Behörden findet, zahlt Stuart Energy ca. 9,9 Millionen kanadische Dollar in Cash und 7,3 Millionen in Stammaktien von Stuart Energy. Der Gesamtwert der Transaktion, derzeit auf 28 Millionen kanadische Dollar (18 Mio Euro) geschätzt, wird durch den Aktienpreis der Stuart Energy Aktie am Tag des Vertragsabschlusses bestimmt.

Die beiden Firmen glauben, dass das fusionierte Unternehmen zum unbestrittenen, weltweit führenden Anbieter von elektrolysebasierten Onsite-Wasserstoff-Infrastrukturlösungen für die Branchen Stromerzeugung, Fahrzeugkraftstoff und industrielle Technik werde.

[arippich]

klingt alles ganz gut, aber wo kauft ihr diese Aktie eigentlich ? Mir scheint sie hoffnungslos illiquide zu sein.

[marterpfahl]

Hi HHO-Fans !
Geschichte wird gemacht, es geht voran !
Sogar Tschortsch Dabbeljuh hilft neuerdings !
(http://www.toostupidtobepresident)

Aber außerdem ist Stuart weiter auf Selling& Buying-Tour in Europa !
Neueste IR-Mitteilung:

Stuart Energy to supply hydrogen fueling station to fuel buses in Stockholm for the Clean Urban Transportation Europe (CUTE) project
Wednesday January 29, 8:33 am ET


TORONTO, Jan. 29 /CNW/ - Stuart Energy Systems Corporation (TSX: HHO - News) announced today that it has been selected by Fortum, a leading Nordic energy company, to supply an intelligent hydrogen fueling station to the city of Stockholm, Sweden under the Clean Urban Transportation Europe (CUTE) project. The CUTE project is an initiative to use hydrogen fuel in the public transportation system of nine European cities. The Stuart Energy hydrogen fueling station will produce, store and dispense pure, clean hydrogen fuel on-site, using just water and electricity. Fueling a bus with hydrogen will be as easy as filling up with gasoline.
The station will employ Stuart Energy`s patented intelligent fueling system that governs the exchange of information between components of the system and the user. The station will be delivered and installed in late 2003 and will generate approximately 120 kg of clean hydrogen fuel per day. Each bus in the project will require about 40 kg of hydrogen per day. The system requires only electricity and water to produce hydrogen fuel. Stuart Energy`s infrastructure products generate hydrogen electrolytically, a zero emission process, as apposed to other methods that rely on fossil fuels and carbon dioxide producing processes.

The goal of the Euro CUTE project is to demonstrate the real-world performance and economics of clean hydrogen-powered public transportation. The CUTE project involves nine cities in eight European countries, and is evaluating 27 hydrogen-powered buses in a variety of conditions. Four of the nine hydrogen stations in CUTE will supply hydrogen produced through water electrolysis.

Stuart Energy recently announced its intention to purchase Vandenborre Technologies, a Belgium-based industry leader in the provision of pressurized hydrogen generation systems. Vandenborre Technologies has been chosen to supply hydrogen generation for two of the electrolysis-based CUTE fueling stations, in Barcelona and Amsterdam

"With the signing of this CUTE contract and the closing of the Vandenborre Technologies acquisition, Stuart Energy will be directly involved in three of the four electrolysis-based CUTE projects," said Jon Slangerup, President and CEO of Stuart Energy. "Our involvement in the CUTE projects indicates the strength of the combined Stuart Energy -Vandenborre company in the European market, in addition to our activities in North America and Asia-Pacific."

Stuart Energy is targeting select markets for hydrogen infrastructure products, and in addition to Europe, has made significant commercial progress in California. To date, Stuart Energy has installed hydrogen fueling stations at several customer`s sites, including Ford Motor Company, Toyota Motor Sales U.S.A, the California Fuel Cell Partnership, SunLine Transit California, BC Hydro PowerTech and soon the City of Chula Vista California.

Ende des Zitats

Stay long, keep cool and buy in toronto (ask your friendly banker) !

marterpfahl

[M_B_S]

Hi Leute stay long !


Source: Stuart Energy Systems Corporation


Stuart Energy to supply hydrogen fueling station to fuel buses in
Stockholm for the Clean Urban Transportation Europe (CUTE) project
Wednesday January 29, 8:33 am ET

TORONTO, Jan. 29 /CNW/ - Stuart Energy Systems Corporation (TSX: HHO - News) announced today that it has been selected
by Fortum, a leading Nordic energy company, to supply an intelligent hydrogen fueling station to the city of Stockholm, Sweden
under the Clean Urban Transportation Europe (CUTE) project. The CUTE project is an initiative to use hydrogen fuel in the public
transportation system of nine European cities. The Stuart Energy hydrogen fueling station will produce, store and dispense pure,
clean hydrogen fuel on-site, using just water and electricity. Fueling a bus with hydrogen will be as easy as filling up with gasoline.

The station will employ Stuart Energy`s patented intelligent fueling system that governs the exchange of information between
components of the system and the user. The station will be delivered and installed in late 2003 and will generate approximately 120
kg of clean hydrogen fuel per day. Each bus in the project will require about 40 kg of hydrogen per day. The system requires only
electricity and water to produce hydrogen fuel. Stuart Energy`s infrastructure products generate hydrogen electrolytically, a zero
emission process, as apposed to other methods that rely on fossil fuels and carbon dioxide producing processes.

The goal of the Euro CUTE project is to demonstrate the real-world performance and economics of clean hydrogen-powered public
transportation. The CUTE project involves nine cities in eight European countries, and is evaluating 27 hydrogen-powered buses in
a variety of conditions. Four of the nine hydrogen stations in CUTE will supply hydrogen produced through water electrolysis.

Stuart Energy recently announced its intention to purchase Vandenborre Technologies, a Belgium-based industry leader in the
provision of pressurized hydrogen generation systems. Vandenborre Technologies has been chosen to supply hydrogen generation
for two of the electrolysis-based CUTE fueling stations, in Barcelona and Amsterdam

"With the signing of this CUTE contract and the closing of the Vandenborre Technologies acquisition, Stuart Energy will be directly
involved in three of the four electrolysis-based CUTE projects," said Jon Slangerup, President and CEO of Stuart Energy. "Our
involvement in the CUTE projects indicates the strength of the combined Stuart Energy -Vandenborre company in the European
market, in addition to our activities in North America and Asia-Pacific."

Stuart Energy is targeting select markets for hydrogen infrastructure products, and in addition to Europe, has made significant
commercial progress in California. To date, Stuart Energy has installed hydrogen fueling stations at several customer`s sites,
including Ford Motor Company, Toyota Motor Sales U.S.A, the California Fuel Cell Partnership, SunLine Transit California, BC
Hydro PowerTech and soon the City of Chula Vista California.

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) 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; and the availability of, and ability to retain, key personnel.
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 further information

Stuart Energy Media and Public Relations: Wanda Cutler, [phone]
Madelaine Duke, [phone]
Stuart Energy Investor Relations: Robert McGillivray, (905) 282-77


Nach der Bush Rede gibt es keinen Zweifel mehr ! Die Zukunft ist Heute

strong buy

[M_B_S]

UH

Da war einer schneller

Macht nichts doppelt hält besser !

Gruss an Marterpfahl

M_B_S

[M_B_S]

http://www.stuartenergy.com/pdfs/2002_stuart_ar.pdf

Wer mal etwas mehr über Stuart erfahren will lesen !

[blaueberge]

hmm, hab gerade ein mal bisschen über stuart gelesen.
bislang bin ich nur in ballard inverstiert.

wenn ich das richtig verstehe ist stuart marktführer was die infrastruktur des wasserstoffs angeht.
baut gerade die ersten 3-4 wasserstofftankstellen weltweit.
g.bush will 1.2 billionen in wasserstoff investieren...
davon weit über die hälfte in die infrastruktur.
stuart hat ein patent auf die technik für seine tankstellen.

das hört sich alles sehr vielversprechend an, insbesondere weil ich auch diese vision habe, dass meine kinder oder zumindest meine enkel als erstes auto eins, das mit brennstoffzellen angetriebenen wird, fahren.

wenn diese vision war wird, müssen noch eine menge tankstellen gebaut werden!!!

wer ist denn ausser stuart noch in dem business?
gibt es noch andere techniken, die genauso gut, vielleicht besser sind?
wieso können die tankstellen nur so wenig wasserstoff produzieren und wie funktioniert das?
vielleicht weiss jemand von euch bescheid und könnte mal knapp antworten...

cheers,
blaueberge

[marterpfahl]

Hallo liebe Stuart-Gemeinde !
Vielleicht kann ja mal jemand nächsten Dienstag kurz nach Toronto fahren und sich die schose angucken !?:

Zitat:
Press Release Source: Stuart Energy Systems Corporation


Media advisory - Stuart Energy to Unveil and Demonstrate World`s First Electrolytic Hydrogen Energy Station
Tuesday February 11, 8:30 am ET


Energy Station will provide power for buildings and hydrogen fuel for vehicles
Media are invited to Attend. Event is February 18 at 1:00 p.m. EST at Stuart Energy.
TORONTO, Feb. 11 /CNW/ -

What:

Unveiling and demonstration of the world`s first electrolytic Hydrogen
Energy Station (HES). The Energy Station is a multi-application system
that generates, stores and delivers hydrogen for both back-up power and
vehicle fueling.

- Demonstrate the ability of the HES to provide backup power during
a power outage

- Fueling of hydrogen-powered internal combustion engine vehicle

- Ride and drives of hydrogen-powered internal combustion engine
vehicle


Who:

Steve Gilchrist, Commissioner of Alternative Energy, M.P.P.
Scarborough East (confirmed)

Hazel McCallion, Mayor of City of Mississauga (confirmed)

Gilbert Parent, Ambassador for the Environment, Government of
Canada (confirmed)

Barrie Cook, Executive Director, Cheung Kong Infrastructure
(confirmed)

Jack Damron, President and CEO, Ford Power Products, Ford Motor
Company (confirmed)

Jon Slangerup, President and CEO, Stuart Energy Systems
(confirmed)

When: Tuesday, February 18, 2003, 1:00 pm EST


Where: Stuart Energy head office
5101 Orbitor Road, Mississauga, Ontario, Canada


Visual Opportunities:

- Tour of the Hydrogen Energy Station and demonstration powering
lights and other systems using electricity, generated on-site
with hydrogen

- Ford P2000 ICE vehicle fueling using hydrogen

- Freedom Fueler - Stuart Energy portable fueling station, a full
mobile hydrogen station mounted on a trailer

- Tour of state-of-the-art Mississauga facility and hydrogen
generation technology



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

For further information

please contact: Stuart Energy Media and Public Relations, Wanda Cutler, [phone]
Marc Koetzle, [phone] x.6015
Stuart Energy Investor Relations, Robert McGillivray, [phone]



--------------------------------------------------------------------------------
Source: Stuart Energy Systems Corporation

[M_B_S]

Reuters
Stuart Energy takes a loss despite sales increase
Wednesday February 19, 7:48 am ET


TORONTO, Feb 19 (Reuters) - Stuart Energy Systems Corp. (Toronto:HHO.TO - News) announced a third-quarter loss on Wednesday, slightly smaller than its year-ago loss, despite rising sales because of an increase in administrative costs and expenses related to selling and servicing its fuel cells.
ADVERTISEMENT


For the quarter ended Dec. 31, Stuart reported a loss of C$7.3 million ($4.8 million), or 35 Canadian cents a share, against a loss of C$7.9 million, or 38 Canadian cents a share, in the year-ago quarter.

Revenue, including investment income, rose to C$3.7 million from C$2.8 million. Product sales climbed to C$2.6 million from C$810,000 in the third quarter of the previous year.

Stuart Energy builds machines that produce and store hydrogen that can be used to power an engine or fuel cells that use hydrogen as their primary energy source.

During the quarter, the company said its administrative and general expenses rose to C$3.1 million from C$2.8 million and the cost of product sales and service climbed to C$3.05 million from C$2.9 million.

Amortization costs rose to C$911,000 from C$309,000 but research and development expenses fell to C$3.9 million from C$4.5 million.

($1=$1.51 Canadian)

[M_B_S]

Attention Business Editors:

Stuart Energy unveils and demonstrates world`s first electrolytic Hydrogen Energy Station

Station provides distributed power for building and fuels vehicle with
clean hydrogen

TORONTO, Feb. 18 /CNW/ - Stuart Energy Systems Corporation (TSX: HHO)
unveiled and demonstrated the world`s first intelligent electrolytic Hydrogen
Energy Station (HES) at its headquarters in Mississauga, Ontario today.
Attending the event were industry and government officials, executives from
major Stuart Energy`s Asian joint venture partner Cheung Kong Infrastructure
Holdings as well as project partners Ford Motor Company and representatives of
Ballard Power Systems.
Stuart Energy`s HES is positioned to revolutionize the way energy and
fuel is created and used. It is the foundation of a new hydrogen
infrastructure that uses only water and electricity to produce clean, pure
hydrogen. With Stuart Energy`s HES, low-cost electricity can now be stored as
high-value energy in the form of hydrogen, then subsequently deployed, on-
demand, for delivering emission-free fuel for vehicles, emergency back-up
power for buildings, electrical grid optimization, off-grid rural
electrification, and other critical applications that will ensure a future of
clean and secure energy.

The HES consists of five product modules:

- a Stuart Energy hydrogen generator, which creates clean hydrogen
using electricity and water
- a hydrogen compression system, which delivers high-pressure hydrogen
- a high-pressure hydrogen storage system with tanks supplied by
Dynetek Industries
- a Ballard Power Systems hydrogen generator set powered by a Ford
Motor Company Internal Combustion Engine, which provides ultra low
emission electrical power
- a high-pressure hydrogen fuel dispensing system

Stuart Energy integrated these components to provide an HES that
demonstrates Stuart Energy`s intelligent fueling patent. The patent provides
exclusive rights to develop, and market electrolysis-based stations where data
is exchanged between the system and the user.
At the event, Stuart Energy simulated a power failure in part of the
building. Within seconds the Stuart Energy HES restored power to emergency
lights. Later the intelligent patented HES provided clean hydrogen fuel to a
Ford Generation I hydrogen-powered internal combustion engine vehicle. Steve
Gilchrist, Commissioner of Alternative Energy and M.P.P. of Scarborough East,
filled up the Ford vehicle with hydrogen before taking the car out for a test
drive.
"The Stuart Energy HES is a unique hydrogen infrastructure solution with
a compelling value proposition," said Jon Slangerup, President and CEO of
Stuart Energy. "It offers our customers the ability to generate power and fuel
vehicles using a completely integrated system. The world is experiencing a
rapid evolution in the way clean, secure energy is produced, used and
distributed. Today`s demonstration showed that fuel stations need not look
like conventional stand-alone stations but can also be based out of commercial
or industrial buildings."
The HES adds vehicle fueling capabilities to the Stuart Energy alpha
Hydrogen Back-Up Power System (H2BPS) that was developed to fulfil a letter of
intent with Cheung Kong Infrastructure of Hong Kong. The beta prototype of the
H2BPS is expected to be installed in Hong Kong in mid 2003. The installation
and testing of the beta will be the third milestone in a letter of intent that
contemplates the joint marketing and distribution of these units in the Asia
Pacific region. Stuart Energy continues to work with local officials in Hong
Kong to obtain government approvals as well as develop global codes and
standards prior to commercialisation of these units. "We are excited and proud
to work with CKI on the development and deployment of hydrogen infrastructure
products such as the HES, and are confident that these systems will be
compelling solutions for global markets, especially Asia Pacific, North
America and Europe," said Mr. Slangerup.
Mr. Barrie Cook, Director of Cheung Kong Infrastructure Holdings Limited,
stated "We are pleased at the opportunity for commercial deployment of HES
units, initially in Hong Kong. We continue to work with Stuart Energy and Hong
Kong officials to make the hydrogen economy a reality."
Frequently, lack of a hydrogen fueling infrastructure is described as the
obstacle to introducing hydrogen powered vehicles. The HES solves that
problem. The unit installed at Stuart Energy is able to supply 6 hours of
120kW back-up power. The on-site fueling dispenser is capable of supplying
hydrogen fuel to a small fleet of vehicles at pressures of 3,600 and
5,000 psi.
"Now with hybrids, ICEs fueled with hydrogen and fuel-cell vehicles on
their way, traditional powertrains are being pushed now more than ever before
to be near zero in emissions and to maximize fuel economy. At the same time
the customer expects no compromises with performance. We feel the Ford
powertrain lineup is ready for the challenge, and the best is yet to come,"
commented Mr. Jack Damron, President and CEO, Ford Power Products, Ford Motor
Company.
Unlike hydrocarbon-based reformation systems, the HES uses water
electrolysis to generate hydrogen with the only emission being oxygen. This is
a unique feature of the HES, which enables a completely green energy cycle to
be realized when renewable energy sources such as wind, hydro or solar are
used to produce the hydrogen fuel.
"Stuart Energy remains committed to providing products that allow
renewable sources of energy to be used in the generation of clean and secure
hydrogen. At our facility, we are contracting wind power generated in Ontario,
at Port Albert Wind Farms, to supply power to our HES," said Mr. Slangerup.
"We are demonstrating the hydrogen economy under one roof; it`s very
powerful."

About Cheung Kong Infrastructure Holdings
CKI is a large publicly-listed infrastructure company in Hong Kong with
worldwide holdings including 38.87% of Hong Kong Electric and infrastructure-
related investments in Hong Kong, Mainland China, Australia and the
Philippines. CKI also owns approximately 12.5% of Stuart Energy.

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



Stay long Stuart geht seinen Weg !

Wir Arbeiten an der Lösung des Energie Problems !

