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Stuart Energy and Ford Power Products to develop hydrogen power systems

TORONTO, ON, April 2, 2002 — Stuart Energy Systems Corp. 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 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 Slangerup.

About Stuart Energy
Stuart Energy Systems Corporation (TSE:HHO) is a 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 https://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.