LONDON and SOUTH WINDSOR, Conn. (May, 2001) -- Shell Hydrogen US, a division of Shell Oil Products Company (Shell), and International Fuel Cells (IFC), a unit of United Technologies Corp. (NYSE: UTX), today announced the formation of HydrogenSource LLC, a 50-50 joint venture to develop, manufacture and sell fuel processors and hydrogen generation systems for the emerging fuel cell and hydrogen fuel applications.
"Fuel cells continue to emerge as the power plant of the future, and fuel processing systems are critical to the rapid commercialization of this game-changing technology," said Phil Snaith, president of HydrogenSource. "By combining the complementary technological and marketing strengths of both joint venture partners, HydrogenSource has the potential to become a global industry leader."
HydrogenSource will design, manufacture and market fuel processing systems for commercial, residential and transportation fuel cell power plants, as well as distributed hydrogen fueling applications for retail or commercial filling locations.
HydrogenSource will be headquartered in South Windsor, Connecticut. Its staffing is expected to approach 200 people by the end of next year, with the majority of personnel dedicated to research, development and engineering. The management team consists of executives from both joint venture companies. In addition to Snaith, the officers are Larry Holland, Vice President of Marketing; Fran Kocum, Vice President of Technology; Howard Farrer, Vice President of Operations; and Steve Evans, Vice President of Finance.
"Hydrogen and fuel cell technology offer a promising future as we continue to pursue environmentally sound and reliable solutions for transportation and power generation, and we look forward to the growing opportunities for these emerging products," said Donald P. Huberts, Chief Executive Officer of Shell Hydrogen.
IFC President Bill Miller said, "HydrogenSource brings together the world-leading technology and experience of two highly regarded players in their respective industries. This gives the new company the tools for success in fuel processing technology."
Fuel cells are electrochemical devices that combine hydrogen fuel and oxygen from the air to produce electricity, heat and water. Fuel cells operate without combustion, so they are virtually pollution free. Since the fuel is converted directly to electricity, a fuel cell can operate at much higher efficiencies than internal combustion engines, extracting more electricity from the same amount of fuel. The fuel cell itself has no moving parts - making it a quiet and reliable source of power.
Fuel processors convert a hydrocarbon fuel, such as gasoline or natural gas, into a mixture of hydrogen and other gases. The hydrogen is then supplied to the fuel cell as one of the ingredients for its electrochemical process.
Shell Hydrogen is a global business consisting of separate companies and other organizational entities within the Royal Dutch/Shell Group of Companies. Shell Hydrogen was set up in 1999 to pursue and develop business opportunities related to hydrogen and fuel cells, and has its principle office in Amsterdam, Netherlands.
International Fuel Cells is a world leader in fuel cell production and development for commercial, transportation, residential and space applications. IFC is the sole supplier of fuel cells for U.S. manned space missions.
Media Contacts:
| Shell Oil Company (New York) | Mike McGarry | 212-218-3107 |
| Shell International (London) | Cerris Tavinor | 44-171-207-3045 |
| International Fuel Cells | Peter Dalpe | 860-727-2121 |