[marterpfahl]

Es geht weiter!
Mitteilung der IR-Abteilung von heute:

NATIONAL HYDROGEN ASSOCIATION 14TH ANNUAL CONFERENCE, WASHINGTON, DC, March
6, 2003 - Stuart Energy Systems Corporation (TSX: HHO) announced today that
it has sold a Hydrogen Energy Station (HES) to Sydkraft of Malmo, Sweden.
Sydkraft supplies natural gas fuel to the City of Malmo`s entire bus fleet.
Sydkraft is one of the major power generation and distribution utilities in
Northern Europe delivering electricity, natural gas and district heating to
its customers. The Stuart Energy HES for Sydkraft is an intelligent hydrogen
station that generates, compresses and dispenses hydrogen. This station is
also capable of dispensing a blend of hydrogen and natural gas fuel to the
bus fleet operating in Malmo.

For the full press release follow the attached link:
http://www.stuartenergy.com/news/press_releases/press_march6…

Suzanne DuPerrouzel
Investor Relations/Finance
Stuart Energy Systems
5101 Orbitor Drive,
Mississauga, ON
Canada L4W 4V1
[905] 282-7780 Direct
[905] 282-7700 Main Line
[905] 282-7703 Fax

[Malena]

Was spricht dagegen, noch 10 Jahre zu warten.... bis Stuart wieder auf 7,32 ist *ggggg* einen lieben Gruß an Totempfahl *g*

[A_M_D_A]

Press Release Source: Stuart Energy Systems Corp.


Linde Gas Signs Preferred Supplier Agreement With Vandenborre Technologies, A Stuart Energy Company
Tuesday July 8, 7:31 am ET


TORONTO--(BUSINESS WIRE)--July 8, 2003--Stuart Energy Systems Corporation (TSX:HHO - News) announced today that its wholly owned subsidiary, Vandenborre Technologies N.V., has signed a preferred supplier agreement with Linde Gas, a division of Linde AG, a world leading industrial gas supplier based in Germany. Stuart Energy, through Vandenborre, will be Linde`s preferred supplier of on-site water electrolysis hydrogen generation equipment. Linde will sell and market the product world-wide under the HYDROSS® brand name.
"With the signing of this agreement, we have significantly expanded our global access to new industrial markets through Linde`s extensive world-wide distribution sales channels," said Jon Slangerup, President and CEO of Stuart Energy. "This agreement is an important step in our strategic plan for growth and will accelerate our goal of building a strong order book for our products in the near term."

The two companies came to the agreement after Linde successfully tested the Vandenborre technology for two years.

"Linde Gas wants to offer their customers a choice of additional hydrogen options including on-site generation through electrolysis. It is a resounding endorsement of our products that Linde Gas has chosen to distribute our solutions to their customers," added Hugo Vandenborre, founder of Vandenborre Technologies.

About Linde

Linde is an international technology group with a leading market position in each of its three business segments, Gas and Engineering, Material Handling, and Refrigeration. With approximately 46,500 employees, Linde is headquartered in Wiesbaden, Germany, and generates more then 8 billion Euros in sales annually. The company website address is http://www.linde.com.

HYDROSS® is a trade mark of the Linde group.

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) 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 addresses are http://www.stuartenergy.com and http://www.vandenborretechnologies.com.

Hurra Hurra ! Es lebe die Wasserstoff Revolution !

[proFEiT]

[marterpfahl]

Zitat:
Linde: Wasserstoff-Technik in Japan zertifiziert

Der diversifizierte Industriekonzern Linde AG, der in den Geschäftsbereichen Anlagenbau, Fördertechnik, Kältetechnik und Gas tätig ist, meldete am Mittwoch, dass seine Wasserstoff-Technik in Japan zertifiziert wurde.

Bereits am 12. Juni wurde in Tokio Japans erste Tankstelle für Flüssigwasserstoff (LH2) in Betrieb genommen. Sie ermöglicht die Fahrzeugbetankung sowohl mit tiefkaltem LH2 als auch mit auf 400 bar verdichtetem, gasförmigem Wasserstoff (CGH2). Die Tankstelle dient der Versorgung einer Testflotte von wasserstoffbetriebenen Fahrzeugen mehrerer Hersteller.

Neben den LH2-Befüllungskomponenten liefert Linde auch die Anlage für die CGH2-Betankung, insbesondere das innovative Kompressorsystem: Der 400bar-Kryoverdichter verbindet eine hocheffiziente Kompression mit geringem Energieverbrauch. Alle Komponenten wurden von dem Linde-Unternehmensbereich Gas und Engineering nur sechs Monate nach Auftragserteilung geliefert. Kunde und Betreiber ist Showa Shell Seikyu KK in einem Konsortium mit der Iwatani International Corp. und dem Tokyo Metropolitan Government.
Zitat Ende.

Das weltumspannende H2-Puzzle wächst langsam zusammen!
stay long ! marterpfahl

[kosmo@politan@]

Meiner Meinung nach ist die ganze Technik, bei der Wasserstoff in Brennstoffzellen zu Strom oder was weiß ich was verbrannt wird, eine Totgeburt.

Bei soviel Wasserstoff, wie wie man nun mal benötigt, um effizient zu wirtschaften, müßte man wohl das meißte der Erdoberfläche mit Wind und Solarkraftwerken zupflastern.

Zu teuer im Aufbau, und zu teuer für die Kundschaft.

Man wird an nie an den Kohlendioxid erzeugenden Technologien vorbeikommen.

[frohgemut]

#94
Totgeburt, das sehen nicht alle so

Welt am Sonntag, 16.08.03
Rifkin: "Anstelle von einigen großen Kraftwerken müssen Millionen von kleinen, mit Wasserstoff betriebenen Brennstoffzellen die Stromversorgung übernehmen." Vorbild sei die Struktur des Internets, das als Ganzes selbst dann weiter funktioniere, wenn Teile davon zerstört wären

[kosmo@politan@]

Angenommen, mithilfe der Brennstoffzelle lassen sich 60% der Energie, die in elementarem Wasserstoff und Sauerstoff, durch die Oxidation zu Wasser, gewinnen, dann muß man berücksichtigen, das Wasserstoff (und Sauerstoff) erst durch Elektrolyse gewonnen werden muß, und das mit einer Effiziens von weniger als 50%. Der Strom für diese Elektrolyse kann, soll das Ganze einen Sinn haben, nur über Solar- und/oder Windkraftwerke (sprich über die Sonne) gewonnen werden. Solarenergie läßt sich bisher nicht sehr toll bei uns gewinnen. Windkraftanlagen werden nur aus dem einzigen Grunde in Deutschland so häufig gebaut, wein dieser Bereich, ähnlich wie der Steinkohle-Abbau, hoch subventioniert wird. Wasserstoff zu lagern macht kaum einen sinn, weil Wasserstoff durch alle Materialien mit der Zeit entweicht. Einzig die sauteuren Platinmetalle sind in der Lage, Wasserstoff zu absorbieren.

Statt diesen irwitzigen Weg über Wasserstoff zu gehen, Wasserstoff ist hochexplosiv, sollte man besser eine Lösung finden, die über Kohlendioxid und Wasser zu einer relativ einfachen Organischen Verbindung führt, die sich verbrennen läßt, und vieleicht auch zur direkten Stromerzeugung verwenden läßt.
Je geringer die Energie-Differenz, desto besser.

[JoeUp]

Gib dem Akku Zucker!

Philipp Grätzel von Grätz 10.09.2003

Auf dem Weg zu einer vollkommen biologischen Batterie berichten Forscher von einem großen Schritt nach vorn

Eine neu entwickelte Brennstoffzelle, die mit einem erst kürzlich entdeckten Bakterium arbeitet, soll einen Wirkungsgrad von über 80 Prozent haben. Alles was sie braucht, ist Zucker.

Brennstoffzellen gehört die Zukunft in der mobilen Elektronik, und nicht nur da. Längere Laufzeiten und eine günstigere Ökobilanz als herkömmliche Akkus, so lauten die Versprechungen [1] . Während "herkömmliche" Brennstoffzellen wie die Polymermembran-Systeme, die Wasserstoff oder Methanol als Energieträger nutzen, bereits vielfach zum Einsatz kommen, sind deren biologische Geschwister noch experimentell. Als Katalysatoren für ihr Redoxsystem verwenden biologische Brennstoffzellen keine Metalle, sondern lebende Bakterien.

Das Prinzip ist chemisch simpel: Eine organische Ausgangssubstanz, meist ein Zucker oder eine organische Säure, wird von den Bakterien durch einen Oxidationsprozess chemisch abgebaut. Bei der Reaktion werden Elektronen frei, die durch eine geeignete Elektrode aufgefangen werden. Um die Reaktion am Laufen zu halten, benötigt man eine andere Substanz, die die frei werdenden Elektronen wieder aufnimmt, etwa dreifach positiv geladene Eisenionen.

Kein Genießer, kein Freund von Extremen: Rhodoferax ist pflegeleicht

Biologische Brennstoffzellen stehen und fallen mit den Bakterien, die verwendet werden. Das Problem ist, dass die meisten in Frage kommenden Bakterien ihre Katalysatorfunktion entweder nur bei sehr hohen Temperaturen aufrecht erhalten, oder aber dass sie mit ungünstigen Ausgangssubstanzen arbeiten, zum Beispiel bestimmten organischen Säuren, die nur aufwändig herzustellen sind. Die Forscher Swades Chaudhuri und Derek Lovley von der Abteilung für Mikrobiologie der US-amerikanischen Universität von Massachusetts-Amherst haben nun mit dem erst in diesem Jahr entdeckten Bakterium Rhodoferax ferrireducens [2] eine biologische Brennstoffzelle hergestellt, die diese Probleme nicht haben soll. Sie berichten darüber in der aktuellen Ausgabe der Zeitschrift Nature Biotechnology [3]

Rhodoferax wächst und gedeiht bei zivilen Temperaturen zwischen 4 und 30 Grad Celsius. Seine Lieblingstemperatur liegt bei etwa 25 Grad. In Gegenwart von dreifach positiv geladenen Eisenionen kann Rhodoferax eine ganze Reihe von Substraten zu Kohlendioxid oxidieren, darunter die Zucker Glucose (Traubenzucker) und Fructose (Fruchtzucker). Im Gegensatz zu einigen anderen Redox-fähigen Bakterien brauche es auch keine extremen ph-Werte, so die Forscher. Kurz gesagt: Rhodoferax ist ein Durchschnittstyp.

Doppelt so hoher Wirkungsgrad wie bei bisherigen Versuchen

Für ihre Brennstoffzelle auf Rhodoferax-Basis bauten Chaudhuri und Lovley ein Zweikammersystem, wobei die Bakterienlösung, die die Elektronen produziert, die Anodenkammer füllte, den Pluspol der Brennstoffzelle. Auf Seiten des Minuspols, der Kathode, verwendeten die Forscher Kalium-Ferricyanid. Gefüttert mit reichlich Traubenzucker begann das Redoxsystem dann, gegen einen Widerstand von 1000 Ohm einen Strom von 0,2 Milliampere aufzubauen, was im gegebenen System einer Spannung von 265 Millivolt entspricht. Der Wirkungsgrad lag bei eindrucksvollen 81 Prozent. Demnach wurden 81 Prozent der aus Glucose theoretisch herstellbaren Elektronen tatsächlich zu Strom - mehr als doppelt soviel wie in Brennstoffzellen, die mit anderen Bakterien und anderen Substraten arbeiten. Einen Teil der restlichen Glucose verbraucht das System für Fortpflanzungszwecke: Die Bakterien nämlich werden mehr, je länger die Batterie läuft.

Die potenzielle Tauglichkeit des Rhodoferax-Systems als Batterie beziehungsweise Akku ermittelten die Wissenschaftler mit einfachen Tests. Ersetzten sie die Anodenflüssigkeit durch frische Glucoselösung, so ließ sich der Apparat innerhalb von Sekunden wieder aufladen und nahm praktisch ohne Verzögerung seine Arbeit wieder auf. Das funktionierte beliebig oft. Die Wissenschaftler interpretieren das als Beweis dafür, dass sich die Bakterien an der Oberfläche der verwendeten Graphitelektroden festsetzen und dort bleiben, wenn die umgebende Flüssigkeit ausgewechselt wird. Auch eine Unterbrechung des Stromflusses für 36 Stunden wurde toleriert.

Links

[1] http://www.innovation-brennstoffzelle.de
[2] http://www.bacterio.cict.fr/qr/rhodoferax.html
[3] http://www.nature.com/biotech

Telepolis Artikel-URL: http://www.telepolis.de/deutsch/special/zen/15580/1.html

[farang03]

Sorry, aber ich glaube niemanden der sich Grätzel von Grätz nennt. Bye, H.

[marterpfahl]

Hat einer die FAZ vom 24.10. gelesen ?

Arnold Schwarzenegger hat seine überraschenden umweltpolitischen Pläne für California vorgestellt,
in denen Wasserstoff eine große Rolle spielen soll, vor allem der Aufbau eines Tankstellennetzes !

stay long, keep cool
marterpfahl

[MrRipley]

N8


NUR ZU, WIR SUCHEN NOCH BIS 24:00 UHR TEILNEHMER !!!

IHR KÖNNT HEUTE AUCH NOCH RESERVIEREN UND ERST MORGEN KAUFEN - FALLS IHR IN DER WAHL NOCH UNSICHER SEIN SOLLTET !!!





die Tabelle ist nicht ganz komplett und soll nur zur Anschauung dienen


Thread: Kein Titel für Thread 777423140

-Nicht erlaubt sind Pennystocks, die erst im Hinter-Komma-3er-Bereich anfangen,
-2 Papiere sind pro Tn erlaubt
-die Papiere dürfen nicht schon im Spiel vorhanden sein
-bitte Kaufdatum, evt. realistischen Kaufkurs und (Lieblings)Börsenplatz angeben!

-weiteres im Thread


Mr. Ripley

[DERGEISTUNDDIEDUNKELHEIT]

Die Revolution hat begonnen !

News Alert

A strong European technology partnership to move towards the hydrogen economy



Brussels, 20 January 2004

European Commission President, Romano Prodi, today launched the "European Hydrogen and Fuel Cell Technology" Platform, whose Advisory Council includes key players of the European hydrogen sector, at its first assembly in Brussels. The Platform has the task of drafting a blueprint to smooth the EU`s transition from a fossil fuel-based to a hydrogen-based economy. The creation of this platform follows the presentation of a report by an EU high-level expert group on June 16, 2003, and the inclusion of a hydrogen and fuel cell initiative in the "QuickStart" list of transport and research projects. This list was presented by the Commission on November 11, 2003, in the framework of the "European Growth Initiative". World-wide energy demand will double in the next 50 years, and Europe still has very limited home-grown resources. The EU currently imports 50% of its demand for oil, and, if nothing is done, this figure will rise to 70% in 20-30 years time. Hydrogen and fuel cell technologies could form an integral part of future sustainable energy systems. This will contribute to improving Europe`s energy security and air quality, whilst lessening climate change. Developing the new hydrogen society while gaining worldwide leadership will require a coherent EU strategy, which this European Hydrogen and Fuel Cells Technology Platform will help devise.

"At the current pace, Europe`s oil import dependency is set to grow from around 50% today to 70% or more in 2025. Current trends are clearly unsustainable. We have to act now in order to change them," said Commission President Romano Prodi. "Our objective is to realise a step-by-step shift towards a fully integrated hydrogen economy, based on renewable energy sources, by the middle of the century. To turn this vision into reality, however, Europe needs more research, larger demonstration and deployment projects, and regulations and standards appropriate to the future hydrogen economy. These efforts will be successful only if national and European resources, both public and private, are pulled together in a co-ordinated way. This is why we are launching the European partnership for the hydrogen economy." The creation of the European Hydrogen and Fuel Cell Technology Platform is sponsored by President Prodi, along with Vice-President and Energy and Transport Commissioner Loyola de Palacio and Research Commissioner Philippe Busquin.

A Technology Platform: what for?

The EU effort in developing and consolidating this technology is fragmented and spread across a number of member states, often with overlapping activities. This is why last year the Commission decided to set up a high level group. The group`s vision report was strongly endorsed at the major European conference, "The hydrogen economy - a bridge to sustainable energy". Foremost amongst the group`s recommendations was the establishment of a "European Hydrogen and Fuel Cell Technology Partnership", guided by an Advisory Council.

The expected outcome of this Technology Platform will be the development of a broad and far-reaching hydrogen and fuel cell strategy at the EU level. The intention is to secure the EU`s position as a leading world-wide player in the supply and deployment of hydrogen technologies. The Technology Platform Advisory Council comprises 35 members representing the relevant stakeholders, and distinguished by their leadership in the field (See the list in Annex 1). The first assembly of this Technology Platform, to be held on January 20-21 in Brussels and opened by Commission President Romano Prodi, will address the three cornerstones for implementing the new Hydrogen Economy in Europe: "Transport applications" (by 2020, 5% of road transport fuels could be based on hydrogen, as proposed by the EU Communication on alternative fuels for road transportation); "Stationary applications" and "Hydrogen infrastructure". It will stimulate the formation of working groups which will support the Platform`s operations and objectives.

The Technology Platform will have the opportunity to build consensus and drive forward a coherent European research and deployment strategy in the hydrogen and fuel cell sector, including public-private partnerships, lighthouse projects, standards and regulations. In so doing, it will build critical mass and rally stakeholders to make Europe a leading player and a stronger partner at the international level.

Hydrogen: a clean energy vector

Hydrogen, like electricity, is a clean energy vector. It can be produced from a wide variety of primary energy sources. It is possible to de-carbonise fossil fuels by carbon capture, allowing for the production of hydrogen from these traditional fuels with negligible carbon emissions. But, more importantly, hydrogen produced through a range of renewable primary energy sources such as wind, biomass and solar energy is ideal for gradually replacing fossil energy - in particular, oil.

A concrete application: fuel cells

The energy conversion principle in a fuel cell is clean and silent: hydrogen combines with oxygen from the air in the fuel cell to produce water and electricity. The electrochemical conversion processes are not limited by the same physical laws of thermodynamics that govern combustion processes and are, therefore, more efficient. Fuel cells generally use hydrogen as a fuel but others, such as natural gas and methanol, can also be used. In the long term, fuel cells have the potential to replace a very large proportion of current energy systems in all fields, from mobile phone batteries to vehicle propulsion to centralised or decentralised stationary power generation. They also represent a potential paradigm shift in the way we produce and consume energy.

