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Feb. 26, 2002: Proton Energy Systems Signs Fuel Cell Agreement With Sumitomo

February 26, 2002
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ROCKY HILL, CT — Proton Energy Systems, Inc., a producer of proton exchange membrane (PEM) fuel cell technology, announced that it has signed a joint development agreement with Sumitomo Corporation, one of largest companies in Japan.

Under the agreement, Sumitomo will work with Proton to develop, sell, and service PEM regenerative fuel cell and hydrogen generation systems, which include Proton's HOGEN®, UNIGEN®, and FuelGen™ products, for the Japanese market. Applications include backup power, hydrogen generation, load leveling/peak shaving, and renewable energy storage.

Proton will design, assemble, and conduct initial testing on development units to be shipped to Sumitomo. Proton will then provide support and training for the installation and maintenance of the systems. The agreement provides that Sumitomo will purchase or rent the units, on terms to be agreed, for placement at customer sites. They will assist with testing and provide feedback to Proton to aid in product design. Sumitomo will also provide Japanese market, applicable law, and customer information to Proton.

Both companies anticipate a commercialization agreement in the future.

Publication date: 02/25/2002

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