The European Union has been supporting fuel cell research since 1989, and the growing importance of this field is reflected in the substantial increase in the financial support to fuel cell research, from €8 million in the 1988-1992 programme, to €150 million for 1999-2002. At present, after a first call of proposals for the 6th Research Framework Programme (FP6 2002-2006), the EU contribution to these activities amounts to €95 million; two more calls for proposals are expected before 2006. Around €300 million should be allocated to hydrogen and fuel cell research within FP6.

The European Initiative for Growth and QuickStart Programme

In November 2003 the Commission also launched the European Initiative for Growth to accelerate EU economic recovery. The Growth Initiative includes a "Quick Start Programme" of projects of public and private investment in infrastructure, networks and knowledge. The aim is to encourage the creation of public-private partnerships, in co-operation with the European Investment Bank, to leverage finance.

This programme foresees a major ten year initiative for hydrogen-related research, production and use, with an indicative total budget of €2.8 billion of public and private funding. The technology platform can help shape this initiative, which has already received the political backing of Member States at the highest level.

The international framework

In June 2003, hydrogen was discussed during the EU-US summit. In a joint statement with the US, the EU committed to collaborate on a global scale in accelerating the development of the hydrogen economy. Behind this collaboration is the aim to enhance security of energy supply, increase diversity of energy sources and improve local and global air quality. The growing commitment to developing a global hydrogen economy was further strengthened in November 2003, when the International Partnership for the Hydrogen Economy was launched with the United States, fourteen countries and the European Union in Washington. This International Partnership includes, notably, India and China, which will become major consumers of energy as their economies rapidly expand. It is a step forward for building international collaboration on both technical, regulatory and policy related matters.

Links of interest:

The proceedings of the meeting 20-21 January 2004 in Brussels to launch the Hydrogen & Fuel cells Platform will be available next week at the following address:
http://forum.europa.eu.int/Public/irc/rtd/eurhydrofuelcellpl…

The concept of a Hydrogen and Fuel Cell Technology Platform, and its related activities, was endorsed by the European Commission on September 2003 in the Communication "A European Partnership for the Sustainable Hydrogen Economy"

The objectives, scope, operational structure and timelines of the Technology Platform, is set out in the document posted at:
http://europa.eu.int/comm/research/energy/nn/nn_rt_htp1_en.h…

The European Initiative for Growth and the "QuickStart" programme:
http://europa.eu.int/comm/commissioners/prodi/pdf/growth_ini…


*************************************

Press Release Source: Stuart Energy Systems Corporation


Stuart Energy Partners With The Hydrogen Car Company
Tuesday January 13, 7:01 am ET


TORONTO--(BUSINESS WIRE)--Jan. 13, 2004--Stuart Energy Systems Corporation (TSX:HHO - News) announced today that it has formed a strategic partnership with the Hydrogen Car Company (HCC), led by S. David Freeman, former Chairman of the California Power Authority. HCC is a privately-held, California-based company focused on developing and marketing a new generation of cars and trucks that are powered by hydrogen internal combustion engines (H2ICEs). To support the sale of its vehicles, HCC will exclusively offer Stuart Energy hydrogen fueling infrastructure solutions to its customers, ranging from the Personal Energy Stations (PES), under development for home fueling, to large scale Hydrogen Energy Stations (HES), currently being deployed around the world for fleet fueling and power applications. In addition to being an exclusive hydrogen infrastructure partner, Stuart Energy is also a strategic investor in HCC.
HCC has partnered with Carroll Shelby, through Carroll Shelby Licensing Inc., to jointly develop a full line of H2ICE-powered vehicles that will be manufactured by Shelby and sold and serviced by HCC directly. HCC and Shelby plan to modify the engines and fuel storage systems of new and existing sport coupes, sport utility vehicles and pick-up trucks to run on hydrogen, with production expected to start in 2004. The first vehicle, an H2ICE-powered Shelby Cobra, is currently being demonstrated by HCC. Carroll Shelby is the creator of the Shelby Cobra and is legendary in the automotive world for developing, racing and marketing high-performance cars for more than 40 years.

"For hydrogen to be widely adopted as a replacement for fossil fuels, we must get commercial products in the hands of consumers," commented Jon Slangerup, President and CEO of Stuart Energy. "We believe our strategic partnership with HCC will increase the demand for our innovative hydrogen infrastructure products and accelerate the mass adoption of hydrogen as a clean, safe fuel."

"We have an historic opportunity to fundamentally change the fuel we use to power our cars," said HCC`s Chairman, S. David Freeman. "We develop and market innovative vehicles that deliver critical energy security and environmental benefits needed today. We have chosen the commercially proven ICE platform to power our hydrogen vehicles because it is able to meet the reliability and performance demands of consumers now and well into the future. We don`t have to wait decades for clean cars - they are available today."

Stuart Energy is the leading global provider of water electrolysis-based hydrogen fueling infrastructure and has already installed several HES fueling systems in California that span from Richmond to Chula Vista.

"I am both encouraged and excited by California Governor Schwarzenegger`s recent State of the State address in which he reiterated his commitment to the environment and his strong support of developing a `Hydrogen Highway` for California," commented Jon Slangerup. "HCC and Stuart Energy are well positioned to deploy both the vehicles and the fueling infrastructure to support this visionary initiative."

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) 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.

[panik]

Stuart Energy Secures Approximately CDN $5 Million in Orders From Industrial Utility Market
Tuesday February 17, 7:01 am ET


TORONTO--(BUSINESS WIRE)--Feb. 17, 2004--Stuart Energy Systems Corporation (TSX:HHO - News) announced today that it has secured orders for Hydrogen Energy Stations (HES) for the industrial utility market totalling approximately CDN $5.0 million. These HES systems will reliably generate hydrogen for cooling generators and process requirements within power plants. Orders for these systems were received from companies in North America, Europe and Asia.
"Stuart Energy has a long history in providing industrial on-site hydrogen generation systems and we are very pleased with our progress in continuing to penetrate this important market segment," commented Rob Campbell, Vice President, Sales and Marketing of Stuart Energy. "Our HES product portfolio has significantly expanded our market opportunities in the industrial sector, driving greater than 50% organic growth during the past year. We are targeting continued growth in the industrial market, particularly in the power plant sector."

Power generators operating in a hydrogen atmosphere function more efficiently, experience less friction and remain cool. Typically, smaller amounts of hydrogen are required for generator cooling and maintaining large hydrogen inventories is not practical for this application. The HES product is well suited to this market as it enables customers to economically generate hydrogen on-demand thereby minimizing required storage and eliminating the need to deliver hydrogen with large volume tube trailers.

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) 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.



--------------------------------------------------------------------------------
Contact:
Stuart Energy, Media and Public Relations
Wanda Cutler, 905-282-7769
or
Stuart Energy, Investor Relations
Robert McGillivray, 905-282-7727



--------------------------------------------------------------------------------
Source: Stuart Energy Systems Corporation

[panik]

Stuart Energy Announces Results for Quarter Ended December 31, 2003
Thursday February 19, 7:00 am ET


TORONTO--(BUSINESS WIRE)--Feb. 19, 2004--Stuart Energy Systems Corporation (TSX:HHO - News) announced today its unaudited consolidated financial results for the third quarter ended December 31, 2003.
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"We are pleased to report our fifth consecutive quarter of record sales revenue," said Jon Slangerup, President and CEO of Stuart Energy. "Strong sales, coupled with improving gross sales margins and declining costs, resulted in the third consecutive quarter of reduced cash utilization."

Total sales revenue for the quarter increased to $5.2 million, an increase of $2.6 million or 101% compared to the same quarter of fiscal 2003, and an increase of $1.3 million or 35% from the second quarter of fiscal 2004. Supported by the acquisition of Vandenborre Technologies in February 2003, total sales revenue for the nine-month period ended December 31, 2003 was $12.1 million, an increase of $8.4 million or 233% compared to the same period of the previous year. Hydrogen Energy Station (HES) product sales for the fiscal year to date were $7.4 million for industrial applications, or 61% of sales revenue, and $3.9 million, or 32%, for transportation and power applications. After-market sales and service revenue was $0.8 million, or 7% of total sales revenue. As of February 18, 2004, Stuart Energy had a sales order backlog in excess of $14 million.

"Sales of our HES systems for early stage transportation applications continue to expand along with strong growth in the industrial side of our business. The revenue in the first three quarters positions us to achieve our stated milestone of triple-digit revenue growth this fiscal year," commented Mr. Slangerup.

The net loss for the third quarter was $14.4 million, including a one-time charge of $9.8 million related to the previously disclosed final phase of the Company`s integration of Vandenborre Technologies, or $0.51 per share compared to $7.3 million or $0.35 per share for the same quarter of fiscal 2003. The results of this integration are expected to yield annualized savings in excess of $7.5 million from product standardization, facilities rationalization, workforce reduction and streamlined business processes. Approximately 48% of this charge is non-cash. The cash implications of the charge will be approximately $0.7 million for fiscal 2004 and approximately $1.3 million for fiscal 2005, with the remaining amounts to be paid in subsequent fiscal years.

Cost of product sales and service in the third quarter exceeded revenue by $0.3 million. This improvement compares to cost of product sales and service exceeding revenue by $1.6 million in the same quarter of last year, and $2.1 million in the previous quarter of this year. "Improving our gross sales margins continues to be a key corporate priority. Our efforts to standardize products and reduce costs are beginning to drive improvements in our margins," said Jon Slangerup.

Net cash outflows were $6.7 million during the third quarter, a 26% improvement from $9.0 million in the same period a year ago, and an 8.2% improvement from $7.3 million in the previous quarter of this year. For the nine month period ended December 31, 2003, net cash outflows were $24.0 million, representing a 23% improvement from the net cash outflows for the same period in the previous fiscal year. On December 31, 2003, the Company had cash, cash equivalents and short-term investments of $42.3 million, excluding the funds raised from the recently completed public offering.

"We continue to make progress toward commercial sustainability, with our third consecutive quarter of reduced cash utilization," commented Mr. Slangerup. "Our overall improved performance, coupled with our leading position in the expanding hydrogen infrastructure market, is fueling our Company`s sustained growth."

Hydrogen Energy Station Projects

During the quarter, Fortum AB, Sweden`s second largest power company, officially opened its first Hydrogen Energy Station for fueling (HESf), which was supplied by Stuart Energy. The station is capable of providing 120kg per day of high-purity, high-pressure hydrogen fuel to three fuel cell buses as part of the Clean Urban Transport for Europe (CUTE) project. Of the nine cities involved in the CUTE project, Stockholm has the harshest winter providing an opportunity to showcase the robust design and durability of the HES product line. Stuart Energy has delivered 4 of the 5 electrolytic hydrogen fueling systems for the CUTE project, including HES hydrogen generation modules to the cities of Amsterdam, Barcelona and Porto. Stuart Energy also provided a hydrogen fueling station for bus operations in Malmo, Sweden.

Stuart Energy also announced a contract with the South Coast Air Quality Management District to supply a turn-key HESfp in Diamond Bar, California. The HESfp, with both fueling and power capabilities, will generate approximately 25 kg/day of hydrogen fuel for fleet vehicles. The hydrogen will also be used to fuel a 120kw power module expected to be used to provide clean, hydrogen-based power applications such as peak shaving and back-up power. The power module is based on a hydrogen-powered internal combustion engine (H2ICE) generator set employing Ford technology.

During the quarter, Stuart Energy participated in a Hydrogen Technology Forum hosted in Hong Kong by the Hong Kong Polytechnic University and Cheung Kong Infrastructure Holdings, our joint venture partner for Asia-Pacific. Stuart Energy demonstrated the power module for the HES product line designed to provide virtually zero-emission backup power for buildings. Stuart Energy remains focused on demonstration of the HESfp, which is currently being installed for both fueling and power applications in early fiscal 2005.

Operations

Stuart Energy expects to complete the standardization of its Hydrogen Energy Station product line on the IMET® technology by the end of the fourth quarter of this fiscal year. This standardization effort will help improve product costs, supply chain management and gross sales margin performance. The implementation of the enterprise resource planning system in Belgium is progressing and the system is expected to go live in the coming fiscal year. This system is expected to enable further working capital reductions at our Belgian facility.

To date, the Company has completed the first two commercial projects from its North American operations featuring the IMET® technology. These projects demonstrated the North American operations ability to successfully integrate the IMET® technology and meet the applicable codes and standards. In addition, Stuart Energy`s advanced engineering team has successfully integrated component technologies from both North American and European operations, resulting in the identification of a number of cost savings, which will be introduced into production during the coming fiscal year.

Strategic Alliances

In October, Stuart Energy signed a joint cooperation agreement with Statkraft SF and Corporacion Energia Hidroelectrica de Navarra S.A. (EHN) to assess, demonstrate and develop advanced renewable energy based hydrogen production and distribution solutions. This partnership is the product of a common belief between these companies that hydrogen will be a vital future energy carrier for renewable energy sources. This venture will combine the hydrogen expertise of Stuart Energy with the considerable knowledge of renewable energy and wind power of both Statkraft and EHN to develop hydrogen enabled renewable power systems. These systems allow excess renewable energy to be stored as hydrogen for later redeployment as fuel for either vehicles or electrical power generation. Both Statkraft and EHN have purchased HES hydrogen generation modules for evaluation and demonstration of vehicle and power applications.

Financing Activities

Subsequent to the third quarter, on February 12, 2004, Stuart Energy announced it had completed a public offering of 7 million common shares at $3.00 per share for aggregate gross proceeds of $21 million. National Bank Financial Inc. was the lead manager for the offering, and CIBC World Markets Inc. and RBC Dominion Securities Inc. were co-managers. The Company granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 1,050,000 common shares at $3.00 per share to cover over-allotments, if any, and for market stabilization purposes.

Conference Call

A conference call to discuss the financial results for the third quarter ended December 31, 2003 will be held on Thursday, February 19, 2004 at 10:00 am (EST).

To access the conference call, participants may call 1-866-207-8482 five minutes prior to the start time. A simultaneous webcast can be accessed from the Stuart Energy website at www.stuartenergy.com which will require that Windows Media Player be installed prior to the call.

An archived webcast will be available for approximately three months at Stuart Energy`s website.

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) 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.

-0-

MANAGEMENT`S DISCUSSION AND ANALYSIS OF OPERATING RESULTS
Third Quarter (October 1, 2003 through December 31, 2003)
Fiscal Year Ending March 31, 2004

This discussion and analysis covers our interim unaudited consolidated financial statements for the three and nine-month periods ended December 31, 2003. As well, it provides an update to the discussion and analysis contained in our 2003 Annual Report. This discussion and analysis should be read in conjunction with the "Management`s Discussion and Analysis" and the annual audited consolidated financial statements contained in our 2003 Annual Report.

On February 28, 2003, Stuart Energy completed the acquisition of Vandenborre Technologies NV (Vandenborre). As such, the operating results of Vandenborre are included in the consolidated financial statements from February 28, 2003, and are not reflected in the comparative figures for the three and nine-month periods ending December 31, 2002 that are contained in this report.

RESULTS FROM OPERATIONS

Revenue

Revenue in the third quarter increased by $2.6 million as compared to the same quarter for fiscal 2003. For the nine-month period ended December 31, 2003, total revenue increased approximately $8.4 million as compared to the same period of the previous fiscal year. Product sales and service revenue for the three and nine-month periods ended December 31, 2003 can be broken down as follows:

-0-

Three Months Ended Nine Months Ended
December 31 December 31
2003 2002 $ Change 2003 2002 $Change
---------------------------------------------------------------------

Transportation and
power applications $ 267 $1,723 ($1,456) $3,862 $1,723 $2,139

Industrial
applications 4,640 528 4,112 7,398 928 6,470

After market sales
and service 273 323 (50) 814 976 (162)
---------------------------------------------------------------------
Total $5,180 $2,574 $2,606 $12,074 $3,627 $8,447

The decrease in revenue from transportation and power applications in the third quarter of fiscal 2004 is primarily attributable to timing differences in the shipments of Hydrogen Energy Stations (HES) systems for these purposes. During the third quarter of fiscal 2003 there were sales of two large HES systems for transportation applications. These sales represented the majority of transportation and power application revenue recognized in fiscal 2003 whereas in fiscal 2004 revenue from sales of HES systems have primarily been concentrated in the first and second quarters.

Further shipments of Hydrogen Energy Stations for transportation and power applications are anticipated in the fourth quarter of fiscal 2004.

Consistent with the previous quarter, the increase in revenue from transportation and power applications for the nine-month period ended December 31, 2003 is attributed to a combination of increased revenue generated from deliveries of HES systems for Clean Urban Transport Europe projects in Portugal, Spain, Sweden and The Netherlands as well as delivery of an HESfp to our partner Cheung Kong Infrastructure Holdings (CKI).

Revenue generated from industrial applications has increased $4.1 million as compared with the third quarter of fiscal 2003 and $6.5 million as compared with the nine-month period ended December 31, 2002. Consistent with the first and second quarters of fiscal 2004, this increase is attributed to an improvement in our key industrial markets, an improved product portfolio and the effect of the acquisition of Vandenborre Technologies on February 28, 2003.

Revenue generated from after-market sales and service has decreased $50,000 as compared with the third quarter of fiscal 2003 and $162,000 as compared to the nine-month period ended December 31, 2002. During fiscal 2003, the Company focused on satisfying a backlog of demand in after-market sales and service, which provided significant revenue in fiscal 2003. In the current fiscal year, revenue has decreased as this demand was satisfied and focus is placed on meeting current demand for after market sales and service.

Cost of product sales and service

For the third quarter of fiscal 2004, cost of product sales and service exceeded revenue resulting in a direct loss on sales of $0.3 million compared to $1.6 million in the same period of the previous fiscal year. For the nine-month period ended December 31, 2003, cost of product sales and service exceeded revenue resulting in a direct loss on sales of $2.6 million compared to $4.5 million in the same period of the previous fiscal year. These improvements are reflective of a combination of improved product portfolio which resulted in higher margins being earned on direct costs incurred to manufacture product as well as increased revenue during the quarter which offset additional fixed manufacturing overhead costs as compared with the same periods of the previous fiscal year.

Research and product development

For the three-month period ended December 31, 2003, there was net research and product development funding recoveries of $0.4 million compared to net expenditures of $3.2 million during the same period of the previous fiscal year. This decrease is the result of increased research and product development funding of $1.5 million as well as decreased research and product development expenditures of $2.1 million. For the nine-month period ended December 31, 2003, there was net research and product development expenditures of $3.9 million compared to $9.1 million during the nine-month period ended December 31, 2002.

Gross research and product development expenditures for the three-month period ended December 31, 2003 was $1.3 million, a decrease of $2.1 million as compared with the same period in the previous fiscal year. Gross research and development expenditures for the nine-month period ended December 31, 2003 was $5.7 million, a decrease of $4.2 million as compared to the nine-month period ended December 31, 2002.

The increase in research and product development funding is primarily the result of the renegotiation of a research and product development funding agreement during the third quarter of fiscal 2004 in order to better align our funding agreement with our research and product development plans and goals. Under the terms of the renegotiated contract, certain expenditures incurred in previous quarters became allowable for purposes of reimbursement, resulting in the recognition of a total funding recovery of approximately $1.7 million, of which $0.3 million was related to research and development work conducted in the third quarter. This decrease in research and product development expenditures is primarily the result of the fact that certain investments in long-term testing and research and product development expenses associated with the HESfp prototype incurred in the previous year have not been repeated in the current year. Further, as a greater percentage of our overall activities are commercial in nature, there has also been a corresponding decrease in the amount of overhead allocated to research and product development.

General and administrative

General and administrative expenditures for the third quarter of fiscal 2004 increased $0.5 million as compared with the same period of the previous fiscal year. General and administrative expenditures for the nine-month period ended December 31, 2003 increased $2.6 million as compared with the nine-month period ended December 31, 2002. Consistent with previous quarters, these increases are primarily attributable to additional general and administrative costs incurred as a result of the acquisition of Vandenborre and the resulting larger consolidated organization.

Restructuring charge

As announced on November 27, 2003, during the third quarter we implemented the final phase of our integration of Vandenborre. In total, the integration plan is expected to yield additional savings from product standardization, facilities rationalization, workforce reduction and streamlined business processes.

Since the acquisition of Vandenborre on February 28, 2003, we have become increasingly confident in the high reliability, competitive life cycle costs, scalability and serviceability of the IMET cell stack technology previously developed by Vandenborre. In addition, our combined experience using the IMET cell stack technology indicates that we will be able to realize higher sales margins than other product offerings. As a result, we implemented a more aggressive integration plan related to standardization of our commercial HES product offering around the IMET cell stack technology. Accordingly, we have taken a charge of $2.9 million during the third quarter of fiscal 2004 associated with the rationalization of existing inventories around the IMET technology.

Also during the quarter, we implemented a further decrease in our workforce of approximately 20% and have taken a charge of $1.6 million associated with these workforce reductions.

In addition to our product standardization efforts and additional workforce reductions, our cost reduction plan also includes the closure of one manufacturing facility and downsizing of another manufacturing facility. We have recognized charges totaling $5.3 million related to these activities during the third quarter of fiscal 2004. Of the facility rationalization charges, $1.9 million related to the write-off of leasehold improvements and deferred charges with the balance pertaining to remaining lease obligations.

Amortization

The charge for amortization for the third quarter of fiscal 2004 increased $0.9 million as compared with the same period of the previous fiscal year. For the nine-month period ended December 31, 2003, the charge for amortization increased $2.9 million as compared with the nine-month period ended December 31, 2002. These increases reflect additional amortization charges taken on investments in equipment and leasehold improvements made in fiscal 2003. This increase also reflects additional amortization charges related to product technology, customer relationships, trademarks and trade names and proprietary software resulting from the acquisition of Vandenborre during the fourth quarter of fiscal 2003.

Investment and other income

Investment and other income decreased to $0.2 million in the third quarter of fiscal 2004 from $0.9 million during the third quarter of fiscal 2003. For the nine-month period ended December 31, 2003, investment and other income decreased to $1.6 million compared to $1.8 million during the nine-month period ended December 31, 2002. These decreases can be explained by the fact that as average balances of cash and short-term investments have decreased as compared with the previous year, so has the income earned on these balances. This decrease was partially offset during the first quarter of fiscal 2004 when we experienced an increase in the market value of short-term investments held as a result of a decrease in prevailing market interest rates, which resulted in increased investment and other income during the first quarter.

Net loss

The net loss for the third quarter of fiscal 2004 increased $7.0 million as compared with the same period of the previous fiscal year. For the nine-month period ended December 31, 2003, the net loss increased $7.0 million as compared with the nine-month period ended December 31, 2002. These increases are primarily the result of the charges for synergies, product standardization and our cost reduction plan recognized during the third quarter of fiscal 2004 offset by increased product sales and service revenue.

CASH FLOWS

Cash and cash equivalents and short-term investment balances were $42.3 million, a decrease of $6.7 million from $49.0 million at September 30, 2003 and a decrease of $24.0 million from $66.3 million at March 31, 2003. This is compared to cash and cash equivalents and short-term investments on hand at December 31, 2002 of $90.3 million down $9.0 million from $99.3 million at September 30, 2002 and down $31.3 million from $121.6 million at March 31, 2002.

Net cash outflows from operations during the third quarter of fiscal 2004 decreased $1.3 million compared to the same period of the previous fiscal year. For the nine-month period ended December 31, 2003, net cash outflows from operations decreased $2.0 million as compared with the nine-month period ended December 31, 2002. These decreases are primarily attributable to increased cash flow from reduced inventories as a result of sales during the quarter.

Net expenditures on investing activities decreased to $2.1 million for the quarter from $3.1 million during the same quarter of the previous fiscal year. For the nine-month period ended December 31, 2003 net expenditures on investing activities decreased to $4.0 million from $9.4 million during the nine-month period ended December 31, 2002. These decreases are primarily the result of a decrease in expenditures on leasehold improvements and equipment as a result of the completion of the expansion of our manufacturing facilities, which began in the first quarter of fiscal 2003 and continued into the fourth quarter of the previous fiscal year. This decrease in expenditures for leasehold improvements is partially offset by increased investments in demonstration equipment and equipment on lease during the current fiscal year.

FINANCIAL CONDITION

Cash and cash equivalents and short-term investments

See discussion above for analysis of movement of cash and cash equivalents and short-term investments during the nine-months ended December 31, 2003.

Inventories

As compared with March 31, 2003, inventories have decreased $2.9 million. This decrease is primarily attributable to charges taken during the third quarter of fiscal 2004 associated with the rationalization of inventories around the IMET technology as a result of our product standardization plan announced in November 2003.

Capital assets

Capital assets at December 31, 2003 decreased $1.7 million as compared with March 31, 2003. This is the result of a combination of amortization during the period as well as write-offs of leasehold improvements totalling $1.2 million associated with our facilities rationalization program announced in November 2003. These decreases have been partially offset by additions of capital assets of $3.2 million primarily for expenditures on demonstration equipment and HES systems on lease.

Accounts payable and accrued liabilities

As compared to March 31, 2003 accounts payable and accrued liabilities have decreased by $1.0 million to $14.2 million. This decrease is primarily attributable to cash expenditures for previously accrued costs pertaining to equipment built and shipped in the fourth quarter of fiscal 2003 as well as funds expended to pay off accounts payable and accrued liabilities of Vandenborre which existed at the time of acquisition. These decreases are partially offset by accruals totalling $5.0 million related to our synergies, product standardization and cost reduction plans announced in November 2003.

BUSINESS RISKS

Operating and financial risks and risk management strategies are detailed on pages 19 to 27 in the Management`s Discussion and Analysis ("MD&A") included in the Company`s 2003 Annual Report.

ACCOUNTING STANDARDS IMPLEMENTED IN 2003

Effective April 1, 2003, the Company implemented the new Canadian Accounting Guideline 14 -"Disclosure of Guarantees" issued by the Canadian Institute of Chartered Accountants. This guideline requires the Company to disclose significant information about guarantees it has provided without regard to the likelihood that the Company will have to make any payment under those guarantees. See financial statement Note 4.

Effective April 1, 2003, the Company adopted the new recommendations of the CICA with respect to stock-based compensation and other stock-based payments on a prospective basis. See financial statement Note 1(a).

OUTLOOK

Stuart Energy expects continued annual revenue growth with stronger performance in the industrial market and the emergence of additional early stage hydrogen vehicle fueling projects. During the quarter, Stuart Energy continued to move ahead with plans to improve sales margins and reduce costs. This includes ongoing standardization of the HES product line around the IMET stack technology.

-0-

STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Balance Sheets

December 31, 2003 and March 31, 2003
(in thousands of dollars)
December 31, March 31,
2003 2003
---------------------------------------------------------------------
---------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 4,785 $ 2,988
Short-term investments 37,523 63,303
Accounts receivable 4,297 4,931
Income taxes receivable 51 138
Inventories 5,795 8,680
Prepaid expenses 769 380
Current portion of notes receivable 50 50
---------------------------------------------------------------------
53,270 80,470

Notes receivable 818 50
Capital assets 12,201 13,909
Intangible assets 17,739 18,510
Goodwill 11,305 11,097
Other 79 898
---------------------------------------------------------------------
$ 95,412 $ 124,934
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities and Shareholders` Equity
Current liabilities:
Accounts payable and accrued liabilities $ 14,172 $ 15,160
Customer deposits 3,533 3,013
Income taxes payable - 8
---------------------------------------------------------------------
17,705 18,181
Shareholders` Equity:
Share capital 195,350 195,349
Cumulative foreign currency
translation adjustment 217 (155)
Contributed surplus 215 -
Deficit (118,075) (88,441)
---------------------------------------------------------------------
77,707 106,753

$ 95,412 $ 124,934
---------------------------------------------------------------------
---------------------------------------------------------------------

(Signed) Jon Slangerup (Signed) Douglas S. Alexander
Director Director



STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Statements of Operations

Three Months and Nine Months ended December 31, 2003 and 2002
(in thousands of dollars except loss per share)
Three Months Ended Nine Months Ended
December 31 December 31
2003 2002 2003 2002
---------------------------------------------------------------------
---------------------------------------------------------------------


Product sales and
service revenue $ 5,180 $ 2,574 $ 12,074 $ 3,627

Cost of revenue
and expenses:
Cost of product sales
and service 5,514 4,196 14,716 8,087
Retrofit costs - - - 1,500
Research and product
development (433) 3,248 3,857 9,133
General and administrative 2,976 2,451 9,883 7,273
Restructuring charge 9,828 - 9,828 -
Amortization 1,839 911 4,999 2,063
---------------------------------------------------------------------
19,724 10,806 43,283 28,056

Loss before undernoted (14,544) (8,232) (31,209) (24,429)

Investment and
other income 190 893 1,578 1,811
---------------------------------------------------------------------

Loss before income taxes (14,354) (7,339) (29,631) (22,618)
---------------------------------------------------------------------

Income taxes
Current - (21) 3 6
Future - - - -
---------------------------------------------------------------------
(21) 6

Net loss $ (14,354) $ (7,318) $ (29,634) $ (22,624)
---------------------------------------------------------------------

Basic and diluted net
loss per share $ (0.51) $ (0.35) $ (1.05) $ (1.09)
---------------------------------------------------------------------
Weighted average number
of common shares
outstanding 28,228,166 20,829,717 28,216,951 20,799,564
---------------------------------------------------------------------



STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Statements of Deficit

Three Months and Nine Months ended December 31, 2003 and 2002
(in thousands of dollars)
Three Months Ended Nine Months Ended
December 31 December 31
2003 2002 2003 2002
---------------------------------------------------------------------
---------------------------------------------------------------------


Deficit, beginning of
the period $ (103,721) $ (69,690) $ (88,441) $ (54,384)

Net loss (14,354) (7,318) (29,634) (22,624)

---------------------------------------------------------------------

Deficit, end of
period $ (118,075) $ (77,008) $ (118,075) $ (77,008)
---------------------------------------------------------------------



STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Statements of Cash Flows

Three Months and Nine Months ended December 31, 2003 and 2002
(in thousands of dollars)
Three Months Ended Nine Months Ended
December 31 December 31
2003 2002 2003 2002
---------------------------------------------------------------------
---------------------------------------------------------------------

Cash provided by (used in):

Operations:
Loss for the period $ (14,354) $ (7,318) $ (29,634) $ (22,624)
Items not involving cash:
Loss on write-off
leasehold improvements 1,885 - 1,885 -
Stock-based compensation 72 215
Amortization of
capital assets 1,379 680 3,668 1,577
Amortization of
intangible assets 423 63 1,182 185
Amortization of deferred
product development costs - 119 - 153
Amortization of
deferred charge 37 49 149 148
Change in non-cash
operating working capital 5,931 518 2,526 (1,432)
---------------------------------------------------------------------
(4,627) (5,889) (20,009) (21,993)

Financing:
Proceeds from issuance
of common shares 1 - 1 1

Investments:
Decrease in short term
investments 6,950 10,804 25,780 33,190
Purchase of capital
assets (1,641) (3,079) (3,179) (9,132)
Patents (12) (15) (28) (291)
Proceeds from /
(Issuance of) note
receivable (405) - (768) 50
---------------------------------------------------------------------
4,892 7,710 21,805 23,817

---------------------------------------------------------------------
Increase (decrease) in cash
and cash equivalents 266 1,821 1,797 1,825

Cash and cash equivalents,
beginning of period 4,519 169 2,988 165
---------------------------------------------------------------------

Cash and cash equivalents,
end of period $ 4,785 $ 1,990 $ 4,785 $ 1,990
---------------------------------------------------------------------


Supplemental Cash flow
Information:

Interest paid $ 71 $ 21 $ 89 $ 42
Income taxes paid
(recovered), net $ (6) $ (40) $ (84) $ 42



STUART ENERGY SYSTEMS CORPORATION
Notes to the Unaudited Consolidated Financial Statements

Three and nine months ended December 31, 2003, and 2002
(in thousands of dollars)

1. Significant Accounting Policies

The notes to these interim unaudited consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles but do not contain all of the disclosures required by generally accepted accounting principles for annual financial statements. Accordingly, these interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2003 and the notes thereto.

These interim unaudited consolidated financial statements follow the same accounting policies and methods of application as the audited consolidated financial statements for the year ended March 31, 2003, except as described in Notes 1(a) and 4.

(a) Stock-Based Compensation
Effective April 1, 2003, the Company adopted the new recommendations of the CICA with respect to stock-based compensation and other stock-based payments on a prospective basis. The Company has a stock based compensation plan for employees and members of the Board of Directors to which it applies the fair value method of accounting. The new standard requires that compensation expense be recorded on the grant of options to employees. Options are valued using the Black-Scholes option-pricing model and the resulting value of the options is recorded as contributed surplus over the vesting period of the options.

For stock options issued from April 1, 2002 through to March 31, 2003, the Company applied the settlement method of accounting, which permitted the Company to not record compensation costs on the granting of stock options to employees. The pro forma disclosures of the impact on loss and loss per share of recording stock options at their fair value during this period are disclosed in note 2.

2. Share Capital

As of December 31, 2003, there were 28,245,479 (March 31, 2003-28,173,359) shares outstanding.

Stock Option Plan:

Stock option transactions during the nine-month periods ended December 31st are summarized as follows:

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2003 2002
---------------------------------------------------------------------
---------------------------------------------------------------------
Number Weighted Number Weighted
of Shares Average of Shares Average
Exercise Exercise
Price Price
---------------------------------------------------------------------
---------------------------------------------------------------------

Outstanding,
beginning of
period 2,907,150 $5.48 2,908,480 $5.36
Granted 169,500 2.97 206,500 4.19
Exercised (72,120) 0.01 (93,480) 0.01
Cancelled (154,010) 6.36 (127,770) 5.05
---------------------------------------------------------------------

Outstanding, end
of period 2,850,520 $5.43 2,893,730 $5.47

---------------------------------------------------------------------
Options exercisable,
end of period 1,908,442 $5.34 1,434,555 $4.83
---------------------------------------------------------------------

The assumed exercise of these options would not have a dilutive effect on loss per share thereby resulting in the same weighted average number of shares outstanding at December 31, 2003 being used for purposes of calculating the basic and diluted earnings per share figures.

The Company uses the Black-Scholes option pricing model to estimate the fair value at the date of grant for options granted subsequent to April 1, 2002. In the third quarter of fiscal 2004, no options were granted. Options were issued in the quarters as follows:

-0-

Three months ended Three months ended
June 30, 2003 September 30, 2003

---------------------------------------------------------------------

Options granted 164,500 5,000
Weighted average fair value $2.46 $3.24

Risk free interest rate (%) 4.50% 4.64%
Expected volatility (%) 86% 86%
Expected life (in years) 5-10 10
Expected dividends nil nil
---------------------------------------------------------------------

Compensation expense of $72 ($215 for the nine months ended December 31, 2004) related to the amortization of stock options granted subsequent to March 31, 2003 has been recorded as an expense and allocated to contributed surplus during the quarter.

The pro forma impact of the compensation expense related to amortization of the fair value of the stock options granted from April 1, 2002 through to March 31, 2003, is as follows;

-0-

---------------------------------------------------------------------
Three months ended Three months ended
(in thousands) December 31, 2003 December 31, 2002
---------------------------------------------------------------------
Loss attributable to common
shareholders -as reported $ (14,354) $ (7,318)
Stock-based compensation expense 113 92
Loss attributable to common
shareholders-pro forma $ (14,467) $ (7,410)
---------------------------------------------------------------------
Loss per share - as reported $ (0.51) $ (0.35)
Loss per share - pro forma $ (0.51) $ (0.36)
---------------------------------------------------------------------

Weighted average number of
shares outstanding 28,228,166 20,829,717
---------------------------------------------------------------------



Nine months ended Nine months ended
(in thousands) December 31, 2003 December 31, 2002
---------------------------------------------------------------------
Loss attributable to common
shareholders -as reported $ (29,634) $ (22,624)
Stock-based compensation expense 361 226
Loss attributable to common
shareholders-pro forma $ (29,995) $ (22,850)
---------------------------------------------------------------------
Loss per share - as reported $ (1.05) $ (1.09)
Loss per share - pro forma $ (1.06) $ (1.10)
---------------------------------------------------------------------

Weighted average number of
shares outstanding 28,216,951 20,799,564
---------------------------------------------------------------------

3. Research and product development

Research and development expenses are recorded net of program funding received or receivable. For the three and nine-months ended December 31, 2003 and 2002, the following research and development expenses had been incurred and program funding received or receivable:

-0-

Three Months Nine Months
Ended Ended
December 31 December 31
2003 2002 2003 2002
---------------------------------------------------------------------
Research and product
development expenses 1,317 3,506 5,707 9,940
Research and product
development funding (1,750) (258) (1,850) (807)

---------------------------------------------------------------------

Total research and product
development expense (433) 3,248 3,857 9,133
---------------------------------------------------------------------
---------------------------------------------------------------------

4. Guarantees

Effective April 1, 2003, the Company implemented Accounting Guideline 14 - "Disclosure of Guarantees", issued by the Canadian Institute of Chartered Accountants, which requires a guarantor to disclose in its notes to the consolidated financial statements significant information about guarantees it has provided. Under this guideline, a guarantee is defined as a contract or indemnification agreement, which requires the Company to make payments (cash, financial instruments, other assets, the Company`s own shares or the provision of services) to a third party contingent on future events. These payments are contingent on either (i) changes in an underlying interest rate, security price, commodity price, foreign exchange rate or other variables that are related to an asset, liability or an equity security of the guaranteed party, (ii) the failure of another entity to perform under an obligating agreement or (iii) the failure of another party to pay its indebtedness when due (a "Guarantee"). The disclosures are required even when the likelihood of the guarantor having to make any payment under the Guarantee is remote.

Standby Letters of Credit and Letters of Guarantee

As at December 31, 2003, the Company has outstanding standby letters of credit and letters of guarantee issued by several financial institutions of $3,356,000 (March 31, 2003 - $3,123,000) which have various expiry dates extending through to August, 2005. These instruments primarily relate to obligations in connection with the terms and conditions of the Company`s sales contracts. The standby letters of credit and letters of guarantee may be drawn upon by the customer if the Company fails to perform its obligations under the sales contracts and the Company would be liable to the financial institution for the amount of the standby letter of credit or letter of guarantee in the event that the instruments are drawn upon by the customer.

Leased Premises

The Company has outstanding letters of credit issued by a financial institution in the amount of $900,000 and $100,000 related to a lease agreement for premises. These letters of credit expire in July, 2004 and November, 2011, respectively The letters of credit may be drawn upon by the lessor if the Company fails to pay amounts as they become due in connection with the lease agreement and the Company would be liable to the financial institution for the amount of the letter of credit in the event that the instruments are drawn upon by the lessor.

Indemnification Provisions

The Company from time to time enters into agreements in the normal course of its business, such as service arrangements and leases, and in connection with business or asset acquisitions or dispositions. These agreements by their nature may provide for indemnification of counterparties. These indemnification provisions may be in connection with breach of representations and warranties and for future claims for certain liabilities. The terms of these indemnification provisions vary in duration and can extend for an unlimited period of time. Given the nature of these indemnification provisions, the Company is unable to reasonably estimate its total maximum potential liability as certain indemnification provisions do not provide for a maximum potential amount and the amounts are dependent on the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant payments in connection with these indemnification provisions

5. Segment Information

As a result of the acquisition of Vandenborre in February 2003, the Company now considers the Stuart Energy Group and the Vandenborre Group to be separate reportable operating segments. The Vandenborre Group operations encompass the operations of Vandenborre Technologies and the Stuart Energy Group operations encompass all other operations of the Company, including corporate activities.

-0-

Three-months ended Vandenborre Stuart Energy Inter-segment Total
December 31, 2003 Group Group
---------------------------------------------------------------------
Total revenue from
external customers $ 3,094 $ 2,116 $ (30) $5,180

Segment loss (1,751) (12,603) (14,354)

Amortization of capital 703 1,136 1,839
assets and intangibles

Additions to capital
assets 278 1,363 1,641

---------------------------------------------------------------------


Nine-months ended Vandenborre Stuart Energy Inter-segment Total
December 31, 2003 Group Group
---------------------------------------------------------------------
Total revenue from
external customers $ 9,860 $ 4,287 $ (2,073) $ 12,074

Segment loss (4,431) (25,200) (29,631)

Amortization of capital
assets and intangibles 1,806 3,193 4,999

Additions to capital
assets 1,119 2,060 3,179

Segment assets 41,003 54,409 95,412

---------------------------------------------------------------------

Segment loss is defined as loss before income taxes.

Summarized product sales and service revenue by geographic region as
determined by location of the customers is as follows:

Three Months Ended Nine Months Ended
December 31 December 31
2003 2002 2003 2002
---------------------------------------------------------------------
Belgium $ 626 $ - $ 812 $ -
Egypt 602 - 604 -
India 694 - 694 402
Spain 821 - 2,007 -
Sri Lanka 629 - 629 -
Sweden 1,139 1 1,563 1
Turkey 9 497 10 514
United States 98 1,790 417 2,103
Other 562 286 5,338 607
---------------------------------------------------------------------
$ 5,180 $ 2,574 $ 12,074 $ 3,627
---------------------------------------------------------------------
---------------------------------------------------------------------

6. Comparative figures:

Certain fiscal 2003 figures have been reclassified to conform with the method of financial statement presentation adopted in fiscal 2004.

7. Subsequent event:

On February 12, 2004, the Company issued 7,000,000 common shares at $3.00 through a public offering.



--------------------------------------------------------------------------------
Contact:
Stuart Energy
Media and Public Relations:
Wanda Cutler, 905-282-7769
[e-mail]
or
Investor Relations:
Robert McGillivray, 905-282-7727
[e-mail]
http://www.stuartenergy.com



--------------------------------------------------------------------------------
Source: Stuart Energy Systems Corporation

[corvis]

[corvis]

http://www.ch2bc.org

CHBC BOARD OF DIRECTORS

Henry Wedaa, Valley Environmental
Dr. Paul Scott, ISE Research
John Addison, Optimark
Elias Azrak, Hydrogen Ventures
Jerald Cole, Hydrogen Ventures


Gary Dixon, SCAQMD
Tom Girdlestone, Emerachem
Catherine Rips, Rips Consulting
Jon Slangerup, Stuart Energy
John Williams, Quantum Worldwide


SPECIAL MEETING of the CALIFORNIA HYDROGEN BUSINESS COUNCIL

Business, Employment and the Hydrogen Community in California

Date: Tuesday, February 24th, 2004 Time: 4:00 to 5:00 pm

Location: Cal EPA Building, Coastal Room, 1001 "I" Street, Sacramento, CA

AGENDA 4:00 Opening
Comments
4:05 Presentations

Hank Wedaa, President, CHBC

Terry Tamminen, Secretary, Cal EPA
David Crane, "Job Czar", State of California

Jon Slangerup, President, Stuart Energy Systems


4:55 Closing
Comments

5:00 Meeting
Ends
Andy Abele, Executive Director of Corporate
Development, Quantum Technologies
S. David Freeman, President, Hydrogen Car Company
Craig Newhouse, Anuvu Fuel Cell Corporation
Dr. Kevin Tabor, Director of Technology and
Manufacturing, Solar Integrated Technologies
Chris Copeland, Operations Mgr, Wintec Energy
Dan Sperling, Director, Institute for Transportation
Studies, University of California Davis

This meeting is being organized and sponsored by the California Hydrogen Business Council at the special request of the Secretary of the California EPA, Mr. Terry Tamminen, and the Governor`s Representative on Jobs in California, Mr. David Crane.
Executives from the hydrogen community will discuss business and employment. Each will address their issues in job creation, and how the state can help and not hurt. This meeting is open to everyone at no charge. The California Hydrogen Business Council encourages you to also attend the Fran Pavley legislative hearings about hydrogen in California. These hearings will be held on the following day, February 25, from 9:30 to noon at the State Capitol.

Location and transportation options for these events can be found at: http://www.calepa.ca.gov/EPAbldg/




http://www.dep.state.fl.us/secretary/comm/2004/jan/0122.htm

Florida Mixes Water And Sunshine To Power SUV

--State DEP demonstrates pollution-free travel of the future--


TALLAHASSEE– Governor Jeb Bush today joined Department of Environmental Protection Secretary David B. Struhs to introduce Florida to the high-tech world of pollution-free travel. Governor Bush is proposing a $15 million investment to test the commercial viability of fuel cells and hydrogen powered automobiles. Secretary Struhs demonstrated a hydrogen-fueled Sports Utility Vehicle powered by just sunshine and water.


[img]
“More than $1.5 billion is invested in hydrogen technology each year,” said Governor Bush. “Florida’s leadership in the development of `next generation` energy would protect the environment and bring new investment, companies and jobs to the State.”


If approved by the legislature, Florida would use the seed money as well as private and public partnerships, to install and demonstrate the latest advances in fuel cell technology and develop the infrastructure to meet the State`s future energy demands. The initiative would also attract new corporate investment, accompanied by highly skilled jobs to manufacture, install and operate the emerging technology.

"Nearly every major auto maker worldwide is developing hydrogen cars," said Department of Environmental Protection Secretary David B. Struhs. "Florida`s investment in new energy technology would reduce our reliance on imported oil and drive pollution-free vehicles from the showroom to our highways, guaranteeing cleaner air for Florida`s communities."

Burning petroleum-based fuels like gasoline is the primary cause of air pollution from the more than 20 million vehicles on Florida’s roads. Hydrogen can power cars by replacing gasoline in an internal combustion engine or as a source of power for a fuel cell. A fuel cell combines hydrogen and oxygen to produce electricity, which powers the car and emits only steam.

Florida joins the White House in its commitment to “next generation” energy technology. President Bush is proposing a $1.7 billion investment over the next five years to develop hydrogen-powered fuel cells, hydrogen infrastructure and advanced automotive technologies.


Governor Bush joined executives from Toyota, Stuart Energy and Florida Solar Technology at the capitol plaza for today’s demonstration.

[panik]

Technology Partnerships Canada Invests $1.4 Million In Stuart Energy Technology Development
Monday March 8, 8:02 am ET


TORONTO--(BUSINESS WIRE)--March 8, 2004--Stuart Energy Systems Corporation (TSX:HHO - News) announced today an expansion of the scope of its Hydrogen Energy Station (HES) development project, including an additional $1.4 million in funding support from Technology Partnerships Canada (TPC), a special operating agency of Industry Canada. As part of the project, Stuart Energy has successfully developed technology that produces clean hydrogen for vehicle fueling. The project amendment will allow Stuart Energy to adapt this technology for use in hydrogen backup power generators and hydrogen-based storage systems for renewable energy sources like wind and solar power.
"Stuart Energy has been involved in the hydrogen vehicle fueling market for some time now, thanks in part to the on-going support we receive from the Government of Canada," commented Jon Slangerup, President and CEO. "Our work in developing Hydrogen Energy Stations has opened up a new market for us, namely the distributed power generation sector. Our partnership with TPC will allow us to move forward with this multi-purpose hydrogen infrastructure technology, creating new opportunities in new markets."

The HESfp with both fueling and power capabilities is comprised of five modules: water electrolysis-based hydrogen generation, compression, high-pressure storage, hydrogen fuel dispensing and power generation. The HESfp can produce and deliver clean and safe hydrogen fuel to vehicles while at the same time provide backup or peak power to facilities, resulting in an environmentally-friendly alternative to the traditional diesel backup power generators used in most large buildings today.

About Stuart Energy

Stuart Energy Systems Corporation (TSX:HHO - News) 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.



--------------------------------------------------------------------------------
Contact:
Stuart Energy
Media and Public Relations:
Wanda Cutler, 905-282-7769
or
Investor Relations:
Robert McGillivray, 905-282-7727



--------------------------------------------------------------------------------
Source: Stuart Energy Systems Corporation

[klepper63]

Guten Abend!

Wenn man sich die Indikatoren zum Jahreschart in #104 ansieht, hat man insbesondere beim Geldfluss den Eindruck, dass entweder seit Jahresanfang der Free-Flow gewaltig gesunken ist oder dass die Aktie "außer Mode gekommen" ist; dabei steht sie vom Entwicklungsstand her besser da, als ihr "großer Bruder" Ballard Power Systems.

Ich bin Antizykliker - mir gefallen solche Aktien.

klepper63

[Lemmingway]

[marterpfahl]

Geschichte wird gemacht, es geht voran !!
Ein weiteres Puzzlestück für diese Langfristanlage !


Press Release Source: Stuart Energy Systems Corporation


Stuart Energy Awarded U.S. Patent for Networking Hydrogen Energy Stations
Wednesday June 23, 7:00 am ET


TORONTO--(BUSINESS WIRE)--June 23, 2004--Stuart Energy Systems Corporation (TSX: HHO - News), the world`s leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis, announced today that it has been granted a U.S. patent that is directed to hydrogen energy stations, including hydrogen fueling stations, that are networked with primary energy resources and a controller for controlling hydrogen production according to data inputs such as user demand, availability of energy, and hydrogen production status. Stuart Energy has filed for additional patent protection in the U.S. and other key global markets.

This "Energy Distribution Network" patent complements Stuart Energy`s previously-granted "Intelligent Hydrogen Fueling Station" U.S. patent, which gives Stuart Energy exclusive rights to market on-site, electrolysis-based hydrogen fueling stations, including PEM and alkaline, where user demand information is automatically exchanged between the user and system components. For example, a "smart card" or keypad is used to activate control of production and supply of hydrogen at a single station. The intelligent interaction between components of a hydrogen energy station and the user is essential to providing a convenient and familiar experience for the customer.

The "Energy Distribution Network" patent contemplates a number of these hydrogen energy stations linked to a central controller that manages the overall hydrogen production. Since hydrogen is produced on-site, as opposed to central production as with today`s conventional fueling stations, a central controller is critical in managing the inventories of hydrogen in a network and providing related information to hydrogen users. The central controller will also match the electricity available to produce the hydrogen and balance the supply of electricity and hydrogen with the demand of the fuel users or certain power applications. The central controller will have command and control over these intelligent stations, which should give customers the ability to more effectively optimize their hydrogen station assets.

"This patent is an important and powerful addition to our growing portfolio. It covers a number of Stuart Energy`s developments for effectively managing a network of hydrogen energy stations, which is becoming increasingly critical for our customers who operate hydrogen vehicle fleets, fueling networks and distributed power networks," commented Jon Slangerup, President and CEO of Stuart Energy. "This patent significantly enhances our competitive position and our attractiveness as a hydrogen infrastructure partner."

Stuart Energy provides hydrogen energy stations under the Stuart Energy Station (SES) brand name. The SES consists of up to five modules: Hydrogen Generation, Compression, Storage, Power Generation and Fuel Dispensing. These stations can produce hydrogen for a variety of applications, including vehicle fueling and distributed power generation.

With the issuance of this patent, Stuart Energy now has over 60 issued patents and over 140 patent applications on file. The Company will continue to aggressively expand and protect its investment in its intellectual property portfolio.

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) is the world`s leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications. 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.



--------------------------------------------------------------------------------
Contact:
Stuart Energy Communications
Wanda Cutler
[phone]



--------------------------------------------------------------------------------
Source: Stuart Energy Systems Corporation

[marterpfahl]

Und noch ein Puzzle-Stück !!

Press Release Source: Stuart Energy Systems Corporation


Stuart Energy to Supply Hydrogen Fueling Technology to ChevronTexaco Technology Ventures LLC
Tuesday July 6, 7:00 am ET
Project for U.S. Department of Energy


TORONTO--(BUSINESS WIRE)--July 6, 2004-- Stuart Energy Systems Corporation (TSX: HHO - News) has been selected to design, build and integrate SES hydrogen fueling station modules that intelligently interface with ChevronTexaco Technology Ventures` proprietary hydrogen reformer technology. The technology will form part of a hydrogen fueling station project from which ChevronTexaco Technology Ventures intends to deliver clean hydrogen to a fleet of fuel cell vehicles.
The Stuart Energy Station (SES) Compression, Storage and Fuel Dispenser Modules will manage the flow of hydrogen from the reformer unit to the vehicles. The intelligent SES system will also provide operational data.

"We are very pleased to be selected as a supplier by ChevronTexaco Technology Ventures," commented Jon Slangerup, President and CEO of Stuart Energy. "This contract is an important milestone for Stuart Energy as we now are expanding our hydrogen fueling infrastructure business to include a variety of hydrogen sources. Our flexible and modular product approach combined with strong systems integration and project management experience is positioning Stuart Energy as the supplier of choice for hydrogen energy applications."

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) is the world`s leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications. 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.



Contact:
Stuart Energy Systems Corporation
Wanda Cutler, 905-282-7769


Source: Stuart Energy Systems Corporation

[marterpfahl]

Heute eine riesige PR, viel Text, tolle Aussichten,
weiterhin eine gute Einstiegschance für Langfristanleger,
die an die Wasserstoff-Zukunft glauben !


Press Release Source: Stuart Energy Systems Corporation


Stuart Energy Announces Results for First Quarter Ended June 30, 2004
Wednesday August 11, 7:00 am ET
Delivers 86% revenue growth, continues margin improvements and revises revenue guidance upward


TORONTO--(BUSINESS WIRE)--Aug. 11, 2004-- Stuart Energy Systems Corporation (TSX: HHO - News), a hydrogen infrastructure company, today announced its consolidated financial results for the first quarter ended June 30, 2004.
ADVERTISEMENT


"I am pleased to report that our order book is growing and is currently in excess of $22 million, our revenue growth remains strong, and our margins continue to improve," commented Jon Slangerup, President and CEO of Stuart Energy. "During the quarter, we delivered 86% organic revenue growth compared to the same quarter a year ago. As a result of our growing sales order book and pipeline, we are revising our revenue guidance upward to a range of $27 million to $30 million in fiscal 2005, representing an approximate 51% to 68% increase over fiscal 2004 revenue."

Revenue for the quarter ended June 30, 2004 increased to $5.7 million compared to $3.0 million in the quarter ended June 30, 2003. Stuart Energy Station (SES) product sales for the first quarter were $5.3 million for the industrial market, or 93% of sales revenue, and $0.4 million for the transportation and power markets, or 7% of revenue. Gross margin contribution for the quarter was $0.6 million, or 11%, compared to negative $0.2 million, or negative 7%, in the quarter ended June 30, 2003.

"Our work to improve operating performance and reduce product costs continues to yield margin improvements and we remain committed to our corporate milestone of achieving positive gross margins of at least 10% for the year," said Mr. Slangerup.

The net loss for the quarter decreased to $7.3 million compared to $7.4 million in the same quarter of the previous fiscal year. This decrease in net loss is primarily the result of improved operating performance including improvements in our revenue and cost of product and services offset by an 82% decrease in investment and other income. During the quarter, cash, cash equivalents, and short-term investment balances decreased $7.8 million to $51.8 million, a 22% improvement compared to a $10 million decrease during the first quarter a year ago.

"Our cash burn for this quarter is in line with our expectations, and we remain committed to decreasing cash utilization by at least 30% over last year, excluding costs related to any acquisition or investment," said George Kempff, Vice President Finance. "Our cash utilization this year is expected to decrease sharply each quarter on a year-over-year basis, following a similar pattern experienced last year, and moving us closer to our goal of becoming cash flow positive in 2006."

Research and product development costs in the quarter ended June 30, 2004 decreased by $0.1 million or 4% to $2.6 million compared to $2.7 million in the same quarter of the previous fiscal year. While gross research and development expenditures increased $0.1 million, or 6%, to $2.8 million compared to $2.7 million in the same quarter of the previous fiscal year, funding for research and product development was $0.3 million during the quarter compared to none in the same quarter of the previous fiscal year.

Sales and Marketing

"The demand for our products remained strong in the first quarter," commented Robert Campbell, Vice President, Sales and Marketing. "We believe that the pick up in sales and lead activity is due to a number of factors, including increasing demand from the power and metallurgy sectors, the rising price of natural gas as the feedstock for reformed hydrogen, key transportation demonstrations, and our strategic supplier arrangements with industrial gas companies. We are seeing strong organic growth in both the global industrial and energy markets."

Industrial Market

During the quarter, we received orders for industrial systems from customers in Europe and Asia Pacific. Of these, two orders were for metallurgy applications. The increased worldwide demand for steel has contributed to the demand for our products, as hydrogen is used in the manufacture of steel. In addition, we received two orders from the power sector for generator cooling: the first from a customer in Spain, and the second from the Vietnam Machinery Erection Corporation (LILAMA). For the Vietnam project, we will supply an SES to the Uong Bi 300MW Extension Power Plant Project. This important order marks the 15th industrial hydrogen generation plant that we have sold or delivered in the Asia-Pacific region over the past year.

In addition, during the quarter, we shipped products to Korea, China, Germany and Morocco for a variety of industrial applications. We shipped a customized SES hydrogen generation plant to a customer in Korea, which will be used to purify deuterium gas for a nuclear application. We shipped an SES for power plant cooling to a customer in China. We also continued to leverage our preferred supplier agreements with four of the leading industrial gas companies, shipping SES units to Germany and Morocco through our partnerships with Linde Gas and Air Liquide, respectively.

Energy Markets

During the quarter, we received an initial order from ChevronTexaco Technology Ventures to design, build and integrate SES hydrogen fueling station modules that intelligently interface with ChevronTexaco Technology Ventures` proprietary hydrogen reformer technology. This project is part of the United States Department of Energy (DOE) hydrogen fleet and infrastructure program.

"Our order from ChevronTexaco Technology Ventures was an important order for us as it marked our first non-electrolysis based station and provided third party validation of our station integration expertise as a valued product," said Mr. Campbell. "We expect to see continued demand for our SES solutions in other energy applications, particularly as more DOE-funded projects are approved in the U.S."

Also, during the quarter, we shipped one SES product for the transportation market, an SES Hydrogen Generation Module that will be integrated, by our customer, into a fueling station located near a large international airport in California. This unit will produce clean hydrogen fuel for a vehicles located at or near the airport. Finally, our customer, South Coast Air Quality Management District in California, expects to officially open a hydrogen fueling station on August 13, 2004. This station is expected to be designated as Southern California`s first Hydrogen Highway station. The vision of Governor Schwarzenegger`s Hydrogen Highway initiative is to ensure that by the end of the decade every Californian has access to hydrogen fuel along the State`s major highways, with a significant and increasing percentage of that hydrogen produced from clean, renewable sources. Jon Slangerup sits on the Governor`s Implementation Advisory Panel.

"We believe that these hydrogen infrastructure initiatives and demonstrations will pave the way for the early introduction of hydrogen powered vehicles," commented Mr. Slangerup. "While there are several near-term alternative fuel pathways, there is a global consensus that hydrogen is the world`s energy end-game, and we are well positioned to remain a key infrastructure player in this market. To help achieve near-term energy security and environmental benefits, stakeholders are turning to the hydrogen internal combustion engine (H2ICE) as a near-term clean transportation solution and a practical bridge to the future of fuel cell applications. Hydrogen infrastructure being built today could support both H2ICE as well as future fuel cell vehicle and power generation applications."

Operations

During the quarter, we were very active in a number of key operational areas, including supply chain management, implementing manufacturing improvements, codes and standards, and research and development. We continued to work with our supply chain. We have developed important strategic relationships with key suppliers that have enabled us to deliver finished products to customers on time and on budget.

We achieved another important milestone in quarter; we now have both our facilities in Mississauga and Oevel accredited to ISO 9001. Our ISO plan contemplates additional ISO accreditation by mid calendar year 2005.

In addition, we continue to be very active in hydrogen codes and standards development, safety, and international compliance in two main areas: codes and standards development and coordination; and numerical simulations of hydrogen releases and dispersion using Computational Fluid Dynamics (CFD). Our highly specialized expertise in CFD modelling for codes and standards development has been recognized in the industry and has led to commercial contracts for us.

Internationally, we participate in five Working Groups of ISO/TC 197 Hydrogen Technologies. In Canada, we are involved in the development and realization of two important projects: Hydrogen Clearance Distances and Virtual Fueling Station. We are also participating in the development of Canadian Hydrogen Installation Code that is expected for publication in November 2005. In the US, we are working with the DOE on their Hydrogen Codes & Standards Coordinating Committee, National Fire Protection Association (NFPA) and International Code Council (ICC). In addition, we are actively involved in the California Hydrogen Highway Network project.

"Our work in codes and standards is critical to the success of our company," commented Peter Wressell, Chief Operating Officer of Stuart Energy. "Our ability to sell our CFD modelling expertise to other companies who may or may not be purchasing our infrastructure hardware is clear validation of our hydrogen safety expertise. In addition, our CFD expertise has been leveraged across our research and development activities."

Our research and development program remained on track during the quarter with the roll- out of our R&D plan for the year. The plan focuses on improving efficiencies and reducing capital cost for all product platforms, improving our intellectual property protection, expanding product ranges and optimizing our product offering through proprietary modelling design tools. During the quarter, we also received a notice of allowance of a U.S. patent that is directed to hydrogen energy stations, including hydrogen fueling stations, that are networked with primary energy resources and a controller for controlling hydrogen production according to data inputs such as user demand, availability of energy, and hydrogen production status. Stuart Energy has filed for additional patent protection in the U.S. and other key global markets.

"This is a key addition to our patent portfolio as it covers a number of our developments that enable us to effectively manage a network of hydrogen stations, which is important to our customers," commented Mr. Wressell. "We are continually refining our research and development activities to ensure that we address immediate commercial opportunities while keeping future customer needs in mind."

Conference Call

A conference call will be held on Wednesday, August 11, 2004 at 10:00 am (ET) to discuss our consolidated financial results for the first quarter ended June 30, 2004.

To access the conference call, participants may call 1-866-384-0144 five minutes prior to the start time. A simultaneous webcast can be accessed from our website at www.stuartenergy.com which will require that Windows Media Player or Real Player be installed prior to the call.

An archived webcast will be available for approximately three months at our website.

About Stuart Energy

Stuart Energy Systems Corporation (TSX:HHO - News) is the world`s leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications. 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.

-0-

MANAGEMENT`S DISCUSSION AND ANALYSIS OF OPERATING RESULTS
First Quarter (April 1, 2004 through June 30, 2004)
Fiscal Year Ending March 31, 2005


This discussion and analysis covers our interim unaudited consolidated financial statements for the three-month period ended June 30, 2004. As well, it provides an update to the discussion and analysis contained in our 2004 Annual Report. This discussion and analysis should be read in conjunction with the "Management`s Discussion and Analysis" and the annual audited consolidated financial statements contained in our 2004 Annual Report.

Overview

We are a leading global provider of integrated solutions for distributed hydrogen infrastructure requirements based on water electrolysis. Our Stuart Energy Station (SES) product line offers integrated, turn-key solutions for onsite hydrogen production, compression, storage, fuel dispensing and distributed power generation. The SES is designed to meet a growing and diverse set of requirements for the industrial, power generation and transportation fueling markets. We integrate our proprietary hydrogen generation systems with other leading hydrogen products from our strategic partners to provide integrated SES products.

-0-

Overall Financial Performance

Three Three Three Three Three
Expressed in months months months months months
thousands of ended ended ended ended ended
dollars, except June March December September June
per share amounts 30, 31, 31, 30, 30,
2004 2004 2003 2003 2003
---------------------------------------------------------------------

Revenue $5,663 $5,790 $5,180 $3,846 $3,048
Gross Margin $ 596 $ 579 $ (334) $(2,085) $ (223)
Net Loss $(7,346) $(7,830) $(14,388) $(7,961) $(7,384)
Basic and Fully
Diluted Net Loss
Per Share $(0.20) $(0.24) $(0.51) $(0.28) $(0.26)
Total Assets $99,968 $110,740 $95,701 $104,305 $112,408
Cash and cash
equivalents and
Short term
investments $51,825 $59,603 $42,308 $48,992 $56,294


Revenue for the quarter ended June 30, 2004 increased to $5.7 million compared to $3.0 million in the quarter ended June 30, 2003. This increase reflects a combination of increased revenue from our preferred supplier agreements with leading global industrial gas companies as well an increase in the average size of the SES systems delivered. Gross margin for the quarter improved to $0.6 million compared to negative $0.2 million in the quarter ended June 30, 2003. This is the result of a combination of revenue growth, product standardization and improvements in manufacturing and delivery execution. Net loss for the quarter was $7.3 million compared to $7.4 million in the quarter ended June 30, 2003. This primarily reflects the improvements in revenue and gross margin offset by a significant decrease in investment income.

During the quarter cash, cash equivalents and short term investment balances decreased $7.8 million to $51.8 million from $59.6 million at March 31, 2004. In the quarter ended June 30, 2003, cash, cash equivalents and short- term investments decreased $10 million.

Outlook

Our order backlog at the end of the first quarter was $15.1 million, an increase of $1.4 million since March 31, 2004 after delivering $5.7 million in orders in the first quarter. Since June 30, 2004, our order backlog has increased to in excess of $22 million. Consequently, we expect that revenue growth in fiscal 2005 will be in excess of 50%. Gross margins in the first quarter were 11% and we continue to expect that average gross margins will be in excess of 10% in fiscal 2005. We also anticipate a reduction in cash utilization of at least 30% in fiscal 2005, excluding the costs of any acquisitions or investments.

Results of Operations

Revenue

Revenue in the quarter ended June 30, 2004 increased by $2.6 million, or 86%, to $5.7 million, compared to $3.0 million in the first quarter of fiscal 2004. Stuart Energy Station (SES) product sales for the first quarter were $5.3 million for the industrial market, or 93% of sales revenue, and $0.4 million for the transportation and power markets, or 7% of revenue. This size and mix of revenue compares with SES product sales for the first quarter of fiscal 2004 of $1.7 million for the industrial market, or 58% of sales revenue, and $1.3 million for the transportation and power markets, or 42% of sales revenue. Our preferred supplier agreements with four of the leading global industrial gas companies (Air Liquide S.A., Air Products and Chemicals Inc., BOC Gases, and Linde A.G.) provided 38% of the revenue in the quarter, compared to 19% of revenue in the same quarter of the previous fiscal year.

The $3.6 million increase in revenue from industrial applications is primarily attributed to the mix of revenue in the quarter compared to the same quarter in the previous year. We delivered two large systems during the quarter to Korea and Germany that delivered revenue in excess of $1.5 million each. In total, we delivered four SES systems to the industrial markets during the quarter. In the same quarter of the previous fiscal year, we delivered four SES systems at average revenue of over $0.4 million each. This mix of revenue is indicative of the scaleable size of our products.

The decrease in revenue from transportation and power applications in the first quarter of fiscal 2005 is primarily attributable to two large orders that were delivered for the CUTE (Clean Urban Transport Europe) project in the same quarter of the previous fiscal year. During the quarter, we delivered one SES system in the transportation market.

Based on our increased backlog we expect that revenue will grow in excess of 50% in fiscal 2005 over fiscal 2004.

Cost of product sales and service

Cost of product sales and service in the quarter ended June 30, 2004 increased $1.8 million or 55% to $5.1 million, compared to $3.3 million in the first quarter of fiscal 2004. This increase is primarily attributable to the 86% increase in revenue in the quarter compared to the same quarter of the previous fiscal year. As a percentage of revenue, cost of product sales and service was 89% of revenue, providing gross margin of 11% during the quarter. In the same quarter of the previous fiscal year, cost of product sales and service was 107% of revenue or a negative gross margin of 7%. This improvement in gross margin is attributable to a number of factors, including our product standardization program, our product cost reduction program, an improved product pricing environment, our enhanced manufacturing and quality processes, our overhead synergies and rationalization program relating to the integration of Vandenborre, increased economies of scale, and our expanding experience base at siting, installing and servicing turn-key, fully-integrated SES stations, including related codes and standards approvals.

We expect to achieve positive gross margins in excess of 10% for fiscal 2005.

Research and product development

Research and product development efforts are directed at technology development, new product development, and product improvement. Net research and product development in the quarter ended June 30, 2004 decreased $0.1 million, or 4%, to $2.6 million compared to $2.7 million in the same quarter of the previous fiscal year. While gross research and development expenditures increased $0.1 million, or 6%, to $2.8 million compared to $2.7 million in the same quarter of the previous fiscal year, funding for research and product development was $0.3 million during the quarter compared to none in the same quarter of the previous fiscal year. The increase in gross research and development expenditures is primarily attributable to new basic research programs that are focused on enhancing the efficiency of the IMET cell stack as well as ongoing work on our small SES prototype.

General and administrative

General and administrative expenditures for the quarter ended June 30, 2004 were $3.9 million, which is unchanged compared to the same quarter of the previous fiscal year. Savings realized in the quarter compared to the same quarter of the previous fiscal year from the integration of Vandenborre were offset by greater expenditures on market development activities related to hydrogen internal combustion engines and our Homefueler®. Effective April 1, 2003, we have adopted the recommendations of the Canadian Institute of Chartered Accountants with respect to recording stock-based compensation. The stock-based compensation expense for the quarter was $75,000 and is included in general and administrative costs. Stock-based compensation expense was $70,000 in the first quarter of the previous fiscal year.

Amortization

Amortization for the quarter ended June 30, 2004 was $1.6 million, unchanged from the same period of the previous fiscal year.

Investment and other income

Investment and other income for the quarter ended June 30, 2004 decreased $0.9 million, or 82%, to $0.2 million compared to $1.1 million during the first quarter of fiscal 2004. This decrease is primarily the result of the increase in interest rates experienced in Canada during the quarter. Our investments are in investment grade corporate securities for capital tax purposes. The market values of these securities fluctuate with the change in the general level of interest rates in the economy. As the general level of interest rates increase the values of the securities that we hold decline offsetting accrued interest that is earned.

Net loss

The net loss for the quarter ended June 30, 2004 was $7.3 million, a decrease of $0.1 million or 1% compared to $7.4 million in the same quarter of the previous fiscal year. This decrease in net loss is primarily the result of improvement in our gross margin as a result of higher revenues and improved cost of product and service, which was offset by lower investment and other income.

The net loss per share for the quarter ended June 30, 2004 decreased to $0.20 from $0.26 primarily as a result of the increase in the weighted average number of commons shares outstanding. This is attributable to the share offering that was completed in the last quarter of the previous fiscal year.

Liquidity and Capital Resources

Cash and cash equivalents and short-term investments

Our total cash, cash equivalents and short-term investments balances at June 30, 2004 were $51.8 million, down from $59.6 million at March 31, 2004. At June 30, 2004, we held cash and cash equivalents of $5.1 million and short- term investments of $46.7 million compared with cash and cash equivalents of $4.5 million and short-term investments of $55.1 million at March 31, 2004.

Total cash, cash equivalents and short-term investments decreased by $7.8 million in the quarter ended June 30, 2004 compared to a decrease of $10 million in the same quarter of the previous fiscal year. The majority of this amount was used to fund operating and investing activities.

During the quarter ended June 30, 2004, net cash outflows from operating activities decreased by $1.4 million to a net outflow of $7.4 million from $8.8 million in the same quarter of the previous fiscal year. This decline is primarily attributable to increased revenue and improved gross margins offset by decreased investment income as a result of increasing interest rates. Also accounts payable declined as many costs associated with projects shipped at the end in the previous quarter and other activities in the previous quarter that were accrued at March 31, 2004 were paid during the quarter. During the quarter, we had a significant reduction in our customer deposits as projects shipped during the quarter were not replaced with down payments and progress payments from new orders received during the quarter. The decline in accounts payable and customer deposits was offset by the collection of accounts receivable that were outstanding at the end of the last fiscal year during the quarter and with reductions in our inventory levels.

During the quarter ended June 30, 2004, there was a decrease in net cash outflows from investing activities, excluding movement in short term investments of $8.4 million, to a net outflow of $0.3 million from $1.2 million in the same period of the previous fiscal year. The decreased cash outflow is primarily attributed to a decrease in the acquisition of capital assets.

We believe that our current cash balance, including the net proceeds from our public offering in fiscal 2004, will be sufficient to meet our anticipated cash needs to fund operations, including working capital and capital expenditures for the next 36 months. At this time, we have no plans for additional financing.

Contractual obligations

There has been no change to our contractual obligations that are outlined in our Management`s Discussion and Analysis in our fiscal 2004 Annual Report.

Credit facilities

We have lines of credit for an aggregate amount of $10.4 million available for operating purposes and for letters of credit. At this time, only letters of credit aggregating $3.4 million are issued against these lines of credit. These letters of credit have various expiry dates extending through to February 2007. We are in full compliance with all of our debt covenants.

Contingent Off-Balance Sheet Arrangements

We have research and product development funding arrangements with various governments, and other agencies that provide funding for our research and product development program. Typically, these funds are repayable if the resulting intellectual property is commercialized and we achieve certain revenue milestones. Since fiscal 2002, we have received funding of $5.7 million towards our research and product development efforts. Under the applicable agreements, the funding parties have a right to receive royalties, ranging from 0.3% to 1.0% of gross revenues attributable to the intellectual property, if it is commercialized. We are obligated to make royalty payments after certain dates and/or revenue levels are achieved from products that contain the funded intellectual property. To date, we have not made any royalty payments and do not expect to make any such payments in fiscal 2005. At this time, it is uncertain whether the threshold revenue levels will be achieved and, accordingly, we have not accrued any liabilities for repayment. These arrangements will expire in stages between 2010 and 2020, or when total amounts repaid reach the amount of the funding specified in the agreements. The amount of funding available to us, from these and similar arrangements, varies from year to year. Although we are confident that these arrangements will continue to partially support our research and product development expenditures for fiscal 2005, there is no guarantee of the amount of future funding.

Accounting Policies and Estimates

Please refer to "Accounting Policies and Estimates" section of the "Management`s Discussion and Analysis" in our Annual report for the year ended March 31, 2004.

Financial Instruments

At June 30, 2004, we had outstanding currency call option contracts, giving us the right, but not the obligation, to purchase Cdn$0.6 million at an average rate to the U.S. dollar of $0.733 until December 2004. The purpose of our hedging activities is to reduce the risk that the eventual U.S dollar cash flows, relating to a portion of our future Canadian dollar, will be adversely affected by an appreciation of the Canadian dollar versus the U.S. dollar. The fair value of these contracts at June 30, 2004 was $18,000.

Recently Issued Accounting Standards

Hedging relationships

In November 2001, the Canadian Institute of Chartered Accountants issued Accounting Guideline 13, "Hedging Relationships" (AcG 13") and in November 2002 the Canadian Institute of Chartered Accountants amended the effective date of the guideline. AcG 13 establishes new criteria for hedge accounting and will apply to all our hedging relationships in effect on, or after, April 1, 2004. We are currently re-assessing all hedging relationships to determine whether the criteria are met or not, and will apply the new guidance on a prospective basis. To qualify for hedge accounting, the hedging relationship must be appropriately documented at the inception of the hedge and there must be reasonable assurance, both at the inception and throughout the term of the hedge, that the hedging relationship will be effective. Effectiveness requires a high correlation of changes in fair values or cash flows between the hedged item and the hedging item.

Consolidation of variable interest entities

In June 2003, the CICA issued Accounting Guideline 15, "Consolidation of Variable Interest Entities" ("AcG-15"). The guideline provides guidance for applying the principles of Section 1590, "Subsidiaries", to those entities defined as "Variable Interest Entities" ("VIEs"), and more commonly referred to as "Special Purpose Entities" ("SPEs"), in which either the equity at risk is not sufficient to permit that entity to finance its activities without additional subordinated financial support from other parties, or equity investors lack either voting control, an obligation to absorb expected losses or the right to receive expected residual returns. AcG-15 requires consolidation of VIEs by the Primary Beneficiary. The Primary Beneficiary is defined as the party which has exposure to the majority of the VIE`s expected losses and/or expected residual returns. AcG-15 will be effective for all annual and interim periods beginning on or after November 30, 2004. The Company is currently assessing the impact of this guideline on the Company`s consolidated financial statements.

Summary Quarterly Financial Data (Unuadited)

-0-

Expressed in 3 months 3 months 3 months 3 months
thousands of ended ended ended ended
dollars, except June March December September
per share amounts 30, 31, 31, 30,
ended 2004 2004 2003 2003
---------------------------------------------------------------------
Revenue $5,663 $5,790 $5,180 $ 3,846
Gross Margin - $ $ 596 $ 579 $ (334) $(2,085)
- % 11% 10% (6%) (54%)
Net Loss $(7,346) $(7,830) $(14,388) $(7,961)
Basic and Fully
Diluted Net Loss
Per Share $(0.20) $(0.24) $(0.51) $(0.28)
Weighted Average
Common Shares
Outstanding (`000s) 36,249 32,834 28,228 28,215
---------------------------------------------------------------------


Expressed in 3 months 3 months 3 months 3 months
thousands of ended ended ended ended
dollars, except June March December September
per share amounts 30, 31, 31, 30,
ended 2003 2003 2002 2002
---------------------------------------------------------------------

Revenue $3,048 $2,892 $2,574 $357
Gross Margin - $ $ (223) $(2,083) $(1,622) $(1,712)
- % (7%) (72%) (63%) (480%)
Net Loss $(7,384) $(11,466) $(7,351) $(8,868)
Basic and Fully
Diluted Net Loss Per
Share $(0.26) $(0.49) $(0.35) $(0.43)
Weighted Average Common
Shares Outstanding
(`000s) 28,207 23,452 20,830 20,800
---------------------------------------------------------------------


Results by Quarter

We have experienced strong sales growth over the past seven quarters with a slight decrease in the last quarter, due to a number of factors, including: the acquisition of Vandenborre Technologies on February 28, 2003; the recovery in the industrial markets that we serve; and enhanced sales under our preferred supplier arrangements with four of the leading industrial merchant gas companies, Air Liquide S.A., Air Products and Chemicals Inc., BOC Gases, and Linde A.G. We also had increasing sales of our products into the transportation fueling market as a number of jurisdictions engaged hydrogen infrastructure demonstration projects. Our sales cycle typically ranges between six and 18 months and the size of our projects can range from less than $100,000 to many millions of dollars. Because of the lengthy sales cycle and variance in size of our projects, quarter over quarter revenue can have significant fluctuations.

Gross margins have improved since the second quarter of fiscal 2004. For the first quarter of fiscal 2005, gross margins were positive $0.6 million or 11% of revenue, our second consecutive quarter of positive gross margins. This improvement is a result of a number of factors, including higher general levels of revenue to offset fixed manufacturing costs, our product standardization program, our product cost reduction program, an improved product pricing environment, our enhanced manufacturing and quality processes, our overhead synergies and rationalization program relating to the integration of Vandenborre, and our expanding experience base at siting, installing and servicing turn-key, fully-integrated SES stations, including related codes and standards approvals.

Additional Information

Share Capital

As of June 30, 2004, we had outstanding 36,252,879 common shares and no preference shares.

Public Securities Filings

You may access other information about our company, including annual information form and other disclosure documents, reports, statements, or other information we file with Canadian securities regulatory authorities through SEDAR (System for Electronic Document Analysis and Retrieval) at www.sedar.com.

BUSINESS RISKS

Operating and financial risks and risk management strategies are detailed in the Management`s Discussion and Analysis included in the Company`s 2004 Annual Report.

-0-

STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Balance Sheets

June 30, 2004 and March 31, 2004
(in thousands of dollars)

June 30, March 31,
2004 2004
As restated,
See Note 2(a)
---------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 5,112 $ 4,522
Short-term investments 46,713 55,081
Accounts receivable 4,648 6,160
Inventories 4,586 4,889
Prepaid expenses 425 568
------------------------------
61,484 71,220

Capital assets 10,161 11,157
Intangible assets 16,939 17,116
Goodwill 11,305 11,167
Other non-current assets 79 79
------------------------------
$ 99,968 $ 110,739
------------------------------
------------------------------

Liabilities and Shareholders` Equity
Current liabilities:
Accounts payable and accrued liabilities $ 12,859 $ 14,956
Customer deposits 3,273 4,842
------------------------------
16,132 19,798
Shareholders` Equity:
Share capital 217,040 217,057
Cumulative foreign currency
translation adjustment (84) (267)
Contributed surplus 363 288
Deficit (133,483) (126,137)
------------------------------
83,836 90,941

$ 99,968 $ 110,739
------------------------------
------------------------------


(Signed) Jon Slangerup (Signed) Douglas S. Alexander
Director Director



STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Statements of Operations

Three Months ended June 30, 2004 and 2003
(in thousands of dollars except loss per share)

Three Months Ended
June 30
2004 2003
As restated,
See Notes
2(a), 3
---------------------------------------------------------------------

Product sales and service revenue $ 5,662 $ 3,048

Cost of product sales and service 5,067 3,271
------------------------------
596 (223)

Research and product development 2,579 2,688
General and administrative 3,881 3,856
Amortization 1,673 1,669
------------------------------
8,134 8,213

Loss before under noted (7,538) (8,436)

Investment and other income 192 1,055
------------------------------

Loss before income taxes (7,346) (7,381)
------------------------------
------------------------------

Income taxes - 3

Net loss $ (7,346) $ (7,384)
------------------------------
------------------------------

Basic and diluted net loss per share $ (0.20) $ (0.26)
------------------------------
------------------------------

Weighted average number of common
shares outstanding 36,248,857 28,207,083
------------------------------



STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Statements of Deficit

Three Months ended June 30, 2004 and 2003
(in thousands of dollars)

Three Months Ended
June 30
2004 2003
---------------------------------------------------------------------

Deficit, beginning of the period, as
previously stated $ (125,872) $ (88,441)

Re-statement for Asset Retirement
Obligation (Note 2(a)) (265) (132)
------------------------------

Deficit, beginning of the period,
re-stated (126,137) (88,573)

Net loss (7,346) (7,384)

------------------------------

Deficit, end of period $ (133,483) $ (95,957)
------------------------------
------------------------------


STUART ENERGY SYSTEMS CORPORATION
Unaudited Consolidated Statements of Cash Flows

Three Months ended June 30, 2004 and 2003
(in thousands of dollars)

Three Months Ended
June 30
2004 2003
As restated,
See Notes
2(a),3
---------------------------------------------------------------------

Cash provided by (used in):

Operations:
Loss for the period $ (7,346) $ (7,384)
Items not involving cash:
Amortization of capital assets 1,279 1,236
Amortization of intangible assets 394 377
Amortization of deferred charge - 56
Stock based compensation expense 75 70
Change in non-cash operating
working capital (1,840) (3,140)
------------------------------
(7,438) (8,785)

Financing:
Net proceeds from issuance of common shares (17) -


Investments:
Decrease in short term investments 8,369 9,083
Purchase of capital assets (283) (1,197)
Patents (41) (15)
------------------------------
8,045 7,871

------------------------------
Increase (decrease) in cash and
cash equivalents $ 590 $ (914)

Cash and cash equivalents,
beginning of period $ 4,522 $ 2,988
------------------------------

Cash and cash equivalents, end of period $ 5,112 $ 2,074
------------------------------
------------------------------

Supplemental Cash flow Information:

Interest paid $ 28 $ 11
Income taxes paid (recovered), net $ - $ (61)


STUART ENERGY SYSTEMS CORPORATION
Notes to the Unaudited Consolidated Financial Statements

Three months ended June 30, 2004, and 2003
(in thousands of dollars)


1. Significant Accounting Policies

The notes to these interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles but do not contain all of the disclosures required by generally accepted accounting principles for annual financial statements. Accordingly, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended March 31, 2004 and the notes thereto.

These interim consolidated financial statements follow the same accounting policies and methods of application as the consolidated financial statements for the year ended March 31, 2004 except as described in Note 2.

2. New accounting standards

(a) Asset retirement obligations
Effective January 1, 2004 the Company adopted the CICA Handbook Section 3110 "Asset Retirement Obligations", which replaced the guidance on future removal and site restoration costs included in the CICA Handbook Section 3061 "Property Plant and Equipment". The standard requires recognition of a liability at its fair value for the obligation associated with the retirement of a tangible long-lived asset. A corresponding asset retirement cost is added to the carrying amount of the related asset and amortized over the useful life of the asset.

The Company has asset retirement obligations to restore leased facilities upon termination of the leases. Management has estimated a discounted liability at April 1, 2002 of $484,000. The total undiscounted amount of estimated cash flows required to settle the obligation at lease end is $531,000. These costs have been discounted and added to the carrying costs of leasehold improvements as at April 1, 2002. These costs are being amortized over the remaining lease term of fifty-two months. For the three months ended June 30, 2004, the Company recorded amortization and liability accretion expense of $28,000 and $5,400 respectively related to these obligations. The amortization related to prior periods has been accounted for retroactively with re-statement of prior period comparative amounts. The amortized balance of Asset Restoration Cost at June 30, 2004 is $232,000 (March 31, 2004 - $261,000). The credit adjusted risk-free discount rate used to calculate these obligations is 4.1%.

(b) Hedging relationships
In December 2001 the CICA issued guidance on accounting for hedging relationships. These guidelines specify the circumstances in which hedge accounting is appropriate, including the identification, documentation, designation and effectiveness of hedges and also the discontinuances of hedge accounting.. The Company has implemented this accounting guideline on April 1, 2004. The adoption of this new guideline did not have a material impact on either the Company`s financial position, results of operations or cash flows.

3. Share Capital

As of June 30, 2004 there were 36,252,879 (March 31, 2004 - 36,246,879) shares outstanding.

Stock Option Plan: Stock option transactions during the three-month periods ended June 30th are summarized as follows:

-0-

2005 2004
--------------------------------------------
Number Weighted Number Weighted
of Shares Average of Shares Average
Exercise Exercise
Price Price
--------------------------------------------

Outstanding, beginning
of period 2,827,520 $5.41 2,907,150 $5.48

Granted 177,000 2.68 164,500 2.95
Exercised (6,000) 0.01 (37,680) 0.01
Cancelled (20,000) 7.95 (120,660) 6.22
------------ -----------

Outstanding, end of period 2,978,520 $ 5.25 2,913,310 $5.38

------------ -----------
Options exercisable,
end of period 1,760,834 $5.36 1,627,970 $5.07
------------ -----------


The assumed exercise of these options would not have a dilutive effect on loss per share thereby resulting in the same weighted average number of shares outstanding at June 30, 2004 being used for purposes of calculating the basic and diluted earnings per share figures.

The Company uses the Black-Scholes option pricing model to estimate the fair value at the date of grant for options granted subsequent to April 1, 2002. In the first quarter of fiscal 2005, 177,000 (June 30, 2003 -164,500) options with a weighted average fair value of $2.68 (June 30, 2003 - $2.46) were granted and valued using the following weighted average assumptions;

-0-

---------------------------------------------------------------------
June 30, 2004 June 30, 2003
---------------------------------------------------------------------
Risk free interest rate (%) 4.70% 4.50%
Expected volatility (%) 86% 86%
Expected life (in years) 10 5-10
Expected dividends nil nil
---------------------------------------------------------------------


The company adopted fair value accounting for stock based compensation expense at April 1, 2003. For the quarter ended June 30, 2003, stock based compensation expense was previously disclosed on a pro-forma basis. The quarter ended June 30, 2003 has now been restated to reflect the expensing of these costs.

Had the fair value method of accounting for stock options been adopted effective April 1, 2002, the pro forma impact of the compensation would be as follows;

-0-

---------------------------------------------------------------------
(in thousands of dollars except June 30, 2003,
per share amounts) June 30, 2004 As restated
---------------------------------------------------------------------
Loss attributable to common
shareholders -as reported ($7,346) ($7,384)
Stock-based compensation expense,
As restated 68 132
Loss attributable to common
shareholders-pro forma ($7,414) $(7,516)
---------------------------------------------------------------------
Loss per share - as reported ($0.20) ($0.26)
Loss per share - pro forma ($0.20) ($0.27)
---------------------------------------------------------------------
Weighted average number of shares
outstanding 36,248,857 28,207,083
---------------------------------------------------------------------


4. Research and product development

Research and development expenses are recorded net of program funding received or receivable. For the three months ended June 30, 2004 and 2003, the following research and development expenses had been incurred and program funding received or receivable:

-0-

---------------------------------------------------------------------
Three Months Ended
June 30
2004 2003
---------------------------------------------------------------------
Research and product development expenses $ 2,840 $ 2,688
Research and product development funding (261) -
---------------------------------------------------------------------
Total research and product development expense $ 2,579 $ 2,688
---------------------------------------------------------------------
---------------------------------------------------------------------


5. Employee future benefits

During the three month period ended June 30, 2004, an expense of approximately $ 60,000 ($45,000 in the three month period ended June 30, 2003) was charged to income for defined contribution pension costs.

6. Guarantees

Standby Letters of Credit and Letters of Guarantee

As at June 30, 2004, the Company has outstanding standby letters of credit and letters of guarantee issued by several financial institutions of $3,416,000 (March 31, 2004 - $5,822,000) which have various expiry dates extending through to November, 2008. These instruments primarily relate to obligations in connection with the terms and conditions of the Company`s sales contracts. The standby letters of credit and letters of guarantee may be drawn upon by the customer if the Company fails to perform its obligations under the sales contracts and the Company would be liable to the financial institution for the amount of the standby letter of credit or letter of guarantee in the event that the instruments are drawn upon by the customer.

7. Segment Information

Summarized product sales and service revenue by geographic region as determined by location of the customers is as follows:

-0-

---------------------------------------------------------------------
Three Months Ended
June 30
2004 2003
---------------------------------------------------------------------
China $ 363 $ 677
France 429 -
Romania - 490
Spain - 1,199
Korea 2,176 -
Germany 1,758 -
United States 518 121
Other 418 561
---------------------------------------------------------------------
$5,662 $ 3,048
---------------------------------------------------------------------
---------------------------------------------------------------------


Capital assets are located in the following countries:

---------------------------------------------------------------------
June 30, 2004 March 31, 2004
---------------------------------------------------------------------
Canada $8,290 $8,996
Belgium $1,871 2,161
---------------------------------------------------------------------
Total $10,161 $11,157
---------------------------------------------------------------------
---------------------------------------------------------------------




--------------------------------------------------------------------------------
Contact:
Stuart Energy
Wanda Cutler
Communications
[phone]
OR
Stuart Energy
R. Randall MacEwen
Corporate Development
[phone]



--------------------------------------------------------------------------------
Source: Stuart Energy Systems Corporation

[marterpfahl]

Hallo HHO-Freunde,
sieht nach Ausbruch aus !
In Toronto stetige Zuwächse im Kurs und beim Volumen !
Wurde auch Zeit !

marterpfahl

[DERGEISTUNDDIEDUNKELHEIT]

Hab mitlerweile schon tausende

CU

[DERGEISTUNDDIEDUNKELHEIT]

Etwas sehr Grosses steht bevor ! Stuart Energy Annual and Special Meeting of Shareholders

TORONTO, ON, September 01, 2004 - On Wednesday, September 8, 2004, Stuart Energy Systems Corporation (TSX:HHO), a leading developer of hydrogen infrastructure products, will host its 2004 Annual and Special Meeting of Shareholders.

Stuart Energy invites investors and media representatives to attend the meeting to be held in Toronto. In addition to formal business, the meeting will include a business strategy presentation by Stuart Energy President and CEO, Jon Slangerup, followed by a question and answer session. Afterwards, guests will have an opportunity to view Stuart Energy’s technology displays including its latest HomeFueler® prototype and Vandenborre IMET® electrolysis cell stack technology. A simultaneous webcast can be accessed from the Stuart Energy website at www.stuartenergy.com which will require that Windows Media Player or Real Player be installed prior to presentation.

What: Stuart Energy Annual and Special Meeting, hydrogen technology displays

When: Wednesday, September 8, 2004
10:00 am EST

Where: 130 King Street West
Toronto Stock Exchange, Conference Centre, Main Floor

[DERGEISTUNDDIEDUNKELHEIT]

Press Release Source: Stuart Energy Systems Corporation


Stuart Energy Signs Exclusive Global Distribution Agreement
Wednesday September 15, 11:27 am ET
Expands Product Offering by Partnering with Chinese Electrolyser Manufacturer


TORONTO--(BUSINESS WIRE)--Sept. 15, 2004-- Stuart Energy Systems Corporation (TSX: HHO - News), a hydrogen infrastructure company, and Purification Equipment Research Institute of CSIC (PERIC), a Chinese-based developer of water electrolysers, have entered into a master supply and distribution agreement. Under the agreement, Stuart Energy is the exclusive global distributor for large-scale hydrogen generation plants based on water electrolysis technologies jointly developed by PERIC and Stuart Energy. In addition, Stuart Energy is the exclusive distributor in certain territories for PERIC`s existing, commercial large-scale hydrogen generation plants.
ADVERTISEMENT


"By partnering with China`s leading developer and manufacturer of large-scale hydrogen generation plants, we gain immediate access to PERIC`s robust and reliable technology. PERIC`s existing products, coupled with the products that we jointly develop, will complement our Stuart Energy Station (SES) product portfolio, particularly for large-scale industrial, wind, solar and nuclear applications," stated Jon Slangerup, Stuart Energy`s President and Chief Executive Officer. "We also see applications in the transportation market, including hydrogen fueling stations for buses or other large fleets. With PERIC`s low-cost manufacturing, we look forward to engaging the market place with an expanded product offering."

"We are excited to be offering our current generation of commercial technology through Stuart Energy`s established, global sales channels. In addition, we are looking forward to collaborating with the technical experts at Stuart Energy on the development of advanced technology that will expand the markets in which our products can compete. This partnership will give us access to the global industrial hydrogen market as well as the emerging energy markets," commented Wang Shaobo, Vice President of PERIC.

About PERIC

Purification Equipment Research Institute of CSIC is the leading developer and supplier of pressurized hydrogen generators, using water electrolysis, in China. PERIC has designed, developed and manufactured different types and capacities of hydrogen generator systems that widely serve industries such as chemicals, energy, metrology, aerospace, electronics and transportation etc.

About Stuart Energy

Stuart Energy Systems Corporation (TSX: HHO - News) is the world`s leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications. The Company`s website address is 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.



--------------------------------------------------------------------------------
Contact:
Stuart Energy, Communications
Wanda Cutler
[phone]
or
Stuart Energy, Corporate Development
R. Randall MacEwen
[phone]

[panik]

Hydrogenics Corporation to Acquire Stuart Energy Systems Corporation
Wednesday November 10, 7:31 am ET


MISSISSAUGA, Ontario, Nov. 10 /PRNewswire-FirstCall/ -- The Boards of Hydrogenics Corporation (Nasdaq: HYGS - News; TSX: HYG - News) and Stuart Energy Systems Corporation (TSX: HHO - News) announced today that they have entered into an agreement whereby Hydrogenics has agreed to make a share exchange take-over bid to acquire all of the issued and outstanding common shares of Stuart Energy at an exchange ratio of 0.74 Hydrogenics shares for every one Stuart Energy share. This offer represents an indicative price to Stuart Energy shareholders of approximately Cdn.$4.14 per share based on the November 9, 2004 closing share price on the TSX of Cdn.$5.59 per Hydrogenics` share. The total transaction value is expected to be approximately Cdn.$155 million (approximately US$129 million). The offer represents a 32% premium based on the 20-day volume weighted average price of the shares of both Stuart Energy and Hydrogenics.
The proposed offer has the unanimous support of Stuart Energy`s Board of Directors, which is recommending that Stuart Energy`s shareholders accept the offer. A number of Stuart Energy`s largest shareholders and each of its directors and officers, who collectively hold 13,575,080 shares representing approximately 37% of Stuart Energy`s issued and outstanding common shares, have entered into a lock-up agreement with Hydrogenics pursuant to which they have agreed to tender their shares to the offer.

"This acquisition gives us a breadth of capabilities, sustainability and resources that we previously did not possess," commented Pierre Rivard, President and CEO of Hydrogenics. "In addition to expanded market and product penetration, the combination will expand our revenue base and cash reserves considerably, and we expect it will be accretive to earnings, EBITDA and cash flow. The acquisition is also consistent with our strategy of nurturing a portfolio of value streams so as to reduce our exposure to a singular product, singular market and singular adoption rate."

"Both Hydrogenics and Stuart Energy have pursued complementary strategies to achieve profitability through targeting large existing commercial markets, managing cash utilization, partnering with strong strategic partners and offering a compelling portfolio of multi-purpose products," commented Jon Slangerup, President and CEO of Stuart Energy. "By combining the strengths of our two teams, expanding our product offering, and leveraging our strategic relationships, I believe our integrated company will deliver increased value and improved financial performance to our shareholders."

The integrated company will be well financed and positioned to pursue its aggressive business plan for global growth. Following the closing of the transaction, Hydrogenics expects to have approximately US$120 million in cash and short-term investments, a lean structure that can grow with increased adoption of hydrogen and fuel cells, an unmatched product portfolio and an accelerated pathway to profitability.

Rivard continued, "Stuart Energy has achieved six quarters of consistent double digit revenue growth and diminished cash burn. Stuart Energy is well positioned to continue its strategic growth initiatives under the Hydrogenics banner."

The integrated company will continue to be led by Pierre Rivard, as President and CEO. On closing of the transaction, Stuart Energy will nominate three directors to the Hydrogenics Board of Directors.

In addition to financial and management strength, Hydrogenics will have an unmatched product portfolio and expanded global reach. The integrated company also expects to achieve significant synergies in production cost, supply chain management and utilization of existing systems and processes that will drive margin improvement and shorten the timeline to profitability. In total, the integrated company expects to achieve US$8 million in annual synergies.

The offer is expected to be mailed to Stuart Energy`s shareholders during the next two to three weeks and will remain open for 35 days. It will be subject to customary conditions including that at least two thirds of Stuart Energy`s shares are tendered. In addition, the offer is subject to a termination by Stuart Energy in limited circumstances including in the event that a superior proposal is received and the termination fee of Cdn.$3.5 million is paid to Hydrogenics, or in the event that the ten day volume weighted average Hydrogenics share price, based on trading on the NASDAQ, calculated on a rolling basis for each consecutive trading day is less than the US dollar equivalent of Cdn.$4.80.

Conference Call

Additional information and answers to shareholders` questions will be provided during a conference call to be held by Hydrogenics and Stuart Energy at 9:00 am EST, today, November 10, 2004. Investors are invited to participate live via a Webcast on the Hydrogenics Web site, http://www.Hydrogenics.com and the Stuart Energy Web site, http://www.stuartenergy.com. Please go to the Web site at least 15 minutes early to register, download, and install any necessary audio software. Alternately, the U.S./Canada dial-in number for the conference call is (913) 981 - 5519. For those that cannot listen to the live event, a Webcast replay will be available on both Web sites through November 24, 2004.

About Hydrogenics

Hydrogenics Corporation (http://www.hydrogenics.com) is a leading clean power generation company, engaged in the commercialization of hydrogen and fuel cell technology and test stations for fuel cells. The company is building a sustainable business, in a potentially "game changing technology" for transportation, stationary and portable power. Hydrogenics, based in Mississauga, Ontario, Canada, has operations in British Columbia, Canada, Japan, the United States and Germany.

About Stuart Energy

Stuart Energy Systems Corporation (http://www.stuartenergy.com) is the world`s leading developer and supplier of integrated hydrogen infrastructure solutions based on water electrolysis. Stuart Energy integrates its proprietary hydrogen generation technology with products from corporate partners to serve existing and emerging markets for industrial, distributed power generation and transportation applications.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Law of 1995. These statements are based on management`s current expectations and actual results may differ from these forward-looking statements due to numerous factors, including changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics` business. Readers should not place undue reliance on Hydrogenics` forward-looking statements. Investors are encouraged to review the section captioned "Risk Factors" in Hydrogenics` regulatory filings with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission for a more complete discussion of factors that could affect Hydrogenics` future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.




--------------------------------------------------------------------------------
Source: Hydrogenics Corporation

[DERGEISTUNDDIEDUNKELHEIT]

Die Entscheidung trifft doch Kong oder ?

Interessant auch , dass ein Grosser Fonds vorher viele viele Stück eingesammelt hat ......

[waltermeier]

Hallo kann mir einer in etwa sagen was Stuart herstellt??
Bin leider nicht in der Lage die eglischen Texte zu lesen,

[DERGEISTUNDDIEDUNKELHEIT]

Heute wird Geschichte geschrieben !

Ein Mega Konzern mit Lizens zum Gelddrucken ( Patente )

GM weiss warum man Anteile braucht .

Jan 6, 2005 Flurries, -7° | 5 day forecast
EMail Article Print Article
THE MISSISSAUGA NEWS
A powerhouse in the making
Hydrogen proving to be a versatile power source


Tom Moorehead
Jan 4, 2005

Want to eliminate production of harmful emissions produced by burning gasoline or diesel fuel? How about reducing the rate at which we are burning through the world`s reserves of natural gas? For some applications, the solution is available today. Think hydrogen- it`s a gas!
When Mississauga based Hydrogenics Corporation entered into an agreement to acquire all the outstanding common shares of Stuart Energy Systems Corporation in a share exchange takeover bid, the exciting prospects for successful commercialization of hydrogen fuel cell systems got even better.

"This acquisition gives us a breadth of capabilities, sustainability and resources that we previously did not possess," said Pierre Rivard, president and CEO of Hydrogenics. Mr. Rivard will continue as president and CEO of the combined companies.

Hydrogenics has offered to exchange 0.74 of its shares for each Stuart Energy share. The total value of the transaction is expected to be approximately $155 million Canadian. The offer was expected to be mailed to Stuart Energy shareholders by early December and will remain open for 35 days. At least two thirds of Stuart Energy shares must be tendered for the bid to succeed. Through a lock-up agreement, approximately 37 per cent of Stuart Energy shares have already been tendered from a number of the larger shareholders and each of the directors and officers.

Upon closing of the transaction, Hydrogenics expects to have approximately US$120 million in cash and short term investments and an unmatched portfolio of multipurpose hydrogen economy products, leaving them well positioned to address the increased commercial adoption of hydrogen fuel cells.

Stuart Energy has achieved six quarters of double-digit growth and is expected to continue these successful initiatives under the Hydrogenics banner.

Hydrogenics Corporation is a leader in the commercialization of hydrogen and fuel cell technology. By targeting large existing markets in the fuel cell testing, transportation and stationary or portable power sectors, Hydrogenics is selling clean power systems - fueled by hydrogen - that make economic sense today.

Stuart Energy Systems Corporation is the world`s leading developer and supplier of proprietary hydrogen generation systems based on water electrolysis.

By adding the Stuart integrated systems for hydrogen generation, compression, storage and fueling/dispensing to the Hydrogenics line of PEM and HyPM, power module lines, the combined company can offer a wider range of total solutions for hydrogen fueled power stations and vehicle fuel cells that includes the complete hydrogen generation support infrastructure.

According to Jon Slangerup, president and CEO of Stuart Energy, "By combining the strengths of our two teams, expanding our product offering and leveraging our strategic relationships, I believe our integrated company will deliver increased value and improved financial performance to our shareholders."

Both companies have targeted large, early adopter markets with special requirements that can be economically served by hydrogen systems. As an example, Hydrogenics recently received an order for 25 of its HyPM,10, 10 kW fuel cell modules for use by one of the world`s largest suppliers of uninterruptible power.

This product has been deployed in a number of light portable and fixed power installations requiring only hydrogen fuel to generate reliable, emission free, electricity. HyPM, solutions will make sense where a cost effective source of reliable power is needed but not always available.

Often the only alternative is diesel powered generators that are becoming increasingly expensive to operate and produce harmful carbon emissions-not to mention the noise pollution!

Stuart Energy has exported over 1,100 industrial hydrogen systems to over 100 countries.

More recently they developed the Stuart Energy Station (SES) product line that generates and delivers hydrogen for industrial, power and transportation applications. In addition, Stuart Energy had commissioned more than 20 SES hydrogen fueling stations for vehicles around the world and is considered a global leader in the provision of hydrogen infrastructure products.

Systems fueled by hydrogen may offer a key piece in the challenging search for cost effective renewable energy solutions. Much has been said about electricity generated by wind turbines. But the fact remains that while they do generate electrical power when the wind blows, they do not generate any power when the wind is not blowing.

Conventional power stations have to be built and paid for to generate at least as much power as the wind turbines can generate so we won`t be sitting in the dark when the wind dies. And power to the grid cannot be turned on and off like a light bulb.

It takes a considerable amount of time for water or steam turbine powered generators to get up to speed before they can deliver power into the grid. So that means some generators have to be kept running as spare "rotating capacity", even though the power is not always needed, in order to provide a buffer to service peaks in demand and absence of wind.

What if we could store the excess electrical energy that is generated when it is not required on the power grid and recover it for use when it is needed? This ability to effectively store electrical energy as hydrogen for use in fuel cells to service peak demand or as a zero emission backup power source when delivery from the grid is interrupted is an excellent application of Hydrogenics` hydrogen fuel cell technology. It makes economic sense already.

Hydrogenics/Stuart Energy electrolyzers produce hydrogen fuel from electricity and water. Hydrogen is easily stored in tanks, under pressure. When electrical power is needed, hydrogen gas is fed into a hydrogen fuel cell where heat, water and electricity are produced. There are no other emissions. If the hydrogen gas is produced only when there is excess energy, say from wind turbines and during off-peak hours, then clean electrical energy will be available when the wind is not. This is the heart of the "hydrogen economy" and in special circumstances generating electricity from hydrogen fuel cells already makes economic sense today. As the technology continues to improve and manufacturing costs come down even further, this technology will make sense in even more applications.

As part of a demonstration project in Toronto, hydrogen is produced using electricity generated by the wind turbine at Exhibition Place and used to fuel a 50 kW HyStat, Fuel Cell Stationary Generator, a fuel cell powered John Deere commercial work vehicle and a fuel cell powered forty foot bus. This installation produces 65 kg of hydrogen per day, enough to fuel 20 vehicles. Half a dozen other hydrogen fueling stations have been established around Mississauga and the GTA to facilitate a number of pilot projects using zero emission fuel cell hybrid vehicles.

Purolator is working with Hydrogenics to effect a "greening of the fleet" by introducing battery/ fuel cell hybrid vehicles to replace some of their diesel-electric courier delivery trucks. The use of fuel cells in hybrid vehicles is a solution attracting more attention these days. As fueling infrastructure is expanded, more real-life trials will take place.

This technology already makes sense for fleets that return to a garage daily such as delivery trucks and buses, so expect to see much more news from around the world as Hydrogenics and others show the way to cost effective cleaner air with hydrogen fuel.

THE MISSISSAUGA NEWS


Die Revolution kommt in fahrt ......

Weg vom Oel ! http://www.peakoil.de

[merlone]

Das lese ich zwar gerne, aber ich bin eher skeptisch für den Kursverlauf der nächsten Wochen; siehe Thread: Kursschub mit Mach 7, Postings #19 und#20. ---> ABWARTEN!

merlone